š¤¦āāļø 8 mistakes I made as a CEO: Lessons learned the hard way
Lyubomyr (Lou) Reverchuk
26 replies
Over the last decade, I've made dozens of mistakes running my IT outstaffing business. So, I decided to share the most painful and memorable points with the PH community:
#1 Micromanagement
#2 Allowing reverse delegation or monkey business
#3 Lack of written policies and rules
#4 Not providing employees with feedback
#5 Not investing in employee development and training
#6 Hiring fast, firing slow
#7 Making decisions based solely on intuition or emotions
#8 Not implementing new knowledge
The full post is here - https://www.linkedin.com/pulse/8-mistakes-i-made-ceo-lessons-learned-hard-way-reverchuk/
Every CEO deserves the employees they have. Therefore, changing yourself is the first step to improving your management skills.
What is your biggest management mistake? Share it in the comments.
Replies
Swapnil D Puranik@swapdp_01
Pitchery
Thanks for sharing your experience, Lou! Most CEOs or business leaders commit the same mistakes in some form or other, yet very few would admit, accept and adapt. Kudos to you and your kind!
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LOOFT- A/C Redefined
Only 8? Lol
I feel like I have made hundreds of mistakes big and small! How did you decide on your top 8?
I'd also like to see more actual examples in your full post. This feels almost like ChatGPT wrote it for you without specific examples of a situation and how you handled it.
š» Cheers to more mistakes and more wisdom! š¤
@joseph_natoli Writing is not easy for me and I hone this skill. Indeed, I've made dozens or even hundreds of mistakes over the course of last years, but decided to share the most painful and memorable ones. Probably, I have to add 2 more points to make TOP10 list. As of ChatGPT, it feels like your comment was written with this tool. Cheers š¤
LOOFT- A/C Redefined
@liuboumin
Hey Lou! Didn't mean to offend with my comment. Writing is a tough skill and you need to do it consistently to really excel at it. I acknowledge most people are not great writers, myself included!
That said, my comment was more about how services like ChatGPT are rendering posts like this as rather generic now, and without additional context or personal stories (though ChatGPT can make this stuff up as well sadly) and less about your writing ability or courage to share. I applaud your effort to share and help the community here grow, just suggesting more personal context for future posts!
Regardless, sometimes I do indeed come off as a Tool and it seems this was one of those times. Don't let me hold you back from more posts!
I totally agree with Making decisions based solely on intuition or emotions.
I started to use Evidence-based management(EBMgt) to solve this issue.
You are brave posting this, congrats. What would you say the first steps to build a company like this are?
Very good points indeed, Lyubomyr. Admitting your own mistakes takes courage, not everyone will understand the true way of a founder or a CEO but realizing it in the end, is the biggest mistake where there is no other way to go or how to fix it.
Hunted Space
If we dont fail, we wont learn. Thank you for sharing this with us :)
Videodeck
Not many people admit to making mistakes, especially as CEOs, so it's great to see someone not only recognize them but learn from them. Thank you for the tips, will definitely check out the full LinkedIn post too!
One of the most fundamental flaws I have seen CEOs make is believing they can do everything, anything and better than anyone! Setting a realistic expectation bar and assuming that the team can, over a period of time, deliver outstanding results is the key to success in the long run IMO.
Very useful thank you!
Acceptance is the biggest reward you can give yourself
FAM - Social Finance
Thank you for sharing!š
These are good pointers. I've made similar mistakes as well. We live to learn, improve, and share.
These are very impressive!
Goood points
It's always good to learn from someone's mistakes. That's exactly what your post allows me to do š Anyway, making mistakes is a natural part of the process. And the one who understands it will always reach his goals
Very interesting. Amazing learnings for future founders!
Lots of people that talk about building startups focus on the "big" shows of fundraising and events.
Any tips on those areas, of mistakes you made or have seen, so some of us future founders can avoid them?