It is done. In an historic decision, President Joe Biden announced yesterday that he is not running for re-election. Business leaders take note. Regardless of your politics, there are critical business lessons to be gleaned from this decision.
1. Our Ego is Both Friend and Foe –Those close to Biden say his personal narrative has developed by doing what others said he could not do. So, when pundits and opponents started saying it was time to step aside, his natural inclination was to dig deeper and fight harder.
What business leader cannot relate to this? Whether founder, owner, or executive, the ability to persist despite naysayers is part of every leader’s narrative. The confidence, energy, and gravitas that got us to where we are, will betray us when it is time to go. Our ego must allow for an off-ramp.
What are your guardrails against your ego leading you astray?
2. Surround Yourself with Those Who Will Speak Truth - & Then Listen – There was a growing number of Democratic politicians who raised concerns, publicly and privately, about continuing the campaign. But it was a small group of family and trusted advisors who had the final conversation with Biden.
Business leaders need both the wider circle of colleagues who take the temperature in their area, and a tight circle of those who – while they always have your back – also know that they need to say the hard things. As leaders, we need to cultivate their ability to take those risks and not alienate them. Abraham Lincoln had his team of rivals.
Who tells you the hard truths when you would rather not hear them?
3. Our Mission Must Be Transferrable to Others – Until recently, President Biden stated that he believed he was the only person who could win the 2024 election. He had work to finish and he wanted to see it to the end. He was the man for the job.
Business leaders often feel this. One more product launch, board transition, or economic downturn before they turn over the reins. But spend a little time behind closed doors with the next in line and those comments are like nails on a chalkboard. Leaders who say, “I’m the only one who can…” are revealing a lack of succession planning. A failure to prepare the next leaders to lead. Or – more often – an inability to see that they are ready.
Who are you developing today so they are ready to step in tomorrow?
4. Leave a Legacy, Not Regret – The praise lauded on President Biden today, for his half-century of public service, and selfless act of stepping aside, has been clear.
A legacy is celebrated when an individual achieves great things in service to a family, company, or country – and then knows when it is time to exit. Too many athletes, world leaders, and company executives linger too long, thinking they are cementing their legacy. Instead, their positive legacy is replaced by a regret that they stayed too long.
How will you time your exit, so you end on a high note, without hearing the whispers of “It’s about time”?
コメント