Doctors and engineers share a curse: the analytical mind that makes them great at their craft makes them terrible at pulling the trigger in business. You end up playing not to lose instead of playing to win. And what you fail to achieve by not acting will cost you far more than any mistake you could make by acting.

That’s the title of this episode, and I mean it literally: it’s okay to make nonfatal mistakes in business. Even fatal ones teach you something. The only unforgivable move is standing still.

Key Takeaways

Business is fluid. Market conditions change daily, and you can only adapt if you're in the market.
Fear of failure holds back more practices than any competitor ever will.
Mistakes buy you the information you need to make the right moves.
Opportunity cost is almost always bigger than the cost of the mistake you're afraid of.
If you don't innovate, you die, and that applies to your staff's willingness to take risks too.

Why This Matters Now

Markets punish hesitation harder every year. Whatever you’re waiting to launch, the website, the campaign, the price increase, is losing money while it sits in a spreadsheet. This episode pairs with If Your Practice is Failing, It’s Your Fault: that one is about owning the problem, this one is about moving on it.

Business Is Fluid. Perfect Is Too Slow.

Life moves forward and business life is no different. Market conditions change every single day, and if you’re not in the market, you can’t adapt to the change. Still “getting ready” to build that new website?

If you’re getting ready to build a new website and you haven’t done it, even if it’s crap, it’s better than not having one because you can change it.

The Fear That Keeps You Broke

I’ve seen this over and over in the practices I work with: the fear of failure quietly running the business. Doctors, like engineers, are analytical by nature and struggle with making mistakes. It’s not your fault. But it is your problem.

Playing Not to Lose

Instead of playing to win, you end up playing not to lose. I’ve had clients more interested in how their logo looked than in whether their staff was picking up the phone. Every little detail polished, the bigger picture missed.

You end up, instead of playing to win, you end up playing not to lose.

Preparation Isn’t Progress

In surgery, you can’t take risks. Every detail has to be perfect or the patient suffers. In business, focus on what moves things forward and swing back to the small stuff later. In my book I say activity doesn’t equal progress. Preparation doesn’t equal progress either. Don’t get stuck perpetually getting ready to take your first step. Take the step, then adjust.

Step Onto the Ice

I live in a cold climate. On an icy morning I don’t stand in the doorway for an hour calculating how to place my foot. I step out, feel around, and if it’s safe I keep moving. Use the same approach in business: small step, quick read, keep moving.

The Real Cost Is Opportunity Cost

Analytical people love to satisfy their need for accomplishment through preparation: spreadsheets, projections, plans. Until you take action, nothing happens.

What you fail to achieve by not taking action is going to cost you a lot more than anything you could ever lose by taking it.

I wrote a whole article on this exact disease: it’s not about aiming your gun, it’s about pulling the trigger.

Money Comes Back. Time Doesn’t.

The second biggest fear is losing money. Here’s the truth about money: people treat a wasted $10,000, $30,000, even $100,000 as the end of the world. The newspaper rep promised the world, the full-page ad produced zero, and now every future decision is filtered through that scar. Money replenishes. The months you spend frozen don’t.

Mistakes Buy Information

Mistakes buy you the information you need to start making the right moves. It doesn’t matter if you’re right or wrong. What matters is the learning, so you can improve and move forward with the next decision. Ray Dalio said it best:

If you don’t mind being wrong on the way to being right, you will learn a lot. If you can’t tolerate being wrong, you can’t grow.

If You Don’t Innovate, You Die

This fear of being wrong also infects your staff. Encourage them to take risks and make mistakes, because businesses that don’t innovate die. The ones that find the next opportunity before the current one runs out ride what’s called the sigmoid curve. Punishing mistakes guarantees nobody ever brings you the next curve.

Let Your Staff Fail Too

Jack Welch ran General Electric from 1981 to 2001, and GE’s value rose roughly 4000% under his leadership. His take on mistakes:

When people make mistakes, the last thing they need is discipline. It’s time for encouragement and confidence building.

Take the Step

The parting thought: not taking action will cost you far more than anything you could lose by taking it. If you know what needs to happen in your practice and you’ve been sitting on it for months, that’s the exact conversation our advisory engagements exist for.

Now stop listening, go take some action, and I will see you on the next podcast.

In Business, Mistakes Cost Less Than Inaction