Lesson #4: Learn From Your Mistakes and Make Less
Lesson #4: Learn From Your Mistakes and Make Less
In 1969, when Schwartz was pursuing his MBA at Harvard, the school was offering an introductory course on computers. It was a popular course, but Schwartz was one student who did not sign up for it. “I thought I’d have assistants do that stuff for me,” he says, “which is why I missed the value of the digital era in so many ways. You can’t understand the power of technology unless you use it.”
Schwartz might have missed out on the computer course at Harvard, but what he calls his “ridiculous attitude toward computers” changed after a trip to Bill Gates’ house. “He gave me a Palm Pilot. I got on a plane from Seattle to Florida, a five-hour flight, and started on the instruction book. I couldn’t figure it out.” By the time Schwartz had landed back home, he was only on section three of 15 in the instruction manual. “I said, ‘That’s it,’” recalls Schwartz. “I decided to learn. From that day forward, I’ve insisted Onex be on the leading edge of information technology.”
Schwartz was an early disbeliever in the rise of technology, but he soon accepted and learned from his mistake. That is not to say, however, that Schwartz became fond of all things technological. For instance, during the early dot-com boom, Schwartz again refused to be a part of the game. “It mystified me,” he says. “But when the stocks kept going up and up, I began to not believe in myself. I thought I was from a bygone era that wasn’t useful anymore.”
In fact, Schwartz said he even considered getting out of the business world all together. “The things I believed in, like value, just didn’t seem to make sense anymore,” he says. Nevertheless, Schwartz stuck to his guns and stayed in the game, and soon saw value “roaring back.” He had not made the mistake of getting in on something that did not agree with his gut. And, it would be lesson he would take with him throughout his career.
Today, Schwartz says, “I’m still a long distance from smart. But I’m also a long distance from dumb.” He has continued to learn from his mistakes, of which there have been plenty. After all, risk is a part and parcel of his business. “There is no such thing as high returns without risk,” he says. And, on Bay Street, Schwartz has gained a reputation for being willing to stick his neck out and take that risk.
“I want to grow,” he says. “I don’t want to get stuck doing the same thing over and over and think I’m the best at it.” In order to do that, Schwartz knows he has to continue going for the long shots, for companies that others have not yet thought about acquiring. And, if a deal does not work out, Schwartz says he takes it personally, but it would not be the end. “It would hurt,” he says. “But we’ll dust ourselves off and we’ll come back.”
Lesson 4 Learn From Your Mistakes and Make Less
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“The hardest lesson I’ve learned has been to not repeat the dumb mistakes I’ve made over the years,” says Schwartz, “which are too numerous to list.”
In 1969, when Schwartz was pursuing his MBA at Harvard, the school was offering an introductory course on computers. It was a popular course, but Schwartz was one student who did not sign up for it. “I thought I’d have assistants do that stuff for me,” he says, “which is why I missed the value of the digital era in so many ways. You can’t understand the power of technology unless you use it.”
Schwartz might have missed out on the computer course at Harvard, but what he calls his “ridiculous attitude toward computers” changed after a trip to Bill Gates’ house. “He gave me a Palm Pilot. I got on a plane from Seattle to Florida, a five-hour flight, and started on the instruction book. I couldn’t figure it out.” By the time Schwartz had landed back home, he was only on section three of 15 in the instruction manual. “I said, ‘That’s it,’” recalls Schwartz. “I decided to learn. From that day forward, I’ve insisted Onex be on the leading edge of information technology.”
Schwartz was an early disbeliever in the rise of technology, but he soon accepted and learned from his mistake. That is not to say, however, that Schwartz became fond of all things technological. For instance, during the early dot-com boom, Schwartz again refused to be a part of the game. “It mystified me,” he says. “But when the stocks kept going up and up, I began to not believe in myself. I thought I was from a bygone era that wasn’t useful anymore.”
In fact, Schwartz said he even considered getting out of the business world all together. “The things I believed in, like value, just didn’t seem to make sense anymore,” he says. Nevertheless, Schwartz stuck to his guns and stayed in the game, and soon saw value “roaring back.” He had not made the mistake of getting in on something that did not agree with his gut. And, it would be lesson he would take with him throughout his career.
Today, Schwartz says, “I’m still a long distance from smart. But I’m also a long distance from dumb.” He has continued to learn from his mistakes, of which there have been plenty. After all, risk is a part and parcel of his business. “There is no such thing as high returns without risk,” he says. And, on Bay Street, Schwartz has gained a reputation for being willing to stick his neck out and take that risk.
“I want to grow,” he says. “I don’t want to get stuck doing the same thing over and over and think I’m the best at it.” In order to do that, Schwartz knows he has to continue going for the long shots, for companies that others have not yet thought about acquiring. And, if a deal does not work out, Schwartz says he takes it personally, but it would not be the end. “It would hurt,” he says. “But we’ll dust ourselves off and we’ll come back.”
Lesson 4 Learn From Your Mistakes and Make Less
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Joe DagerJoe Dager is President of Business901, a progressive coaching company providing no-nonsense direction in areas such as Lean Six Sigma Marketing and organized referral marketing. What others say: In the past 20 years, Joe and I have collaborated on many difficult issues. Joe’s ability to combine his expertise with “out of the box” thinking is unsurpassed. He has always delivered quickly, cost effectively and with ingenuity. A brilliant mind that is always a pleasure to work with.” - James R. If you want to learn more about Business901, start a conversation with us. We can be found @ Web/Blog: Business901.com Web/Blog: FundingYourNonprofit.com LinkedIn Profile Follow me on Twitter - Visit Joe Dager's Website |
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Kim CastleWith nearly two decades in the advertising and design business, with clients like Domino's Pizza, General Motors, Direct TV, Pedigree, Wolfgang Puck, Higher Octave Music, Hollywood Celebrity Products, Disney, and Paramount, as well as thousands of entrepreneurs around the world define, structure, communicate, and position their business for greater profits, BrandU(R) co-creators Kim Castle and W. Vito Montone discovered that entrepreneurs could experience the same power that big brands command for a fraction of the cost with the world's only process-based results-drive Integral approach to business creation. BrandU(R) is helping entrepreneurs grow with the power of extreme clarity from idea...to brand...to market(TM) and helping one million entrepreneurs become successful and whole so that they can make a difference in the world. Are you one of them? If you want to experience clarity all the way to the bank(TM), get started now at http://www.brandu.com. - Visit Kim Castle's Website |
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George LudwigGeorge Ludwig is a recognized authority on sales strategy and peak performance psychology. An international speaker, trainer, and corporate consultant, he helps clients like Johnson & Johnson, Abbott Laboratories, Northwestern Mutual, CIGNA, and numerous others improve sales force effectiveness and performance. Though it's George's strategies and processes that help corporations increase productivity and performance, it's his tremendous energy and dynamism that spark the transformation. Again and again, clients remark on his amazing ability to unleash human capacity and inspire men and women to break out of their comfort zones. The result is a whole new type of salesperson. His customized presentations teach achievers to make stunning advances in their lives. From helping salespeople realize cherished dreams to helping corporations exponentially accelerate revenue streams, George Ludwig leaves audiences and individuals empowered, emboldened, and clamoring for more. George is the best-selling author of Power Selling: Seven Strategies for Cracking the Sales Code and Wise Moves: 60 Quick Tips to Improve Your Position in Life & Business. - Visit George Ludwig's Website |
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Linda RichardsonLinda Richardson is the Founder and Executive Chairwoman of Richardson, a global sales training and performance improvement company. As a recognized leader in the industry, she has won the coveted Stevie Award for Lifetime Achievement in Sales Excellence and she was identified by Training Industry, Inc. as one of the “Top 20 Most Influential Training Professionals.” Ms. Richardson is credited with the movement to Consultative Selling and is the author of ten books on selling and sales management, including Sales Coaching — Making the Great Leap from Sales Manager to Sales Coach, and Stop Telling, Start Selling. She teaches sales and management at the Wharton Graduate School of the University of Pennsylvania and the Wharton Executive Development Center. Linda is a frequent speaker at industry and client conferences, has been published extensively in industry and training journals, and has been featured in numerous publications, including The Wall Street Journal, Forbes, Nation’s Business, Selling Power, Success, and The Conference Board Magazine. Learn more about Richardson's sales training and performance improvement solutions at http://www.richardson.com web - Visit Linda Richardson's Website |
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