There was a moment last week during my Business Leader event, attended by enthusiastic small business owners and entrepreneurs, when I found myself contemplating how transparent I should be. Following a presentation that delved into the components of effective strategy, a probing question emerged from the audience: “Richard, can you share a time when you faced failure? What insights can we gain from your missteps?”

It’s common for many executives to sidestep such inquiries, as admitting to errors can be uncomfortable. However, genuine learning often stems from our failures, and sharing those experiences can be incredibly valuable.

Exhibiting humility in the business realm means being as open about your mistakes as you are about your successes. Authentic engagement with your team often comes from confidently presenting your true self.

In the entrepreneurial world, it is vital to be daring and to take risks; a recent report from the Onward think tank highlights the importance of not fearing failure. Plans may not always unfold as anticipated, but experimenting is crucial for effective leadership and the growth of a thriving company. I’m intrigued by the competition among airlines aiming to enhance customer experiences through unique amenities, such as caviar service, onboard galleries, and exceptional dining options.

While not every innovation will succeed, the effort to stand out is commendable, and businesses should embrace lessons from their strategies that don’t work out. The individuals I respect most in the business world are those willing to acknowledge when things aren’t right and work diligently to correct them.

Interestingly, at the Business Leader event, I took issue with the term “failure” in the question posed to me. Making mistakes—often minor—indicates that you are striving to explore new horizons and refine your practices. Such experiences are essential to achieving sustainable growth over time.

During my visits to America, I’ve noticed their propensity to brush off mistakes and move forward confidently. I recall receiving puzzled looks from colleagues when I openly discussed errors in business meetings. The mantra generally seems to be about celebrating successes instead.

It’s clear that if we’re not making mistakes, we risk stagnation, settling into a comfortable, risk-averse state that undermines growth and creativity. Here are a few of my own missteps—just a selection to help you avoid similar pitfalls.

First, consider the pitfalls of launching multiple businesses simultaneously. I once attempted to start an interior design business along with a property management firm, a painting company, and a mortgage advisory service. My eagerness led me to say yes to every opportunity without proper assessment. Attempting too many ventures at once can impede meaningful, sustainable success.

This was similarly reflected in my discussions with Julie Chen, a member of our Business Leader community, who sought advice for her eco-friendly business, The Cheeky Panda. She presented me with two pages of questions—all exciting but overwhelming. It’s crucial to focus each meeting on one or two significant topics; identifying clear priorities fosters better discussions.

Additionally, do not chase growth too hastily without validating your business model. Ensure your offering is distinctive and provides an exceptional customer experience before scaling up. For instance, my initial pay-as-you-go emergency plumbing service failed because emergencies occur infrequently, making customer acquisition costs unfeasible.

Expanding into new markets also requires caution. Don’t rush into international ventures without having established a solid foundation back home; manage your resources wisely and prioritize focused growth.

Moreover, avoid shouldering all responsibilities alone. Early in my career, collaboration with a business partner who provided valuable feedback proved immensely beneficial. It’s essential to engage with others outside your enterprise and share ideas freely; the input can enhance and refine your concepts.

Lastly, remember that effective listening is invaluable in leadership. We should communicate proportionally more than we speak, making our contributions meaningful. After completing a business coaching course, I aspire to be a more attentive listener, allowing others to express their thoughts before offering my insights.

When asking audiences about their to-do lists, usually everyone responds affirmatively. However, when I inquire about not-to-do lists, few hands remain raised. Business wisdom tends to focus on actions required for success, yet we stand to learn far more from our mistakes. Emphasizing our errors can foster profound learning experiences in our professional journeys.

So, I invite you to reflect on your own experiences: What have you learned to avoid in business, and why? Let’s accelerate our growth by embracing and learning from our shortcomings.

Richard Harpin, founder and chairman of HomeServe and Growth Partner.