Everyone makes mistakes—every entrepreneur, every business leader, every employee. The mark of a great company isn’t that it avoids failures—that’s impossible—but that it has the wisdom to take full advantage of them.
Behavioral economics tells us that we humans are short-sighted by nature. We are wired to seek out evidence that confirms what we already believe and to ignore evidence that contradicts it. On top of that, we are usually overconfident, thinking we know more than we do and underestimating how much we don’t know. This leads to tunnel vision and myopic judgments. The great virtue of mistakes, whether by accident or design, is that they widen your range of experience and shrink your ego—and thereby open you to discoveries you’d otherwise never make