When Was the Last Time You Publicly Admitted You were Wrong?

This month's Food for Thought is inspired by last week's letter from the Oracle of Omaha, Warren Buffett's annual letter to the shareholders of Berkshire Hathaway, in which he admitted he was wrong. Not just wrong, but dead wrong! He said, "Last year, I told you that 'a housing recovery will probably begin within a year or so.' I was dead wrong." How many leaders have the courage to say that they were wrong? That their prediction, their decision, their new hire, their pet project, the business they ventured, the company they bought, was a wrong idea. Yet, leaders who are willing to publicly admit their errors are more revered.

Ask yourself, when was the last time you publicly admitted you were wrong?

Better yet, ask yourself what do you hold dear today that others around you question, which - in their opinion - you have refused to examine objectively? The present day question is more uncomfortable to contemplate than the academic question of examining the past.

As a CEO, I have held the belief and practiced the principle that I will make public my self-assessment of my performance for the previous year. (See article.)

People have always asked me, "If you are candid in your self-assessment, don't your shortcomings make you look weak to your staff and employees?" My response was always, "Who am I trying to fool? Don't they know my failures already? They probably came to those conclusions before I even realized them!"

As a leader, you need to have the courage of your conviction to take a stance; but also the honor and humility to admit when it is wrong. The former is the easy part; focus on the latter.

Food for Thought is our way of sharing interesting concepts on corporate leadership and management with others who might find it useful. The thoughts offered are intended to be controversial and thought provoking. They are intended to help our readers intentionally realize their potential, what we call Potentionality.