Making Mistakes

We all make mistakes. The question to ask yourself is whether you’ve created a culture within your family, friend circle or organizations that encourages others to bring those mistakes to light before it’s too late.

In his insightful book, Principles, legendary hedge fund manager, Ray Dalio, writes at length about his views on mistakes. He believes that if employees are punished or fired for making mistakes, then they will naturally cover up their tracks, leading to potentially disastrous outcomes.

To help circumvent this, Dalio and his team created a “mistake log” – a tool that employees of Bridgewater Capital are required to use, including senior leadership. The idea is for employees to share their mistakes so that they and others can learn from them. And while making a mistake at Bridgewater is not a fireable offense, failing to log your mistake in the mistake log is.

When you make a mistake, there are only three things you should ever do about it: admit it, learn from it, and don’t repeat it. Paul Bear Bryant

Source: Making Mistakes