Genius Mistakes: Identifying and Overcoming Business Challenges | 063 Mike Sackmary
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.
Shifting Careers
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
Genius Mistakes
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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About Jaime Jay
Meet Jaime Jay – a man who wears many hats, and wears them all admirably. He's a master connector, an entrepreneur extraordinaire, and a published author who knows how to get things done.
Before he found his way to the business world, Jaime served his country as a brave paratrooper in the U.S. Army. But that's just the beginning of his many accomplishments.
He's the founder of the renowned Bottleneck Distant Assistant Services firm, and his book "Quit Repeating Yourself" has become a must-read for entrepreneurs everywhere.
When he's not busy building his empire, you can find him on his beloved Harley Davidson, cruising through the countryside and taking in the invigorating effects of Uitwaaien – a Dutch practice that involves facing the wind to boost health and relieve stress.
He enjoys spending his free time outside building stuff with his wife, Nikita the dog and their two kittens (for now at least) Tommy and Tater.
He is ‘over-the-moon’ happily married to his wonderful wife Sara, his amazing daughter, Jessica, who is serving our country as a United States Army soldier. Jaime and Sara are the proud grand parents of two beautiful little girls.
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Quit Repeating Yourself provides guidance for entrepreneurs, business leaders, and managers to help prevent unknown challenges from ruining their business.
