Steven L. Blue on a Costly Business Assumption and the Leadership Lesson It Taught Him

My guest for Episode #287 of the My Favorite Mistake podcast is Steven L. Blue, the CEO of Miller Ingenuity, a global manufacturer and supplier of railroad parts and high-technology rail safety systems and services. Episode page with video, transcript, and more He’s a recognized expert in business transformation. With 50 years of experience leading companies across diverse industries like manufacturing and publishing, Steve has a proven track record of turning businesses around and driving massive profit increases. A best-selling author and regular media personality, Steve is also a sought-after keynote speaker who has spoken at prestigious venues like Harvard Business School, The United Nations, and Carnegie Hall. His leadership insights have been featured in major outlets like The Wall Street Journal, Fox Business, Forbes, and CNBC. In this episode, we dive into the pivotal lessons learned from mistakes, exploring how past successes can plant the seeds for future missteps. Steve shares his story of a bold but ultimately flawed business venture in Cuba, unpacking how ego and faulty assumptions led to failure—and valuable insights. We discuss the importance of testing assumptions, inviting challenges from peers and boards, and fostering a culture that learns from, rather than fears, mistakes. Steve also highlights the transformation of Miller Ingenuity, offering wisdom on leadership, rebranding, and building a culture of continuous improvement that empowers employees to innovate and adapt. This conversation is rich with reflections on the intersection of humility, risk-taking, and the resilience required to navigate today’s business landscape. Questions and Topics: What is your favorite mistake, and what did you learn from it? What was the event at Carnegie Hall where you spoke? How did you approach navigating the challenges of broadcasting from Cuba? Why do you think there was low interest in the U.S. for the Cuba broadcast? What lessons did you take away about making assumptions in business? How do you accurately forecast interest in new ventures? What role does ego play in decision-making, and how can it lead to mistakes? Why is failure an important part of learning and eventual success? How do you test assumptions before making significant investments? What’s the role of a board of directors in challenging and validating assumptions? How do you navigate resistance to new ideas within your team or board? What was the process behind rebranding Miller Ingenuity? How did you ensure the rebrand was successful and aligned with your business goals? What role does culture play in Lean manufacturing at Miller Ingenuity? How do you foster an environment where employees feel safe admitting mistakes? What’s your approach to hiring and ensuring cultural fit within your teams? How do you balance empowering teams with stepping in during a crisis? What leadership attitudes are most likely to lead to business disasters? What steps do you take to prevent and respond to unforeseen disasters? What advice would you give to other leaders about sustaining a culture of continuous improvement?