My Favorite Mistake: Business Lessons from Failures and Success

Entrepreneurship Mistakes: The Pitfalls of Growing Too Fast with John St.Pierre

My guest for Episode #263 of the My Favorite Mistake podcast is John St.Pierre, an entrepreneurial strategist, business growth advisor, and co-host of the “Entrepreneurs United Podcast” — with Rich Hoffman. They recently had me as a guest.
Episode page with video, transcript, and more
John has over 25 years of experience co-founding and growing successful businesses across various industries including co-founding and growing two companies to over 50 million dollars in revenues each.
John is currently the majority owner and chairperson of Rhombus Group, a private holding company formed in 2003 comprising several small businesses. His mission is to help entrepreneurs, intrapreneurs, and their companies achieve their goals and dreams.
He’s also the author of The $100M Journey: Your Guide To Growing The Business Of Your Dreams Without Going Off The Cliff!, a book that shares my proven strategies and insights on how to scale your business while avoiding costly pitfalls.
In this episode, John shares his profound insights on the pitfalls of trying to grow a business too fast. John recounts his journey of co-founding and expanding a company to over $50 million in revenue, only to face the harsh consequences of rapid, unsustainable growth. He shares his mistakes, such as
taking on excessive bank debt,
making poor hiring decisions, and
losing equity control,
which ultimately led to him being fired from the very company he built. Through this candid reflection, John emphasizes the importance of patient ambition, protecting equity, and aligning business strategies with personal life goals, offering invaluable lessons for aspiring entrepreneurs.

Questions and Topics:
What's your favorite mistake?
Did you take time off to reflect, recover, and reset?
Did previous opportunities lack alignment in purpose, best-in-world potential, and economic value?
Did board members or executives push back on your growth decisions, or was everyone all in?
What advice do you have for founders on when to take money, how much to take, and who to choose as investors?
How was the news of your firing delivered?
Are there specific growth points that are particularly risky, like 10 million or 50 million?
How can founders ensure they don't have blinders on and miss potential pitfalls?
What's the common theme for the businesses within Rhombus Group?
Tell us about the Entrepreneurs United podcast and how you and Rich Hoffman decided to start it.
The book's website

Bonus: John Rossman's Update, Author of "Big Bet Leadership"

John was a guest in Episode 242 in January 2024. That episode: https://markgraban.com/mistake242 
Welcome to a pecial bonus episode of "My Favorite Mistake" with your host, Mark Graban! In this episode, we're catching up with John Rossman, who has just released his latest book, "Big Bet Leadership: Your Playbook for Winning in the Hyper-Digital Era."
John joined us previously in Episode 242, and today he's back to share insights from his new book. We discuss the critical lessons learned from industry giants like Jeff Bezos, John Legere, Elon Musk, and Satya Nadella. John breaks down the essential habits for successful transformations: creating clarity, maintaining velocity, and accelerating risk and value.
Tune in to hear about:
The foreboding prediction of the hyper-digital era.
Key strategies for transforming organizations.
Feedback from readers and insights into the book's reception.
The unique "three futures memo" tool for better alignment.
The importance of focusing on valuable problems and customer needs in the AI era.
The challenges of upfront decision-making processes and governance.
John also shares a candid moment about the audiobook production and thoughts on potential additions for future editions.
Don't miss out on this insightful conversation! Check out the book, "Big Bet Leadership," and enhance your playbook for thriving in the hyper-digital era.
📘 Get the book: https://amzn.to/3xgoBdz 
🔔 Subscribe to My Favorite Mistake Podcast: http://myfavoritemistakepodcast.com/ 
📱 Connect with Mark Graban:
Website: LeanBlog.org
Twitter: @MarkGraban
LinkedIn: Mark Graban

Embracing Failure: Jennifer Heemstra's Path to Innovation, Scientific Research, and Leadership

My guest for Episode #262 of the My Favorite Mistake podcast is Jennifer Heemstra. She is Chair and Professor of Chemistry, the Charles Allen Thomas Professor of Chemistry at Washington University in St. Louis.
Episode page with video, transcript, and more
Her research makes use of the ability of nucleic acids to self-assemble and recognize other molecules. Alongside her research, Heemstra is a science communicator and writes a regular column for Chemical & Engineering News. She earned her Ph.D. at the University of illinois, Urbana-Champaign.
In this episode, Jen discusses the iterative process of failure and success in her lab, emphasizing the importance of creating a psychologically safe space for her team to experiment and learn. Jen also highlights the critical role of leadership in academic settings and how her unexpected transition into a leadership role has become one of the most rewarding aspects of her career — an “accidental leader” (the theme of a book she's writing).
Jennifer's “favorite mistake” concerns a significant misunderstanding of her career path. Initially believing that her role as a professor would be purely research-focused, she quickly realized that it encompassed much more, including leadership and mentorship. This revelation, although initially seen as a mistake, turned out to be the best possible outcome. It fueled her passion for leadership and inspired her to focus on developing a positive and empowering lab culture. Her story underscores the importance of embracing unexpected turns in one's career and finding value in professional growth.
Questions and Topics:
The failures and mistakes we make in research 
Advising students about their career paths, and if they want to really focus on research? 
Is it rare for a professor to love all aspects of their job? Research, teaching, getting funding, publishing, leading?
As chair – have an employer but not a boss – but autonomy?
“The Only People Who Never Make Mistakes and Never Experience Failure Are Those Who Never Try”
What types of failures are made by students and researchers in your field – and your lab?
Amy Edmondson’s three types of failures?
A hypothesis that’s disproven vs a technical mistake?
Making sure you learn from mistakes?
Helping people not beat themselves up?
Why and How do you share YOUR failures? And Why is it more important for those with more POWER to share their mistakes?

Learning from Mistakes in Medicine: Insights from Dr. Andrew Wilner’s Career

My guest for Episode #261 of the My Favorite Mistake podcast is Dr. Andrew Wilner, a board-certified internist, neurologist, and epilepsy specialist. In 1982, he discovered that locum tenens was the perfect solution for achieving work/life balance as a physician and writer. Dr. Wilner has practiced locum tenens in a variety of inpatient, outpatient, academic, and community settings. 
He is a prolific medical journalist and author of several books, including Bullets and Brains. Currently, Dr. Wilner is an Associate Professor of Neurology at the University of Tennessee Health Science Center, Memphis, TN, where he cares for patients, teaches, writes, and lives with his wife and baby boy. He's also host of the podcast “The Art of Medicine.” His latest book is The Locum Life: A Physician's Guide to Locum Tenens.
In this episode, we discuss the concept of "locum tenens", a staffing solution that is steadily taking root in the world of healthcare. Locum tenens, which means "holding a place," provides medical professionals the flexibility of temporary placements in clinics or hospitals due to extended leaves or transitions between hires. Our guest for this episode, Dr. Andrew Wilner, a seasoned neurologist and epilepsy specialist, has thrived using the locum tenens approach. He gives insightful revelations about the career growth and personal satisfaction that come with adopting this method of staffing.
In addition, Dr. Wilner gives an account of the human errors that can occur in healthcare settings. Using a personal tale about a mistake made during his training years, he emphasizes the necessity for checks and balances to prevent such occurrences. The discussion encourages healthcare professionals and administrations to approach healthcare provision not as invincible entities, but as humans who are prone to making mistakes. It is through such humility and acknowledgment of weaknesses that better healthcare systems can be fostered where errors are minimized and learning is continuous.

Questions and Topics:
How could that medication error happen? Sleep deprived
Did the nurse challenge the order?
More of an expectation to speak up now?
A team effort to help you and help the patient?
EHR risk of errors - wrong chart? New risks
Human factors — 36 or even 24 hour shifts now?
Tell us about your Podcast: “The Art of Medicine”
The Locum Life: A Physician's Guide to Locum Tenens
Your experiences with writing and self publishing?

Embracing Change: A Lawyer's Leap to Comedy and Coaching with Rachel Burch

My guest for Episode #260 of the My Favorite Mistake podcast is Rachel Burch. She’s a lawyer turned transformational coach and stand-up comedian.  
EPISODE PAGE with video, transcript, and more
As host of the chart-topping podcast Love Before 100, Rachel chronicles her journey to find love while making her way down a dating scavenger hunt/bucket list.
Rachel lives with her two boys in Orange County, CA, where she enjoys long walks on the beach and short commutes on PCH. She’s obsessed with personal growth, all things woo and healthy living.
In this captivating episode of "My Favorite Mistake," Mark Graban and Rachel Burch take listeners through a riveting journey from rigid law corridors to vibrant stand-up stages and intimate podcasting spaces. They unravel the interesting dynamics of creativity, touching upon the iterative nature of comedy and podcasting as platforms for exploration and growth.
They explore how bravery, resilience, and unwavering dedication play instrumental roles in one's creative journey. With an exceptional knack for intertwining insights on personal growth with humor, Rachel uses her experiences as platforms to connect on a human level, showcasing the powerful impact of storytelling. This episode serves to inspire individuals to embrace every facet of their journey, including their passions and dreams, and the importance of learning from mistakes.

Questions and Topics:
How did the law degree help you with what you’re doing now?
Did you want to be a comedian growing up??
From lawyer to business owner to comedian - how to make big life changes?
Developing stand up as an iterative process and testing ideas?
Beginning as a podcaster??
Tell us about Podcasting — “Love Before 100”
“Launching your podcast isn’t the hard part. Making it worth listening to is.”
Lessons about Growing a podcast - services for podcasters “Bingeable”
What is your best piece of advice for people who want to start on their dream but are scared?
What’s the worst advice someone could give?

Bonus: Ellen Patnaude's Updates (2 New Books and More)

We're joined again by Ellen Patnaude, who was a guest back in Episode 141 in February 2022.
Oops! I uploaded the wrong file the first time!!!
What's new for Ellen? She's the author of TWO books that have been released since then.
I Thought You Knew...: Confessions of a Chronic Assumer (and How You Can Stop Guessing Your Way Through Important Interactions)
AND
"You're Not Doing It Right": Loving My Mother Through An Unpredictable Caregiving Journey
She's also changed the name of her company to Patnaude Coaching. 
Thanks to Ellen for coming back to share with us in this quick conversation.
 

Navigating the Evolution of Book Publishing: Insights for Authors from Michele DeFilippo

My guest for Episode #259 of the My Favorite Mistake podcast is Michele DeFilippo, the Founder of 1106 Design, LLC, started in 2001 to work with authors to help them take advantage of opportunities in the changing industry of book publishing – providing one-stop publishing services from manuscript to market.
Episode page with video, transcript, and more
I’ve worked with Michele on my last two books, Measures of Success and The Mistakes That Make Us.
In this episode, Michele shares her “favorite mistake” story. We also take a deeper look into a significant industry change, – the rise of independent publishing. They trace this journey to the late 90s and early 2000s when independent publishing emerged as a robust alternative to traditional publishing houses. Uncover the misunderstood beginnings of independent publishing and how it has been pivotal in empowering authors.
From its initially misconceived do-it-yourself approach, independent publishing has evolved into a strategic model that allows authors to bring industry professionals together to create high-quality books. In this episode, dive deep with us to explore how this professional, comprehensive approach has shifted the industry's narrative from – “self-published” towards “independent publishers.” Unearth the numerous ways professionalism and strategic collaboration can create a book product that competes favorably at the market level and meets readers’ demands.
Questions and Topics:
Starting 1106 Design?? Did you look more before you leaped?
“Independent publishing” vs “self publishing”?
People DO judge a book by the cover??
Changes publishers have to make for cover design for online purchasing??
Compare traditional publishing vs. hybrid vs. indy?
What does an author need to ask??
What happens if that company goes out of business and disappeared??
Manuscript is done… but now what?
What does it cost to produce a book to traditional publisher standards?
Mistake to assume your book is going to be sold in physical bookstores?
Print book vs. eBook?
 

Redefining Professional Learning: An Emphasis on Mistakes with Michael Bloom

My guest for Episode #258 of the My Favorite Mistake podcast is Michael Bloom, Chief Executive Officer & Founder of Praktio, an online learning company whose mission is “to create space for learning through mistakes.”
Episode page with transcript, video, and more
Before leaving to run Praktio full time, Michael was the founding director of the Transactional Lab & Clinic, an experiential program at the University of Michigan Law School.
Michael is the co-author of two books on contracts from a transactional perspective: Contracts and Commercial Transactions and Contracts: A Transactional Approach.
Michael earned his J.D. from Yale Law School and earned his B.A. with highest distinction from the University of Michigan, where he studied American history.
This episode focuses on Michael's journey from being a clinical professor to founding Praktio. By creating an environment that promotes learning through mistakes, Michael has challenged traditional paradigms and aligned his unique educational model with the evolving needs of learners in a fast-paced, information-rich world. His entrepreneurial venture, peppered with a fair share of mistakes, has yielded invaluable insights that have guided the development of a highly effective educational model that thrives on constructive feedback and the power of mistakes.

Questions and Topics:
Is it a mistake to listen to ALL feedback equally?
Did you fear it might be a mistake to leave the law school and go full time into Praktio?
How do law firms react to mistakes? 
Framed as learning opportunities or something shameful?
Tell us more about the Praktio story and product…
Make mistakes in a safe environment to avoid the real one?
Learning from the mistakes made by others now?
What are some common or bad mistakes that could be made with contracts?
Preventing mistakes vs. more senior inspecting the work?
LinkedIn Profile: “Make mistakes and learn from them”
As CEO, how do you think about mistakes INTERNAL to Praktio?
Cultivating a culture of learning from mistakes?
Learning from the mistakes of other entrepreneurs?

Almost Killed a $500 Million Mars Rover: Chris Lewicki's Lessons Learned

My guest for Episode #257 of the My Favorite Mistake podcast is Chris Lewicki, an Astrofuturist, Engineer, and Entrepreneur who is interested in developing strong, thoughtful foundations for the near-future space economy.
Episode page with transcript and more
He’s a multi-time co-founder. He first co-founded and was CEO of Planetary Resources Inc. (PRI), which focused on the prospecting, development, and use of resources found on near-Earth asteroids. (Skip) He helped acquire over $60M in investment and revenue, built a team of 80 extremely talented engineers, scientists, and business and policy leaders, and launched 3 experimental spacecraft to advance the adoption of space resources as a crucial part of humanity’s activities in space.
Prior to entering the private sector, Chris was a key member of NASA’s Mars Exploration Rovers and the Phoenix Mars Lander, serving as Flight Director for the Mars rovers Spirit and Opportunity, and as the Surface Mission Manager for Phoenix.
Chris received both bachelor’s and master’s degrees in aerospace engineering from the University of Arizona. He’s the recipient of two NASA Exceptional Achievement Medals and has an asteroid named in his honor: 13609 Lewicki.
Chris imparts lessons learned from his early days in NASA's Mars exploration projects, where a potential disaster during a rover test thrust him into the limelight as an emerging leader in the field. His poignant recount of the incident underscores the nuanced details that contribute to the success or failure of any mission and the critical concept of design for test( DFT).
Drawing parallels to the broader engineering community, this episode's riveting discussion reveals essential strategies used in this high-stakes industry. The implementation of mistake-proofing tactics, robust system performance to ensure resilience, or ‘poka-yoke', and the introduction of redundancy in spacecraft design all contribute to an airtight spacecraft system. Learn from Chris's profound insights as he unravels the multifaceted considerations that go into ensuring functionality, designing for testability, and anticipating service requirements and testing needs during the initial design phases.
Questions and Topics:
Was it a connector being reversed?? 
New and innovative work… – was it a design mistake to not be “designed for test”?
Could that have been mistake proofed in some way? It was not
Would they have fired you? Did you ask??? Ernie or others??
Took time to be able to tell the story? How long?
What response did you get to sharing that story online?
Bringing these lessons into the private sector as CEO?
How many people have taken you up on your offer to share their failure stories??
MY $500M MARS ROVER MISTAKE: A FAILURE STORY
Netflix documentary on the James Webb telescope

Embracing Life's Twists: A Journey of Yoga, Meditation, and Unexpected Opportunities with Ann Swanson

My guest for Episode #256 of the My Favorite Mistake podcast is Ann Swanson, the author of the internationally bestselling book SCIENCE OF YOGA, which has been translated into over 15 languages. 
Episode page with video, transcript, and more
Her new book, Meditation for the Real World, illuminates the fascinating science behind meditation with step-by-step practices. She worked alongside Harvard neuroscientist Dr. Sara Lazar and an illustrator for the New York Times to create this science-backed visual guide. It’s important to note that Ann wasn’t a naturally “chill person,” and meditation didn’t come easy to her. 
Overcoming her own chronic pain and anxiety led her to India to study yoga and meditation, to China to explore tai chi, and to earn a Master of Science graduate degree in Yoga Therapy. Now, Ann blends cutting-edge research with ancient wisdom, resulting in realistic techniques you won’t just learn – you’ll love to live by!
This episode sheds light on the journey of turning mistakes into unexpected triumphs — and how Ann's favorite mistake was thankfully a “near mistake.” We discuss how the resilience to push through tribulations is often the stepping stone to success in personal well-being and spiritual practice.
We also touch upon the art of manifestation, breaking stereotypes and illustrating how envisioning one's life trajectory and being open to various possibilities can lead to astonishing opportunities. We delve into real-life case studies of individuals going from rejection to becoming acclaimed authors, demonstrating the importance of sharing one's knowledge and skills, maintaining a positive digital presence, and the role of persistence and self-belief.
Questions and Topics:
What’s your favorite mistake?
Getting so many job rejections… over 100
Wouldn’t have known it was a mistake??
How did meditation help you during those tough times??
Tell us the story of this latest book,  “Meditation for the Real World,”
Meditation mistakes? Is that possible?
What if you feel like you are “bad” at meditating, or your mind wanders too much?
Mind / body connection between yoga and meditation?
How long do you need to meditate for it to work? Can one-minute meditations really make a difference?
The science of meditation??
Why do most people fail at developing a consistent meditation practice? How can we apply the science to finally build a sustainable practice?
Any mistakes in the writing the book?