My Bottom Line: Michael Spencer, ICAP
10 February 2012 Last updated at 10:58 GMT
Michael Spencer is founder and chief executive of money broker ICAP. He says one of the most important things in business is to recognise mistakes.
The best managers recognise mistakes, admit to them, and then act on them. That is better than refusing to admit them and then battling onwards.
Find more business wisdom from other chief executives on the My Bottom Line website.