Admit mistakes quickly

by MPA01 Aug 2014

By David Lykken
Special to MPA

As much as you try to be a great leader who inspires your people by working hard and getting great results, you're eventually going to slip up. Let's face it: you're human. Sooner or later, you're going to make mistakes.

The hallmark of a great leader is not whether or not you make mistakes but rather how you respond when you do make them. Do you try to cover them up? Brush them under the rug? Pretend like they didn't happen? Or, do you admit them quickly and move on?

Great leaders own up to their mistakes as soon as they realize they've made them. When you own your mistakes, you show accountability; you show integrity. Our true colors are shown not by how high we climb but rather by how quickly we rise when we fall. Be a great leader: admit your mistakes quickly, get back on the right track, and get on with building your organization.

David Lykken is 40-year industry veteran who has been an owner operator of three mortgage banking companies and a software company. As co-founder and Managing Partner of Mortgage Banking Solutions, David consults on virtually all aspects of mortgage banking with special emphasis executive leadership development, corporate strategic direction and implementation as well as mergers & acquisitions. A regular contributor on CNBC and Fox Business News, David also hosts a successful weekly radio program called “Lykken On Lending” ( that is heard each Monday at noon (Central Standard Time) by thousands of mortgage professionals. Recently he started producing a 1-minute video called “Today’s Mortgage Minute” that appears on hundreds of television, radio and newspaper websites daily across America.


Should CFPB have more supervision over credit agencies?