Leadership often is challenging, but there are certain factors more likely to lead to failure.
ConstructionNext shares the following seven habits of unsuccessful leaders documented by author Sydney Finkelstein that you and other leaders at your company should avoid.
- Thinking they dominate their markets. Leaders sometimes get an ego boost by reading their own press clippings and become complacent. But in construction, if your company disappeared and you had contracts for large, complex projects, someone else would be able to step in and get the job done.
- Not having clear boundaries. Leaders often blur the boundaries between personal life and work life. It is crucial to take time away from the office and develop interests outside of work.
- Thinking they have all the answers. Leaders who think they have all the answers and do not trust the input of others are unwilling or unable to attract or recognize top talent. Having other strong, smart people working beside you is important.
- Getting rid of people they perceive are not behind them. It is beneficial to have meetings where people disagree and debate—even with you. Debate can drive innovation.
- Obsessing about the company image. These leaders view any criticism of the company, a process or an outcome as a personal criticism. It is important to understand the boundary between business and personal.
- Underestimating obstacles. Some leaders have been leading their companies for decades and have overcome many challenges. However, as new challenges emerge, even if a leader has a track record of overcoming obstacles, it is important to not underestimate challenges or trends just because the leader believes the status quo has been working.
- Clinging to ideas and solutions that worked in the past. Working harder does not always work; at some point, you must figure out how to work smarter. This can involve giving up some methods you have used in the past so you can learn new skills and develop new capabilities for the future.
