In 2015, Ratan Tata admitted his greatest mistake in his 53-year-long career: Branding the Tata Nano as the "cheapest" instead of the most "affordable" car. For most Indians, owning a car is a luxury. Labelling it a "cheap car" ended up losing them close to ₹1,000 crores. But the lesson here is not that he made a mistake; it is that he admitted it. People do not expect perfection from leaders; they expect authenticity and honesty. When you admit to and allow yourself to make mistakes, it creates an environment of transparency and gives you a space to innovate and be creative. This does not mean you can do anything you want but it means be analytical about your decisions. Be responsible enough to know why things did not work out in your favor and how you could have executed better. We live in a short-term, fast-paced world, and it is important to take the time to slow down once in a while and learn from our mistakes. When was the last time you made a mistake? What did you learn from it? #founder #ceo #mistakes
Using the words appropriately is very important. Stating affordable than cheap would be a minor change but would've made a huge difference. Great articulation Vaibhav Lohani
Vaibhav Lohani Reflecting on mistakes can be so valuable. What's a personal mistake you've learned from recently?
Admitting your mistakes takes courage and humility, but it also shows authenticity and transparency. Leaders who learn from their mistakes create an environment that encourages innovation and creativity.
It's so true that admitting our mistakes is not a sign of weakness, but rather a sign of strength and authenticity.
If only he had hired a copywriter 😃 On a serious note, it’s human to make mistakes. Real strength lies in accepting mistakes and rectifying them. Ratan Tata is a man of character. Not just this instance, i think we’ll find many examples of what a great person he is.
This is a great post
Nice Share Vaibhav, as humans we are meant to make mistakes, but a real leader rather knows to take the authority his matake and further correct it than being embarassed by it.
They tried to manufacture a car which is the cheapest instead of affordable This simple mistake cost them shut down the business Vaibhav Lohani
Great Share Vaibhav Lohani
Business Journalist
10moNot only that he had paid more money by valuating JLR and corus in tough times if he had forecasted more he may get more bigger brads in future with that money