Intelligence is without a doubt one of the most fundamental properties that help others strive to be better while simultaneously improving the company’s overall mission through knowledge. Unfortunately, it has been a common trend for highly intelligent CEO’s to make a set of mistakes that ultimately have led to the downfall of their companies. To illustrate this point, some of the most global, well known digital tech companies have declined in both popularity and their profit margins by simply neglecting to maintain a certain type of open-mindedness that is essential for business plans.
Based on a study by Professor Finkelstein at Dartmouth’s Tuck School of Business, the below key points are some accurate ways to ensure that your business flourishes from an open-minded perspective that could allow for an overall clearer vision. The following points touch upon how to rectify any intentional or unintentional habits leaders in upper management may be acting on, which can be detrimental to your establishment.
Room for improvement
While taking pride in your work is salient in terms of progress, be mindful that this is one quality that has the potential of spiraling out of control fairly easily. Leaders that develop a strong obsession or become particularly entranced with specific concepts that they have created, statistically show a high level of contentment, therefore not allowing them to question their current state. With this in mind, leaders often firmly believed that the success created will never decline.
Dont dwell on the past
One common trend among company leaders is that when the financial or creative situation of their brand was not performing too well, it resulted in these CEO’s or other members of higher up management to recreate old plan of actions or strategies. Although many of these strategies were not necessarily pertinent or beneficial to the business endeavors at the time, leaders were convinced they would result in success simply because it was effective in the company’s recent history.
Sometimes if the founder of a company or a CEO becomes too attached to the establishment, this tends to be counterproductive, with these leaders tending to focus in on securing the brand’s image instead of emphasizing transparency. Thus, it is actually fairly common for upper management to get caught up in their work that they often forget to envision plans in accordance with the company’s goals or missions.