Today, former rocket engineer turned investor/consultant Mike Sackmary joins us for another exciting episode. He coined the phrase Genius Mistake and he shares how business owners, entrepreneurs, and other leaders can identify and overcome these mistakes.
Mike spent 12 years in rocket engineering before transitioning to business when he created his own investing firm. He Co-founded Constant Closers to provide guidance to professional people to turn prospects into ardent evangelists for their businesses.
“We were working on the space shuttle program. Rocket engines are a little bit complex. I kept thinking, why are we coming up with errors? Why are we finding the same kind of problems? Or we might solve Problem A in situation B, for example, but Problem A would come again in situation F. Why is that same type of problem is repeating?” – Mike Sackmary
After getting inspiration from his rocket engineering career, Mike coined the term Genius Mistakes. He further shares the genius mistakes that he sees in companies who are failing, or not staying in business
“A genius mistake is when you’re so smart in your own mind, you let the same error happen but you didn’t catch it because you were thinking in a different direction.” – Mike Sackmary
One of the main genius mistakes Mike mentions is: the sales is not greater than the owner’s cash burn rate. Another thing is that business owners are oftentimes the bottleneck in the business because they believe they can accomplish everything without seeking help or they are not open to constructive criticisms.
“Are you able to be humble in a good way? To be able to listen and not criticize? Absorb it, let the people who know you well, help you and see where the parts that you shouldn’t be handling yourself.” – Mike Sackmary
The Big Why
Jaime Jay also seeks out Mike’s definition of culture and what is his biggest driver in doing what he does. Mike’s driver is to help people. He believes one can help and give value and still make money. Anyone can be kind, compassionate and professional at the same time.
“My big why is how do we help people. One of my primary investors in this company said: ‘Well, let’s narrow it down to better phrasing. Let’s say we do well by doing good or we make money by solving problems in a good way.'” – Mike Sackmary
Download and listen to Genius Mistakes: Identifying and Overcoming Business Challenges to learn more. Remember to let Mike know you heard about him on Culture Eats Strategy with Jaime Jay!
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