Mistakes: The Shadow Capital for Learning

Mistakes, whether resulting from defective judgment, deficient knowledge
and carelessness, or misconceptions and misunderstandings, are never trivial
to deal with. However, if approached appropriately, they can become a source of
potential corporate value so that they can facilitate future growth and development.
Accounting of mistakes can prove an extremely tricky area — the same
as in financial reporting, accounting is not an end on its own but a means to an
end. We live with our mistakes, but we don’t have to die with them. Finding the
courage to change things may seem difficult, but the opportunity is big and is
available anytime we decide to seize it. It is never too late to see an opportunity
for change: the more we invest in explaining our mistakes to ourselves, the easier
we shall get “rid” of them and minimize the risks of making the same mistakes
again. Admitting mistakes is not easy but should not become unbearable for the
people: it is what we learn from our mistakes and our failures that may drive us
into our future successes.