From Warren Buffet to Jeff Bezos and from Michael Bloomberg to Sergey Brin, when billionaires speak, people listen. Rightly so.  These are individuals who each took the seed of an idea and converted it into a multi-billion dollar empire.  Some are household names like Mark Zuckerberg and others less mainstream such as David Koch.  But these titans of business all are not just incredibly successful but also have devoted audiences of listeners and readers, depending on whether they blog, podcast, give interviews or post on social media.  People hang on their every word.  Arianna Huffington and Oprah Winfrey are media moguls who not only have direct control over media outlets but are often the face of it.  And then there are billionaires like Sir Richard Branson, Elon Musk, Mark Cuban, and Bill Gates who are media darlings.  They are constantly quoted and promoted.

Everyone is trying to ‘get ahead.’  Never before in the history of the world has humanity been so deeply focused on their success.  Baby Boomers believed in the virtues of hard work and productivity to achieve modest success.  Theirs was a nose-to-the-grindstone mentality.  Gen Xers – the generation that ushered in the age of technology to supercharge productivity — believed the key to success was in working smarter, not harder.  Millennials, on the other hand, are convinced that the key to success is financial independence achieved through a host of side hustles.  And Zellennials measure success in terms of investing in themselves, taking risks and pursuing dreams.  Each generation has gone about finding success a little differently.  But the one thing they all do agree on is that to succeed, it helps to look at those who have already achieved great success… especially if they did it almost entirely on their own.

Making Changes vs Solving Problems

Last week, we looked at the issues facing Boeing as a case study in how to drill down to the root cause of a problem and then formulate a plan for fixing it.  Indeed, for decades, the names Boeing and quality were synonymous. The company was a titan of industry, designing and building aircraft that pushed the boundaries of human exploration. However, a series of catastrophic failures in recent years has cast a long shadow over this once-impeccable reputation.

So what steps are needed for Boeing – or any company experiencing a major quality breakdown and crisis of confidence — to not only overcome a persistent quality control issue but also emerge stronger and more resilient. Using Boeing as a case in point, let’s outline a strategic approach that can be applied to any organization facing a major challenge.

When Unsolved Problems Lead To Even Bigger Problems

Business experts and management pundits are quick to offer a step-by-step process for identifying the root cause of a business problem and fixing it.  The gurus at Harvard Business Review offer these clear steps:

1. Identify the “What” and the “Why” of the problem.

2. Gather evidence.  Don’t jump to conclusions.

3. Seek multiple perspectives to eliminate any possibility of confirmation bias.

4. Drill down to the root cause, considering all the possibilities (internal and external).

5. Seek outside advice / mentoring from sources (who don’t have a horse in the race) on how best to solve the problem.

6. Prioritize the issues.  Validate if it is the root cause.

7. Lay out a plan of action for fixing the problem.

8. Implement the plan, adjusting as needed based on feedback and unforeseen and unintended issues that crop up.

Stop Symptom-Chasing

Every business faces problems, challenges and glitches at one time or another.  No sooner is one issue solved than another pops up like a game of whack-a-mole.  Drawing from research by business schools and think tanks, here are some of the most common problems businesses face.  They can be grouped into three main areas:

The Curiousness of Curiosity

In looking at the multi-faceted concept of Emotional Intelligence for the last two months, we’ve been considering how it impacts professional success and influences behavior.  Our Emotional Quotient is based on our ability to handle our emotions; reactions, responses, interactions, connections and behaviors with others.  In large part, our Emotional Intelligence is what governs what we feel, say and do. That’s because human behavior is subconsciously driven by our emotions much more than by intelligence, knowledge, logic or reason. 

Motivation: What Pushes You

For the last few weeks, we’ve been looking at the multi-faceted concept of Emotional Intelligence.  While we use IQ to define a person’s cognitive ability, we look at EQ to measure their emotional ability… reactions, responses, interactions, connections and behaviors with others.  It is in the murky and misconstrued facets of Emotional Intelligence that we find the real triggers for what people feel, say and do.  While some might not be willing to admit or accept, it is safe to say that human behavior is far more driven by emotion than it is by logical, rational thought.

Increasing the Least Liked Aspect of EI:  Self-Control

Emotional intelligence (EI) is an increasingly important competence because it helps us respond to life’s challenges and interact with others in a way that can improve our home and work environments. EI is a key component of compassion and understanding, and it helps us know and understand how others feel, communicate, and be self and socially aware.  This is the repository of skills and abilities that help us identify, understand and manage our own emotions and identify and empathize with the emotions of others.

Why Social Skills are Increasingly Important in the Age of AI

‘Social skills’ is one of those fluff terms that is often secretly viewed as unnecessary for leadership or success.  There are certainly examples of business leaders who were wildly successful and had limited social skills.  Case in point:  Steve Jobs.  An assessment of Steve Jobs’ personality traits includes innovative, determined, independent, bold, creative, dominant, charismatic, passionate, non-traditional, confident, ambitious, rebellious, bossy, aggressive, perfectionist, detailed, intelligent, revolutionary, open, conscientious, daring, perseverant, energetic, enterprising, and self-motivated.  Many of these traits – such as confident, bold, conscientious and perseverant — are positive and contribute to what made him a business genius and huge success as founder of Apple, NEXT and Pixar.  But some of his other traits – such as bossy, aggressive, rebellious, and dominant – also made him a very difficult to work with and for.  Jobs needed to be in charge and had a reputation of being a tyrannical micromanager. He was strong, forthright, determined, and able to influence others, but he moved very quickly and very rarely delegated jobs to others. 

How Empathy is a Leadership Superpower

Understanding and responding to human emotions is key in business.  It’s essential for building trust, fostering collaboration, and navigating complex interpersonal dynamics.  Leaders with High EI can inspire and motivate their teams. They can effectively communicate, resolve conflict constructively, and create a positive work environment.  They can also build stronger relationships with customers and employees alike.  In turn, employees who can understand and build a rapport with their customers and actually share in their feelings can connect in a way that fosters higher customer satisfaction and loyalty.