If you want success and longevity for your business, earning a reputation for integrity is crucial. People want to work with people and companies they can trust. Trying to hide a mistake and hope nobody notices or passing the buck does not inspire confidence or respect — from anyone, employees, vendors, or customers alike. Owning up shows integrity and whatever embarrassment you may feel is worth it because in the end people will likely trust you more going forward. It’s not the mistake that is a deal-breaker, it’s being dishonest about it.

Bankruptcy cleans out the system. What’s wrong with that? South
Korea went through this in the late 1990s. They didn’t have anyone
to bail them out, and they had to go through the pain. Sweden did
it in the early 1990s. Mexico did it. Russia did it. The list goes on
and on. Competent people take over the assets from incompetent
people and rebuild from a solid base. Business has always been survival
of the fittest and Darwinism at its best. After all, this is what capitalism
is all about.

Too many people today on Wall Street go for the quick
buck at the expense of their reputation and client satisfaction, the
rationale being “let’s make the money while we can and retire early
in the sun.” For me, this is not a sprint but a marathon, besides the
fact that, in my definition, overnight success is 15 years. Anyone who
does not understand the basic tenets of this philosophy is not someone
I can or will do business with.