The two stories, one about Tom Watson Jr. and the other about Thomas Edison, both illustrate how great leaders deal with costly mistakes.
The way both leaders responded to their situations demonstrated an essential characteristic of leadership - the ability to see things differently. An ability which illustrates the importance of vision over short-sightedness.
A Costly Mistake or a Learning Investment?
Tom Watson Jr., CEO of IBM between 1956 and 1971, was a key figure in the information revolution. Watson repeatedly demonstrated his abilities as a leader, never more so than in our first short story.
A young executive had made some bad decisions that cost the company several million dollars. He was summoned to Watson’s office, fully expecting to be dismissed. As he entered the office, the young executive said, “I suppose after that set of mistakes you will want to fire me.” Watson was said to have replied, “Not at all, young man, we have just spent a couple of million dollars educating you.” (Source: Edgar Schein in his book Organisational Culture and Leadership)
The story provides a strong message of support and a reminder that some of the most powerful lessons we can learn are from our so called failures or difficult times.
Remember Edison's famous saying: "I have not failed. I've just found 10,000 ways that won't work." Thomas Edison also demonstrated a great response to adversity which compliments Watson Jr's actions.
When his factory was burned down, with much of his life's work inside, Edison said: “There is great value in disaster. All our mistakes are burned up. Thank God we can start anew."
A characteristic of leadership is to see things differently. Seeing mistakes as an investment in learning. Seeing that, even in disaster, you can start anew.
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