LESSON: Leaders addressing extreme adversity fall victim to what Adam Grant terms escalation of commitment. Due to our ego, sunk cost in our decisions, and identity with our position power, we often double-down on bad decisions instead of fixing the problem when the crisis is still manageable.
The below lesson is an excerpt from my recently released Amazon #1 Best Seller, When Not If: A CEO's Guide to Overcoming Adversity, Forbes Books, 2024.
As you’ve learned through these blogs, posts, and books, my list of mistakes is nearly endless. I constantly distress over that damn company, EPV Solar. Over and over, I play back in my mind the trip a few local CEOs and myself took to visit EPV’s New Jersey manufacturing plant shortly before the meltdown which destroyed our incredible company and mission.
The plant was idled, awaiting a new round of orders as the executive team explained. The leaders on this visit initiated new distributor agreements with the company and even purchased more stock in EPV after this due diligence trip with the public-company management put in place for the upcoming IPO. Merrill Lynch and UBS were reportedly competing for lead underwriter position. I saw the paperwork.
But I should have been more skeptical, more thorough, as these business owners relied on me for advice and guidance. I failed to lead.
I’m also constantly anguished over my immaturity to dismiss the regulators who knocked on our front door and went on what seemed a never-ending search for misdeeds. I failed to, right then and there, resolve these alleged transgressions administratively and stop the escalation which not only killed the golden goose but also harmed so many employees and shareholders as a result. My dreadful business leadership is inexcusable.
I miss my employee teammates and their families. I miss my incredible clients and their never-ending trust. I miss the long list of charities with which we radically impacted peoples’ lives. I miss the rush of the competition to be smarter, stronger, and better than every competitor on the planet.
I wish someone had pulled me aside and taught me all these lessons.
That Was Some Of The Best Flying I've Seen To Date — Right Up To The Part Where You Got Killed.
- Jester, Top Gun
Order Amazon #1 Best Seller When Not If (Hardback, Kindle, Audio): https://www.amazon.com/When-Not-If-Overcoming-Adversity/dp/B0CKWTYSFF/r and on Audible https://www.audible.com/pd/B0D2LQ6QNC and Chirp When Not If by John Kador & Jeff Martinovich - Audiobook (chirpbooks.com).
Comments