Business Quote by Joshua Waitzkin
“One thing about the business and investing world that I connect to very intimately is that there is little room to deny the harsh realities of your mistakes. A bad call can lose you many millions.”
About This Quote
Source Interview: The Art of Learning Podcast, 2018
Mistakes in business have huge financial consequences; acknowledging them is essential for growth.
In simple terms: Business errors cost a lot and must be faced.
Key Takeaway
Own and learn from costly errors.
Themes
accountability
risk
learning
finance
Mood
reflective
serious
Type
advice
motivational
When to use this quote
- investment decisions
- entrepreneurial ventures
- corporate strategy
- risk management
Key Concepts
behavioral economics
decision making
loss aversion
Questions to Reflect On
- How do you confront costly mistakes?
- What systems can limit error impact?
A Different Perspective
Denial can prevent corrective action and worsen losses.
![“[S]ometimes, when you are a food person, the possible irrelevance of what you are doing doesn’t cross your mind until it’s too late. (Once, for example, when I was just starting out in the food business, I was hired by the caper people to develop a lot of recipes using capers, and it was weeks of…” quote by Nora Ephron](https://sms4smile.com/quotes/img-quotes/d79/nora-ephron-1217_business_s-ometimes-when-you-are-a-food-person-th_980.jpg)
![“If the State does not acquire supremacy over [vast private] enterprises, it becomes their puppet, and they become the real State.” quote by Bertrand Russell](https://sms4smile.com/quotes/img-quotes/bad/bertrand-russell-69_acquire_if-the-state-does-not-acquire-supremacy_1379.jpg)