Admit your errors before someone else exaggerates them

Admit your errors before someone else exaggerates them

Andrew V. Mason was a successful entrepreneur who founded the popular online daily deal website Groupon. However, despite his success, Mason was not immune to making mistakes. In fact, he was known for his candid and transparent approach to admitting his errors before someone else could exaggerate them.

One of the most notable instances of Mason admitting his errors was in a memo he sent to his employees in 2013. In the memo, Mason took full responsibility for Groupon's poor performance and acknowledged that he had made mistakes in his leadership. He admitted that he had let the company down and promised to do better in the future. This level of humility and self-awareness was rare in a CEO, especially one as high-profile as Mason.

By admitting his errors before someone else could exaggerate them, Mason was able to maintain his credibility and trustworthiness with his employees and investors. He showed that he was willing to take ownership of his mistakes and learn from them, rather than trying to shift the blame onto others. This level of accountability and transparency set Mason apart from other CEOs and earned him respect in the business world.