Leaders are fallible

You;ve read so many things about large companies - and smaller ones going under. One common thread that seems to be present is the leaders of those businesses didn't believe they 1) had done anything wrong, 2) could ever fail, and 3) took absolutely no responsibility for the failure. They become obsessed with making the numbers, growth, the wealth they are amassing (that is being approved by their boards), they have no basis in reality. Worldcomm, Enron, Madoff and many others fell because of a failure of leadership. They simply think they are infallable, beyond making mistakes.

It is so much more human and real to be fallible, to admit mistakes and be humble about it. We all make mistakes - every day. It's called being normal and it should actually be a relief to realize that it is okay to make mistakes.

It's what you do after the mistake that separates the chaff from the gems. You should openly, publicly and decisively admit a mistake, a wrong action, apologize, and state what you are going to do next. How are you going to fix it. Own the mistake and solution. This is the way to build trust, respect, credibility and sharpen leadership skills.