Coaching Tip: The Leadership Blog

The Success Myth

There is a deeply rooted myth in North American culture that shapes our behavior.

The myth: Success in America is an individual enterprise. This myth celebrates our rugged individualism as the key element in becoming a self-made man or woman. We believe that everyone succeeds or fails on the basis of individual efforts and abilities but this just isn't so.  Revering this go-it-alone mentality, frontier spirit and lone wolf perspective actually holds us back from achieving the success we seek.

Simply put, success is not only determined by what you know and can do but also by whom you know.  Success is powered by three things: know-how, a network of contacts and your reputation.  That's it.  That's the secret.

The formula for success = your human capital (what you know) times your social capital (who you know) times your reputation (who trusts you).

1.  Your human capital is what you know and can do.  That includes your life experiences/accomplishments, signature talents, education, and how you have applied your skills and abilities in the workplace.  Self knowledge is the most critical knowledge: you must know how "good you are at the work you have chosen to do."

2.  Your social capital is who you know and who knows you.   You don't achieve success by working alone (unless you are a technical wonder who discovers something that has great application).  Building your social capital is not about sitting alone in front of your computer trying to come up with a winning formula on your own. No one I know who is successful does it that way. Successful people may have started out going it alone, but as soon as they possibly could, they began to leverage their own and other people's ideas, experiences and relationships.

Effective leaders focus on relationships not structures.  They know that an organization is a community of individuals looking to co-create, not a collection of human resources waiting to deliver.

In today's environment of changing technology and increased complexity, knowledge is power and sharing it can build even more capability for an organization.  The potential is in the willingness to change the leadership behaviors necessary to access the collective knowledge.  The big challenge is to mine the tacit knowledge (in the heads of people where true knowledge resides) through providing an access method.  The idea behind collaboration is that sharing knowledge leads to the co-creation of new actionable knowledge that leads solution development.

The key issue is getting people to think of themselves as part of a larger, collaborative community (to work outside their functional specialty).  However, changing people's and organizations' behavior doesn't come easily, especially if they've been used to working independently.  Yet, when people are passionate about something, they find a way to create a dialogue that can lead to new knowledge and new possibilities. 

3. Your reputation is who trusts you.  Leadership ethics begins with you and is based on your assumptions/beliefs, values and guiding principles that drive your behavior. 

The ancient Greeks taught that all conversation involved three ingredients: Ethos, or the character of the speaker; Pathos, connecting with the emotions; and Logos. The logos discussed by the Greeks refers to the factual content of a message, the words used.

To hear your message, people first need to positively connect with you emotionally before they are ready, willing and able to listen to what you have to say.

Relationships between people or institutions are based on exchange in which all parties have a mutual understanding of their rights and obligations.  Relations between members of an immediate family or between spouses are based on obligations such as obedience or respect. Relations can be forged through gifts or personal favors and bring with them obligations and expectations.  For every action, something is expected in return. 

Those who do favors are highly esteemed; they are recognized as people who have respect for those around them.  Every previous or current situation produces expectations for future behavior on the part of the giver and gift recipient.

Do you follow the Law of Reciprocity in business...that flows from the divine Law of Love?

Stanford MBA and Leadership

There is a growing emphasis on leadership in the MBA curriculum of Stanford and other top schools.

Evelyn Williams, director of Stanford's Center for Leadership Development and Research Leadership Laboratories, thinks leadership is a combination of nature and nurture.  "Just as some musicians have a special talent for playing an instrument, some people seem to be born with leadership abilities.  But whatever their natural talent, people certainly can learn to be better musicians--and better leaders," she said.

Williams believes that leadership is definitely teachable, but it is different than teaching more analytical or technical skills. Students must become incredibly self-aware and reflective as they discover their personal leadership style and how to inspire other people.  They need to learn how to change their communication style or their emotional responses to prevent weak behaviors from becoming ingrained.

During their two years at Stanford, MBA students will go through a number of self assessments to measure their progress in becoming more effective leaders, and they'll be mentored by second-year MBA "leadership fellows," faculty advisors, leadership coaches and alumni.

Source: The Wall Street Journal, May 29, 2007

Women, Golf & Business

Golf and business are similar in a lot of ways, according to both business people and professional players.

Both require a lot of discipline. "Strategy and patience, they go hand in hand in both cases," says Tiger Woods when asked about connections between the two.  "It's a question of when to be aggressive, when not to be aggressive, when to be conservative, and that's done through experience."

The game's main benefit in business is to those whose jobs require social bonding with clients and customers. It can be used as a draw to get people to attend conferences or seminars where companies are showcasing products or services.  Charity golf tournaments, which double as business networking events, are aimed at getting people to open their pocketbooks to worthy causes.  Golf can also serve as a reward or incentive for employees.

"As a place to actually get something done, the golf course is horrendous.  The office, a breakfast meeting or a lunch are much more effective for that," says Jon Judge, the CEO of Paychex in Rochester, NY.  "But as a place to build and sustain a relationship, and develop the kind of personal trust that really can sometimes move business along faster later, golf can be terrific."

Executives are putting more thought into how to play and whom to play with.  Business foursomes are now more diverse, with 20-something women and middle managers joining in.  The fastest-growing segment of the Executive Women's Golf Association, a nonprofit group that teaches the game to businesswomen, is women in middle management, who account for about 40% of the members.

"I don't think I've ever made the ask for $25 million on the ninth green or anything like that--that would be pretty gauche," says Donna Shalala, a longtime golfer who was in the Clinton cabinet and is now president of the University of Miami.  "But I have certainly developed relationships on the course that have led to raising a lot of money for the university."

The lack of aggressive dealmaking on the course parallels an aversion at prestigious clubs to doing any sort of commerce on the premises.  Of course, it's accepted that members will occasionally bring guests to play golf for commercial reasons, but any actual discussion of business on the grounds is normally not done.  Ms. Shalala says golf is as much a part of her job as presenting diplomas.  She has used golf to get to know job candidates, and she frequently plays with trustees, who invite along potential donors to the university.

Source: The Wall Street Journal, May 26, 2007

MBA Application Coaching

In the ebb and flow of leadership and organizational development trends, coaching definitely is in.  This begs the question: Is coaching merely a fad or an indispensable management tool?

Motivational speakers, business gurus, workshop leaders and evangelists might all call themselves coaches....at least while the term is still hot.  Anyone can call himself or herself a coach, hang out a shingle and charge anywhere from $100 an hour to $20,000 per day. Like good art, the value of coaching seems destined to be defined in the eyes of beholders more than by a professional credentialing organization.

Coaching certainly has a faddish side, despite more than 20 years as a mainstay of organizational development, copious affirming efficacy research and annual U.S. coaching fees estimated at $1 billion, according to the Harvard Business Review.

As mid-level managers rise within the corporate culture, it becomes time to get an MBA from a recognized university.  These managers may seek the help of an executive career coach to help them get through the application process...just like they would if they were ready to 'jump ship' from their employer to a better job at a new employer.

Consultants estimate that about a quarter of applicants to top-tier programs pay for help on their MBA school applications.  Growing numbers of applicants--including, increasingly, foreign students--and a relatively static number of slots make hiring a coach a way to stand out.

Admissions officers acknowledge that coaches generally advise MBA hopefuls rather than writing their entire applications.  "The type of help varies widely," says Mae Jennifer Shores, an admissions officer at the University of Pennsylvania's Wharton School.  "Our concern is when consultants are used to write essays."

Many top programs have explicit policies against outside help.  Stanford Graduate School of Business' website warns that applicants "cross a line when a piece of the application ceases to be exclusively yours in either thought or word."  Admissions officers are two minds about this:  Coaching is OK; manufacturing entire applications isn't.

So it's buyer beware but don't underestimate the power of coaching.  Instead, understand just what it is you're buying with a coach and why.

Sources: BusinessWeek, June 4, 2007 and Chief Learning Officer Magazine, September 2006

Best Leadership Practices

What are the top 20 U.S. companies recognized for leadership doing right to ensure more and better leaders, ready to step up quickly?

Most executives and HR specialists know a large percentage of Baby Boomers will retire over the next five to 10 years — and with them, 50% of the CEOs of major companies. The talent to replace them will be chosen from the next generation of only 45 million available workers. Globally, with economies growing rapidly, the demand for leaders is outstripping the supply.

Here are the best practices of the top 20 companies known for leadership development:

2006 Best Practices *1. Having leaders at all levels who focus on creating a work climate that motivates employees for peak performance *2. Ensuring the company and senior management make leadership development a top priority *3. Providing training and coaching to help intact leadership teams, as well as individual leaders, work together more effectively 4. Rotational job assignments for high potentials 5. External leadership development programs for mid-level managers 6. Web-based self-study leadership modules for mid-level managers 7. Executive MBA programs for mid-level managers

To determine who's doing it right and the leadership development practices that should be implemented, the Hay Group, in partnership with Chief Executive magazine, surveyed 1,279 top companies worldwide (of these, 564 completed the survey).  This research shows that the most successful companies develop their own leaders.

Women Chief Financial Officers

Women have had greater success than racial minorities climbing the ladder of corporate finance departments, but both groups still remain underrepresented, according to a survey by CFO magazine.

Why are women doing better as a group than minorities in this environment?

CFO counted 38 female finance chiefs at Fortune 500 companies this year, compared with 24 in the last survey six years ago.  For African-American, Hispanic and Asian-American finance chiefs, the number hasn't changed from 14.

Some of the disparity reflects the general population itself, says CFO's Alix Stuart, with women making up 50% of the U.S. population and minorities about 30%.   For female finance chiefs, most of whom are white, going to college was a given growing up, and they didn't face some of the socioeconomic hardship faced by some of the finance chiefs from minority groups.  The survey's respondents also cited the lack of minority students in accounting and business degree programs.  Only about 20% of accounting graduates and MBAs come from minority groups, according to the American Institute of Certified Public Accountants.

Source: The Wall Street Journal, May 24, 2007

Your Search Signature

Internet search engines, like Google and Yahoo, were not designed to be used as business tools.  That is why only 4 in 10 professionals surveyed by Convera claim to be "very satisfied" with search results.

Search engines have developed through two major stages and are on the verge of a third generation.  The first stage was based simply on matching keywords in documents.  The second and current stage examines how searchers interact with the search engine to predict their intent.  The third and emerging stage attempts to consider the actual interests of searchers then recommend pages accordingly.

The third stage is developing in the form of Vertical Search Engines (VSEs) where business to business firms can get better results by searching for content and submitting sites to the VSEs' directories.  These VSEs put relevant results directly in front of targeted business sellers/buyers by using customized algorithms and search strings.

By nature, VSEs are heavily focused in only one industry and usually maintained by seasoned managers with years of experience in that market.  These executives typically know all the potential customers and users of the products and can effectively bring them together in their online community.  A significant trend revealed by the Convera study is that trade publications are developing their own online vertical search destinations for their professional communities.

The more relevant the content, the more attractive the site and the more high-quality traffic it drives.  VSEs and directories that provide free, objective industry news and information increase credibility among their target audiences.

The advantages of vertical search in providing professionals with relevant business results (while helping advertisers/marketers target very specific audiences) is blazing the trail for stage three generation engines that depend on the searcher's signature interests.

Source: WebsiteMagazine, May 2007

How to get a hole in one

An ancient Greek philosopher, Heraclitus, felt that consulting our own experience and intuition is a wonderful way to gain insight.  Unfortunately, many of us have never learned this lesson.

The only way that human beings could have ever survived as a species for as long as we have is that we've developed our human brain's decision-making to be capable of making very quick judgments based on very little information.  As we human beings move through the day, we are blissfully unaware of the prodigious feats of coordination of mind, body and spirit that underlie the simplest acts.

How does this apply to getting a hole in one on the golf course?

There is data on millions of attempts at holes in one from events awarding prizes for aces.  Two insurance companies that specialize in writing coverage for these basically agree on the odds for the typical amateur: Once every 12,750 shots on par 3s, says Mancil Davis, director of golf operations for the National Hole in One Association; 1 in 12,500, according to US Hole in One.

Forty years ago, Mr. Davis had a hot streak: three aces in a week, five in a month and eight in a year.  He has 51 career holes in one.  His secret is he aims for the hole.  "Maybe because I made several early in my career, my brain focuses a lot better on the ultimate target," he says.  Mr. Davis says doctors measured his brain activity at the tee for par 3s and found it similar to that of golfers staring at long putts.

Ms. Jacqueline Gagne says she just missed her 11th ace in four months by mere inches last week.  "The only thing I thought about was the hole in one," she says.  "I didn't think of my surroundings.  It was the perfect shot."  Then, reconsidering, she adds, "If it was the perfect shot, it would have been a hole in one."

Focusing on what matters, moment by moment helps us reach clarity.

B. Alan Wallace, Ph.D., tells us not to overlook the importance of attention.  By refining our attention, we can focus and thereby rediscover the sense of well-being that emerges spontaneously from a balanced mind. Research tells us that geniuses of all kinds shared one mental trait, despite the wide range of their individual brilliance: They all possessed an exceptional capacity for sustained, voluntary attention. 

Dr. Wallace's wife taught Tiger Woods at Stanford University before he emerged as a superstar of golf. What most impressed her was his powerful ability to focus---a skill that has evidently contributed to his recent achievements. Mr. Woods uses his talent of sustained, voluntary attention to maximize his strengths (his extraordinary long-game and putting skills) and minimize his weaknesses, like that of chipping out of a bunker (he was only 61st on the PGA tour in 'sand saves'). 

Source: The Wall Street Journal, May 18, 2007

Advertising Agency Convergence

"As you start spending more money online you have to go to a lot of places to execute your online marketing," says Joe Tripodi, chief marketing officer for Allstate.  "A lot of what we do right now is spend a little here and spend a little there, that can be difficult.

Those search-related ads now make up roughly 40% of the roughly $20 billion U.S. Internet ad pie.  Internet-ad sales overall have nearly tripled in the past five years.  They represent 7% of overall U.S. ads, up from 3% five years ago, according to eMarketer Inc.

Microsoft Corporation's $6 billion deal to buy an online-ad specialist called aQuantive Inc. puts into high gear a race between Madison Avenue and a new guard of technology businesses that are trying to dominate the unbridled market in brokering Internet advertisements.

The consolidation rush is also being driven by advertisers' desire to reach broad swaths of Internet users through a single ad buy.  Despite the Web's promise to give advertisers a seamless way to place ads and measure the effectiveness of ads, buying online advertising can often be a bewilderingly complex task for marketers accustomed to buying time on a handful of TV channels.

Different Web publishers use different systems to run online ads, requiring Web marketers sometimes to manually track each piece of their ad buy independently.  Marketers are looking for one dashboard that delivers information about their ad buy, automatically.

Source: The Wall Street Journal, May 19, 2007

Think Twice About Stenting

Doctors and patients are thinking twice about stenting, which is done together with artery-inflating balloon angioplasty.

"We've definitely seen a decline," said William O'Neill, a prominent cardiologist at the University of Miami medical school.  The Courage study "is causing some people to think that angioplasty is unnecessary," he said.  "A lot more patients are going to be treated with medical therapy," meaning drugs instead of surgery, he said.

In late March, doctors at a cardiology conference in New Orleans presented a study, known as Courage, showing that heart drugs reduced chest pain almost as well by themselves as when combined with stents.  Additionally, stents didn't prevent heart attacks or deaths.

The number of coronary stents implanted in the U.S. dropped sharply in April, according to a leading market researcher, in what doctors said was an unusually quick response to the Courage study showing the devices provided little advantage over drug therapy in some patients.

The new figures are the latest evidence that the tiny scaffolds used to prop open arteries are no longer a powerful growth engine for the medical industry.  Americans spent at least $14 billion on coronary-stent procedures last year, including surgical and hospital fees.  Worldwide sales of the devices totaled about $6 billion.

Source: The Wall Street Journal, May 17, 2007