Business Lessons Learned from Famous Mistakes

1. Business Lessons Learned from Famous Mistakes

2. This year, the entertainment world watched in awe as the award for Best Picture at the Oscars was announced and changed. The presenters, Warren Beatty and Faye Dunaway, had the wrong envelope. The wrong movie was announced. There was no way to hide it, so the fix would have to be very public as well. There were controls in place to prevent such a thing. How did this happen?

3. Keep It Simple In business, it is easy to overthink the “what ifs” and complicate things trying to prevent mistakes, but most often this creates room for more mistakes. In the case of the Oscars there is a duplicate card for each award. Mr. Beatty was given the duplicate for Best Actress, which has already been awarded. I am sure the idea behind the duplicate cards was to ensure some mistake didn’t occur. However, if that duplicate did not exist, this Oscar blunder would have never happened.

4. Check and Double Check As a business owner, it is your responsibility to make sure things are done right. Check and check again. All it takes is a second to read what you have in your hand, or look at a number again, or add up something again, or double check you blew out a candle or turned off the stove. The envelope at the Oscars was clearly marked. The lesson learned from the Oscar mistake here is very clear. The person handing out the envelopes did not check to make sure it was the right one.

5. Anyone Can Make a Mistake None of the people who could be blamed that night were new to the game. Don’t get too comfortable. The business lessons and business tips to be learned from the Oscars are valuable. Biz2Credit can help you with any small business financing while you preventing mistakes, digging out of a mistake, or just trying to run your business. There is a lender in our network that has just what you need.

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