Some of the biggest personal growth comes from learning from failures and mistakes. We talked with Carrie Rich, the co-founder and CEO of The Global Good Fund, an adjunct faculty member at the George Washington University School of Nursing and the author of Sustainability for Healthcare Management, about how she dealt with mistakes and other advice to build one's business.
What were some mistakes you made and how did you deal with it?
I keep a running list of my mistakes throughout the year and publish my top three mistakes annually. My biggest mistake was taking a while to come around to being transparent about my failures. Speaking openly about my mistakes has been the most effective model for building honest relationships and embodying humility.
What’s the single best piece of business advice to others?
Giving back is timeless and powerful.
What’s your best financial/cash-flow related tip for entrepreneurs just getting started?
Build a business on nights and weekends that is financially viable before working for the business full-time.
What do you recommend to other aspiring founders?
Invest in building your LinkedIn network intentionally and explicitly to fully leverage social media for your company’s benefit.
How do you define success?
I feel successful when I pursue my work because the work is the reward. I will know I am successful when I am fulfilling my potential and enabling others to do the same. The success of the business needs to start with making a difference in society. All the money in the world does not matter if the mission of the company does not matter. By the same token, a business needs to be financially viable. Having the financial means to create jobs for other people to support their families matters to me immensely, especially women, minorities and underserved populations.
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