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How We Secretly Lose Control of Our Startups
Does Startup Success Validate Us Personally?
Should Kids Follow in Our Founder Footsteps?
The Evolution of Entry Level Workers
Assume Everyone Will Leave in Year One
Was Mortgaging My Life Worth it?
What's My Startup Worth in an Acquisition?
When Our Ambition is Our Enemy
Are Startups in a "Silent Recession"?
Do Founders Deserve Their Profit?
The Utter STUPIDITY of "Risking it All"
Why Most Founders Don't Get Rich
Investors will be Obsolete
Why is a Founder so Hard to Replace?
We Can't Grow by Saying "No"
More Money (Really Means) More Problems
Committees Are Where Progress Goes to Die
Wait a Minute before Giving Away Equity
Why do Founders Suck at Asking for Help?
The Value of Actually Getting Paid
Will Investors Bail Me Out?
Is the Problem the Player or the Coach?
Do People Really Want Me to Succeed?
You Only Think You Work Hard
SMALL is the New Big — Embracing Efficiency in the Age of AI
The 9 Best Growth Agencies for Startups
Never Share Your Net Worth
This is BOOTSTRAPPED — 3 Strategies to Build Your Startup Without Funding
The Ridiculous Spectrum of Investor Feedback
$10K Per Month isn't Just Revenue — It's Life Support
Why do VCs Keep Giving Failed Founders Money?
If It Makes Money, It Makes Sense
The Hidden Treasure of Failed Startups
My Competitor Got Funded — Am I Screwed?
Why Having Zero Experience is a Huge Asset
How About a Startup that Just Makes Money?
How to Recruit a Rockstar Advisor
Risk it All vs Steady Paycheck
A Steady Hand in the Middle of the Storm
How to Pick the Wrong Co-Founder
Staying Small While Going Big
Why I'm Either Working or Feeling Guilty
Are Founders Driven by Fear or Greed?
What if I'm Building the Wrong Product?
How Startups Actually Get Bought
Quitting vs Letting Go
Actually, We Have Plenty of Time
Why Can't Founders Replace Themselves?
Who am I Really Competing Against?
Investors are NOT on Our Side of the Table
Plan for Bad Times, Budget in Good Times
Demo Article
When a $40m Exit is More Than a $200m Exit
Don't Fear the Reaper: AI Edition
Don't Let Investors Become Your Customer
We Can't Stay Out Of The Game For Too Long
What if Our Dreams Are an Illusion?
What if this isn't a "Big Business"?
Founders, Not All Problems Are Apocalyptic
Stop Listening to Investors
Can You Build a Startup in Less than 40 Hours per Week?
Unlocking the Power of a Startup Community
Strategies to Effectively Raise Capital for Your Startup Business
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Why Founders Don't Ask for Help
Where to Find Startup Mentors to Take Your Business to the Next Level in 2023
What Is a Venture Capitalist and How Do They Work?
What Is an Entrepreneur? A 2023 Guide to Starting Your Own Business
A Guide to Different Stages of Funding for Startups
Time is Our Greatest Asset
The Toll of Everyone Around a Founder
Big Starts Breed False Victories
Once a Founder, Always a Founder
The Invention of the 20-Something-Year-Old Founder
When is Founder Ego Too Much?
Founder Impostor Syndrome Never Goes Away
Always Take Money off the Table
Should I Feel Guilty for Failing?
The Case Against Full Transparency
Why Do We Still Have Full-Time Employees?
This is Probably Your Last Success
How Many Deaths Can a Startup Survive?
How Should I Share My Wealth with Family?
Why Do VC Funded Startups Love "Fake Growth?"
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Youth Entrepreneurship: Can Middle Schoolers be Founders?
How to get Customers for Startups
Founder Sacrifice — At What Point Have I Gone Too Far?
The Power of a Growth Mindset: How to Achieve Success in Your Startup
Startup Board Negotiations: How do I tell the board I need a new deal?
20 Best Kinds of Startups for 2023
Series A Funding Rounds
6 Similarities between Startup Founders and Pro Athletes
Choosing The Right Type Of Website For Your Business
Startup Failure is just One Chapter in Founder Life
What If my plan for retirement is "never retire"?
Is Quiet Quitting a Problem at Startup Companies?
If a Startup Sinks, Founders Go Down With it
Startup Growth Challenges: The Downfall of Becoming Internally Focused
Analyzing Startup Accounting Results

When To Admit “I Messed Up”

Wil Schroter

When To Admit “I Messed Up”

There's absolutely no way to go through the startup journey and not screw something up — OK, a ton of things. So why, as Founders, are we so bad about admitting our mistakes?

Unlike many other aspects of life, both personally and professionally, admitting we're wrong appears to have much more painful consequences to Founders because so many more people are involved. When I worked at a job and I messed up, the only people that were affected were my boss (who was unsurprised) and potentially my co-workers (who definitely didn't care). The consequences of my mistakes were tiny.

But now I have 200 people that rely on me. If I make a mistake, it affects all of them, and in some cases all the people that they are connected to as well. As Founders, the cost of our mistakes goes up exponentially. And with that, our hesitancy to admit we're wrong.

So what happens when we avoid admitting we're wrong, and what can we do to get past that feeling?

The Longer We Wait, the Worse it Gets

The worst part about not admitting we're wrong is that we often don't have to — everyone else already knows it! We tend to think that when we finally "admit" we screwed up, then — and only then — will people recognize we dropped the ball. We feel like that admission will unleash a tidal wave of anger and frustration upon us.

But in reality, it's actually the opposite that happens. Every moment that goes by where we avoid addressing the problem adds more hot air to a balloon of frustration that's about to pop. Time is not our friend.

The faster we get in front of the situation, the faster we can own the situation. Maybe we made a bad hire, or a horrible marketing decision, or flubbed the last sales pitch. It doesn't matter. The way to put a bullet in the issue is to just own it and move on. Anything else makes it worse.

The Value of Vulnerability

The very act of admitting we're wrong also sets a powerful precedent among the team — "If the Founder can be wrong, then so can I." We have a lot of responsibilities as Founders, but one of them that few of us recognize is the responsibility to be vulnerable so that others can do the same.

When we admit we're wrong, the very act says "Hey, I'm human, you're human — we make mistakes. It's OK."
The thing is, people are going to make the same mistakes whether we have a culture of admission or not. The only difference, in a culture of zero vulnerability, is we lose the communication that comes with those mistakes. The more we open up the culture with vulnerability, the more that communication flows, which as leaders is exactly what we're striving for.

It's OK to be Wrong

Regardless of whether the act of admission benefits the org, let's not overlook the fact that it's just OK to be wrong. There's no possible way to get through this journey without being wrong. We're all running naked into the abyss here, friends. Everyone is guessing.

We're hoping that those guesses will turn out right — but that doesn't change the fact that they are guesses. That also means there's no possible way to always be right.

When we're wrong it's not just about being OK with it — it also helps to explain how we got there, to begin with. How did we see the world at that time when we made that bet? Why did we think it was the right bet? The better we explain our conditions the easier it is for folks to understand why we made a mistake in the first place.

There's absolute power in being able to claim not only our victories — but our losses as well. We can't have one without the other.

In Case You Missed It

The Emotional Cost of Being a Founder. When we talk about building startups, we talk about lots of costs: Staffing costs, the cost of capital, cost per acquisition, and opportunity cost. But we never talk about the biggest cost – the emotional cost.

Is it OK to admit I have flaws? (podcast) When is it okay for a Founder to be open with their team and business partners about their personal problems? Listen in to hear how we’ve come to learn to deal with our flaws in a healthy and productive manner — it can be done!

Why Do I Feel So Alone? No one ever tells you in the “Starting a Company” brochure that the journey will not only include crippling anxiety, drowning in personal debt, and endless challenges — but also a healthy dose of personal loneliness.

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