IN THIS SUMMARY
CEOs face a life that not many people have the opportunity to experience. Not only are they in a position to effect great change, but as leaders of companies, they also have an incredible amount of responsibility and accountability on their shoulders. Adapting to change and navigating a company through both success and failure can be hugely challenging, yet there are CEOs who seem to do it with ease and confidence. What are their secrets? In The New Secrets of CEOs, authors Steve Tappin and Andrew Cave explore this very question and delve into the mindset of a CEO. After conducting hundreds of interviews with CEOs, Tappin and Cave present a broad spectrum of executive insights, thoughts on what drives them, and how they operate.
THE NEW SECRETS OF CEOs 200 Global Chief Executives On Leading AUTHORS: Steve Tappin and Andrew Cave PUBLISHER: Nicholas Brealey Publishing DATE OF PUBLICATION: 2008, 2010 236 pages
FEATURES OF THE BOOK The New Secrets of CEOs by Steve Tappin and Andrew Cave provides readers with a detailed and information-laden view on CEO success and leadership. With a broad overview of life at the top, as well as insight from Tappin and Cave on different types of leadership.
THE BIG IDEA It is up to modern-day CEOs to set a new leadership precedent and throw the antiquated styles of management out the window.
INTRODUCTION No CEO has the complete answer of how to run a business successfully, but through the advice that is presented in this book, anyone can learn the tricks of the trade and get advice from the best on how to navigate the complex challenges of a being a CEO .
THE REAL LIVES OF CEOS From the outside, CEOs are perceived as people of great privilege, wealth, and good fortune. While that may be partially the case, the reality is that the life of a CEO is not as glamorous as it seems. In the interviews that Tappin and Cave conducted, they found that life at the top is incredibly challenging for many . Between the pressures CEOs face as accountable leaders of major organizations, along with the whims of the economy that their companies must deal with, CEOs are constantly trying to adapt to ever changing environments and successfully lead their teams to do the same.
WINNING IN THE RESET CEOs need to take risks and use all of their resources and support teams to make the best decisions for their companies . They cannot do it alone. CEOs rely heavily on their boards of directors and executive teams to succeed in new climates. In addition to relying on current staff and taking advantage of different skill sets within the organization, a clear focus on executive training and development is also crucial. Maintaining the adaptations of a company as years progress means that new methods of leadership need to be taught to those who will eventually assume these positions.
WINNING IN THE RESET Generational shifts create different working styles and it is important for those at the top to accept these differences and embrace them . The widespread use of technology among the younger generation also has an impact on how they operate in a business environment. Engagement, transparency, and giving something back to the community are three examples of qualities that younger employees are bringing to the table. The more executive teams accept these attributes during executive development, the more collaborative the team can become.
THE FIVE REALITIES OF THE NEXT DECADE The next ten years will undoubtedly bring unprecedented changes to the global economy. In interviewing leading CEOs, Tappin and Cave identified five realities for the coming decade and advice from these leaders on how to navigate them successfully.
THE FIVE REALITIES OF THE NEXT DECADE <ul><li>Profiting from Hard Globalization </li></ul><ul><li>As countries like China and India become more dominant forces in the world economy, business leaders from around the world will need to hone in on their global best practices and realize that they are now competing on a global scale, not just a national one. By embracing the changes and opportunities that the world economy has to offer and acting more like an international company, regardless of how big the company is, leaders will be able to transition to a global operation much more efficiently and successfully. </li></ul>
THE FIVE REALITIES OF THE NEXT DECADE <ul><li>Decoding Sustainability </li></ul><ul><li>There is no doubt that the past decade has brought on a heightened awareness about green operations and environmental sustainability. Consumers are more aware as well and are now demanding that the brands that they patron are more mindful of the overall environmental impact their operations have. The concept of community is being much more tightly integrated into business practices and consumers want to know that companies care about things other than just profitability. </li></ul>
THE FIVE REALITIES OF THE NEXT DECADE <ul><li>Surfing the Third Wave of the Web </li></ul><ul><li>The Internet is a constantly evolving medium. What was first only used by a select and tech-savvy few has now gained momentum and widespread adoption among the masses. The Internet has promoted a new way for people to interact and communicate, which has in turn promoted a new way of doing business. In the next “wave,” Web 3.0, we will all be even more closely engaged, collaborative, and present. Personalization will also be a key factor in the way that businesses interact with their customers. </li></ul>
THE FIVE REALITIES OF THE NEXT DECADE <ul><li>Riding the Cycles of Capitalism </li></ul><ul><li>In the continuing up-down undulations of the economy, CEOs need to take the helm and be a constant and positive presence for their staff. Some of the advice given involves being visible and having a roadmap; believing in oneself; and sticking by one’s convictions about the business. Although it is important to be mindful of what the economy is doing, it is even more important to remain focused on being profitable and constantly improving as a company. </li></ul>
THE FIVE REALITIES OF THE NEXT DECADE <ul><li>Waging the First World War for Talent </li></ul><ul><li>As previously discussed, recruiting and developing talent is essential for company and CEO success. Although some CEOs leave talent management up to their human resource departments, the more engaged ones are hands-on with the process to ensure that they will be working with the best in the business. It is up to the CEO to set the expectations for what kinds of characteristics are valued within a company, and then exemplify them through the kinds of people who are hired. It is also up to them to set the precedent for the type of leadership that is necessary to successfully run the business. </li></ul>
STYLES OF LEADERSHIP Commercial Executors According to Tappin and Cave, “Commercial executors are so named not for their skills in chopping heads or cutting costs, but for their ability to get things done. They combine a driving focus on achieving the best results in their industry with a relentless attention to detail in order to ensure that operational and strategic ambitions become a reality. There are two types of commercial executor: driving personal leaders and team marshals.”
STYLES OF LEADERSHIP Financial Value Drivers Financial value driver CEOs have a highly keen eye on financial gain and tend to focus, almost obsessively, on generating returns for shareholders. Value drivers are intent on creating the most streamlined business operations possible and therefore believe in “extensive delegation and decentralization, matched with crystal-clear accountability and sheer hard work.” Value drivers and those who follow this model are cognizant of the fact that they are highly accountable for any successes and failures that occur under their leadership.
STYLES OF LEADERSHIP Corporate Entrepreneurs Unlike financial value driver CEOs who have financial gain and shareholder content at the top of their list, corporate entrepreneurs generally like to focus more on innovation and breakthrough opportunity. As the name implies, these leaders are entrepreneurs who, although they are already entrenched in a corporate setting, never lose their drive to bring new ideas to life. They hold strong beliefs about ideas and visions and will do what it takes to see them to fruition.
STYLES OF LEADERSHIP Corporate Ambassadors Corporate ambassadors are other kinds of CEOs who go beyond what is best for the company and operate the business for what is best for the global community at large. These leaders consider operational efficiency and environmental sustainability as leading drivers. They adhere strictly to moral codes, while simultaneously being reactive and proactive to change.
STYLES OF LEADERSHIP Global Missionaries Global missionaries make it their responsibility to ensure that their companies are making a difference. They are highly passionate leaders and like to reinvigorate companies with new ideas and initiatives. Their success is measured by the success of their mission, and their achievements are looked at holistically and not just financially.
LEADING INTO THE FUTURE Ditching Command and Control It is through these hundreds of interviews that Tappin and Cave underscore the need for CEOs to adapt to a growing global economy. A “command and control” method of management no longer works because it is too mired in rules and regulations that were set by process-oriented executive teams of the past. It is up to modern-day CEOs to set a new leadership precedent and throw the traditional and antiquated styles of management out the window. Employees are looking for flexibility for new ideas and are not able to execute or even entertain these ideas in a command and control environment.
LEADING INTO THE FUTURE Dubbed as “ superhuman CEOs ” the leaders of modern-day businesses have responsibilities and demands that are indicative of a changing economy. The top CEOs will demonstrate an adaptability that is required for competing against global organizations and creating successful teams. Although they have an immense amount of pressure of them to flourish in an ever-expanding business landscape, the rewards they stand to reap are that much greater than their predecessors.
LEADING INTO THE FUTURE Preparing to Lead The CEOs profiled in this book come from a place of vast experience and knowledge. Collectively, they have hundreds of years of leadership expertise under their belts and have a wealth of knowledge they can pass down to future leaders. Many CEOs emphasized the importance of finding an ultimate career mission and remaining steadfast in that goal. By laying a solid foundation and figuring out what career path should be embarked on from an early stage, emerging leaders can begin their path and determine where future opportunities lie.
LEADING INTO THE FUTURE Being a CEO of any company, large or small, can be tireless, thankless, and extremely challenging, but it can also effect great change and benefit to many people . There is a whole population of future leaders on the horizon who can benefit from today’s top CEOs and glean what it takes to be the best of the best.
Business Book Summaries is a product of EBSCO Publishing. The website is updated weekly with 4 to 5 new summaries chosen from among the top business books printed in the United States. For more information or to sign up for the weekly newsletter, please visit http://www.bizsum.com. ABOUT BIZSUM.COM