Magnanimity means giving credit where it is due. A magnanimous leader ensures that credit for successes is spread as widely as possible throughout the company. Conversely, a good leader takes personal responsibility for failures. This sort of reverse magnanimity helps other people feel good about themselves and draws the team closer together. To spread the fame and take the blame is a hallmark of effective leadership.
However, this is only the beginning of the road for those who want to be truly successful in business. Overcoming your fears and getting started is noble, but the true tests of a fearless entrepreneur will be constant, from initiating a conversation at a networking mixer, asking for the sale on a major deal, severing ties with a partner who is causing harm to the venture, and perhaps the most frightening of all situations – watching a business fail (it happened to Henry Ford twice before he designed his famous assembly line!) One who can fail miserably and not be scared to dust themselves off and try again and again until they are successful is truly fearless.
The transactional leader (Burns, 1978) is given power to perform certain tasks and reward or punish for the team’s performance. It gives the opportunity to the manager to lead the group and the group agrees to follow his lead to accomplish a predetermined goal in exchange for something else. Power is given to the leader to evaluate, correct, and train subordinates when productivity is not up to the desired level, and reward effectiveness when expected outcome is reached.
Here’s an example story of poor leadership: An airline’s forks kept disappearing and no one knew why. After an investigation, it was discovered the dishwashers were throwing them away because they had trouble with adequately cleaning them and they were scared of punishment if they returned dirty forks (and would thusly be reprimanded). If you’re too dictatorial, your team will throw away your forks. Better management would have prevented this problem. So be kind and keep your entire cutlery.
Followers need to believe that, at the end of the journey, their leader will recognize and reward them for their contribution. The leader must help followers answer the question, “What’s in it for me?” Successful leaders are honest about the potential risks inherent in the chosen path as well as the rewards.
Meanwhile, a seemingly never-ending flow of news reports catalogue US President Donald Trump’s alleged lies and question his fitness for office. Conversely, there has been a growing trend for politicians around the world to back or block policies for moral, as opposed to economic reasons.
This formula is your key to success and has worked for almost everyone who has ever tried it. It will require the very most you can give and the best qualities you can develop. In developing and following these keys to personal success, you will evolve and grow to become an extraordinary person.
Not admitting my mistakes came from a sense of superiority and pride. I thought, I’m the leader so I must be right. I now understand leadership differently. It’s a servant role. And like anyone in business, you are never going to have all of the answers. Revealing you are human is helpful; good leaders go and find the answers the team needs.
Be personal and share lessons: Help your team avoid mistakes by sharing with them the lessons you’ve learned that got you to where you are. Never be afraid to give constructive feedback. Teaching is not only valuable for the one learning the lesson, but also helps you hone leadership skills through communicating and connecting.
Be consistent in your interactions. If you’re very friendly during group meetings, but chilly when you pass an employee in the hall, your workers may get mixed signals and may not like you very much. It’s important to be cordial at all times–not just during the important ones.