Gold Rush of Leadership Success

BY Mike Foti

They flocked to the Valley (Silicone Valley – that is) in search of riches – like the 49ers did during the gold rush in the late 1840’s. They didn’t work 80 hours with metal pans in ice-cold streams; they worked virtually with laptops – hoping to convert stock options to cash. Their drive – greed, striking it rich! Like their predecessors over 100 years ago instant success has eluded many on the frontier of the “new economy.” Is there a way for you to strike gold?

Good companies become great companies (Leaders with Humility and Fierce Resolve)

A research team of 23 people led by Jim Collins spent 4 years of exhaustive research (see Harvard Business Review article titled “Level 5 Leadership: The Triumph of Humility and Fierce Resolve) to identify and evaluate companies that had shifted from good returns (measured as cumulative stock returns below the market from 1965 to 1980) to great returns (measured as cumulative returns 3 times greater than the market from 1980 to 1995) - and sustained this high level of performance. What did these companies have in common that allowed them to “strike gold?” Their leaders were found to have two seemingly paradoxical qualities – Humilty and Fierce Resolve.

What is Humility?

Humility is not a weak character trait – succumbing to the desires of others. Humility is an attitude of personal modesty – balancing your priorities against the needs of others in the context of the larger world. Leaders with humility exhibit their “hearts of gold.” They provide “service” to their team – and are masterful in the recognition and deployment of their people’s talents.

What is Fierce Resolve?

Fierce resolve (or determination) is applying your effort and internal fortitude to achieve results in pursuit of a worthwhile purpose. You really begin to “mine for gold” when your purpose can magnetize the efforts and determinations of others.

Is Humility Required?

The short answer – yes and no! Have there been egomaniacal business leaders who have harvested a lot of “gold?” Sure – consider Donald Trump, Lee Iacocca, and “Chainsaw” Al Dunlap. If we think of “gold” purely as a financial return a sharp business mind with creative strategies can create “gold” for their stockholders. But, what do they leave after the dust has settled? Frequently, poor succession plans (there is little room for their egos and others); disgruntled employees; vendors hurting from “slash and burn” strategies. “What’s in it for me” takes its toll!

Is there a better way? Yes! “Gold” has more than just a financial component. It includes a purpose for work, and environment where your people can contribute and grow. It requires an “external” focus – a focus on WE. This is the magic of leaders with humility.

Step 1: Developing a “Heart of Gold”

“Touchy-feely” stuff? Yes! Important to fueling a team? You betcha! Your heart is developed with inspirational service; a focus on character; and appreciating others.

• Inspirational service around a larger purpose – your individual purpose must be more than “show me the money.” It must challenge and inspire others to action. Ask the following questions:

o How can your team impact your world, your industry, your community? How can you create a benefit and help others?
o Are you willing to do the “ugly stuff?” The behind-the-scenes work with no notoriety?
o Are you willing to recognize your limitations and draw upon the talents of others?
o Can you subjugate individual desires for collective purposes?
o Are you more focused on your responsibilities and accountabilities than your rights?

• Your image (gold plating); your character (solid gold) – Many people define themselves around their image, their position, their status. When the position and status go away, what is left? A “solid gold” character begins with identifying values- and implementing specific strategies and skills to live these values. Challenge yourself to put personal glory behind team glory.
   
• Appreciating others – “No one of us is as smart as all of us!” How can you recognize and value your interdependence on others? Consider:

o “Show them the money!” – financial rewards are still both vital and appreciated.
o Hand-write thank you notes.
o Party! Celebrate team victories and accomplishments.

Step 2: Learning and applying “nuggets of wisdom”

A heart of gold assists the team in feeling valued. You also need to learn, apply, and adapt to your fast-moving world with humility and fierce resolve. This requires a “learners spirit,” “flexible approach,” an ability to use wisdom to think of the correct approach.

• A Learners and Teachers Spirit – To learn and educate requires the humility to understand the more you know, the more you know you don’t know and a plan to grow in your personal “blind spots.” Consider:

o Get feedback from others (at all levels) to identify areas you in which you need to grow. Ouch!
o Develop an inventory of stories to teach lessons vs. telling others the solutions (consider reading “Leading by Storying Around” by Brad Armstrong).
o Ask for help and appreciate the assistance. This will help your people to feel valued and helps you to strike more gold in implementation.
o Read industry journals, Fast Company, New York Times to increase perspective, grow vision, and stay abreast of trends.
o Forget Apollo 13 (Failure is an option!)- Recognize testing, experimentation, and failure as not only an option – but an essential part of the learning process.

• Flexible Approach (recognize “gold” moves) – you need to constantly develop new “golden” approaches and strategies to change the rules of the game. How?

o Allocate time each day for reflection. What did you learn from your “wins” and “losses?”
o Recognize innovation needs to involve everyone! Consider contests - paying for successful and unsuccessful ideas. Create financial incentives around all innovations that are tangibly applied.
o Read “Leading the Revolution” by Gary Hamel to develop strategies to change the rules of the game.

Step 3: Mining for Gold

You can help people feel good with your heart; you can think good strategies with your learner’s spirit; however it is useless, unless we do something about it! You need to create a focused and disciplined effort, show confidence in your team, and get them engaged in the task at hand.

• Focused and disciplined effort – Creating a focused effort begins with you identifying and communicating the goals and objectives of your team. Identify not only what “they” will be accountable, but what you will be accountable for as well. Also consider:

o Allow your team the freedom to develop a personalized approach.
o Show your sense of sacrifice and service by taking on some of the “ugly” tasks involved.
o Seek first to understand, then be understood. Things can and will go wrong. Seek understanding, not blame.

• Developing confidence and optimism in the team – Teams advance when their team members feel both valued and challenged. How can you accomplish this?

o Give it up…. the spotlight that is! Harry Truman, Paul “Bear” Bryant and many others have been widely quoted saying there is no telling how much we can accomplish when we give up the credit to others.
o Share – ideas, information (both good and bad). When you feel part of something your spirit and sense of involvement will go up. Mushroom management is out – trust and involvement through communications is in.
o “I have a dream.” Martin Luther King Jr. not only had a dream, he shared this dream with our country. Share your vision of a better future – you may start a “gold rush” of leadership implementation.
o It’s O.K. to make mistakes. Go public with your mistakes. When your people are confident it is O.K. to make mistakes their willingness to experiment and try new things will soar.

• “Full engagement” – Your goal as a leader should not be 0% turnover, but 100% engagement of your people (an ideal to strive for). How can you grow the determination of your team members?

o Ask for input and then ask for personal commitment to implementation.
o Ask others what they love to do and what they believe they excel at. Tie in their interests and skills with the organization’s vision and mission.
o Apply “Maslow’s Needs Heirarchy” to today’s environment. Consider these levels:

Level 1: “Pay the Rent” – You can help your team pay the rent not only by offering competitive wages and benefits. Provide information about social services agencies available for assistance, offer classes on managing money, and offer insurance (e.g. long term disability and life) to minimize the negative impact of catastrophic events.

Level 2: “Learn and Grow” – The most profitable companies offer the most opportunities to learn and grow. What is your training budget? Double it and see what happens!

Level 3: “Contribute to the Community” – Take the focus off ME and put it on WE by spending a day as a team contributing to the community. Your advantages – a unified team – an increased appreciation and perspective of the world.

Conclusion

Unfortunately the “Gold Rush of Leadership Success” is not a quick process any of us control individually. It requires a value shift from ME to WE. To do this you must first work on your “heart of gold,” then learn and apply your “nuggets of wisdom,” and finally “mine” your team to uncover the gold within them. May you strike it rich!

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Mike Foti is Chief Executive Officer of Cleveland Glass Block (a Northcoast 99 recipient for best employers in Northeast Ohio and a Community Pillar Award winner for community service) and President of Leadership Builders. Mike is a national speaker, writer, and consultant who helps individuals and companies get results through people. To ask Mike how he might help you, or to receive his free tips and leadership articles, call 216-531-6085 or visit his web site at www.leadershipbuilders.com.