By Mathew Hayward
Nobody govt is immune from that difficult-to-distinguish line that divides the self-confidence required of a profitable CEO from the hubris visible on the root of such a lot of company scandals today. we will be able to count number Warren Buffett, Steve Jobs, Martha Stewart, and Jack Welch one of the enterprise leaders who've been contaminated with hubris at a number of phases in their careers – and visible their lives and corporations endure as a result. each govt is liable to hubris once they develop into depending on wealth, prestige, and different extrinsic rewards for his or her experience of worthy; after they embark on ventures that pass past their functions; after they unduly depend upon the recommendation and enter of others to execute their imaginative and prescient; and after they easily imagine that their plans for the longer term can be discovered with out obstacle. figuring out those 4 key dynamics and the error made due to falling prey to them will pave the line for company pros to appreciate how they could protect opposed to their very own hubris whereas nonetheless construction upon their extraordinary will to arrive even better degrees of luck.
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Additional resources for Ego Check: Why Executive Hubris is Wrecking Companies and Careers and How to Avoid the Trap
What they miss is the role that confidence plays in doctors’ diagnoses. Psychologists tested for this explanation by examining 114 cases of strep throat that were diagnosed by general physicians. Researchers asked those doctors how confident they were in their diagnosis. Results showed that doctors believed that they had made the right diagnosis on 50 (44 percent of all) cases. Subsequent laboratory analysis, however, revealed that only 25 of these cases (22 percent) were in fact correctly diagnosed.
Am I the very best person to be making this call? Am I seeing, seeking, using, and sharing material feedback? Have I clarified the conditions in which I could be wrong, and have I tried to experience the worst thing that could happen if I am wrong? Do I know, right now, what I would do if I were wrong? What would it take in time and money to put loss-mitigating action into place? APPLYING THE EGO CHECK FRAMEWORK TO OUR DECISIONS Coming to terms with these kinds of questions is essential if we are to rise to the professional and personal challenge of staying highly confident without making the entirely avoidable judgment that yields hubris.
Perhaps Kamen is also unwilling to seek the advice of trusted advisors. He has been unable to build and sustain a strong senior management team. Three highly paid and seasoned CEOs have come and gone in quick succession, amid frustrations at Kamen’s need to micromanage—by his need to approve minor expenses and second-guess numerous functional decisions. Until recently, he has been reluctant to pay what talented managers deserve, making it harder to attract and retain them. Delegating does not come easily to him, especially when it comes to getting help to formulate the firm’s strategy.