Download Ego Check: Why Executive Hubris is Wrecking Companies and by Mathew Hayward PDF

By Mathew Hayward

Not anyone govt is immune from that difficult-to-distinguish line that divides the self-confidence required of a profitable CEO from the hubris obvious 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 company leaders who've been contaminated with hubris at a variety of phases in their careers – and obvious their lives and corporations undergo as a result.  each govt is at risk of hubris once they turn into depending on wealth, prestige, and different extrinsic rewards for his or her experience of worthy; after they embark on ventures that go past their functions; after they unduly depend on the recommendation and enter of others to execute their imaginative and prescient; and once they easily imagine that their plans for the longer term may be discovered with out obstacle.  figuring out those 4 key dynamics and the error made because of falling prey to them will pave the line for company pros to appreciate how they could defend opposed to their very own hubris whereas nonetheless construction upon their exceptional will to arrive even higher degrees of luck.

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Additional info for Ego Check: Why Executive Hubris is Wrecking Companies and Careers and How to Avoid the Trap

Sample text

That’s because confidence breeds success and success breeds confidence, both in business and life. 12 EGO CHECK ACKNOWLEDGING THE DUAL NATURE OF OVERCONFIDENT THINKING That’s also why overconfidence is all-pervasive. Consider, for example, that people typically overestimate their workplace performance relative to their performance evaluations. But overconfidence isn’t limited to the workplace. People also overestimate their intelligence, thinking that they will perform better on IQ tests than they do.

On ABC’s Good Morning America, Kamen invited his audience to liken his work to the Wright brothers’ invention of the aircraft. Now he could bask in the warm glow of believing his own glorious press. Being a celebrity entrepreneur had its benefits. With some of America’s preeminent financiers—First Boston on Wall Street and Kleiner Perkins Caufield and Byers (KPCB) on Sand Hill Road in 30 EGO CHECK Silicon Valley—beating a path to his door, Kamen could play one off against the other. Thanks to introductions from John Doerr, the lead partner at KPCB, Kamen now rubbed shoulders with the likes of Amazon’s Jeff Bezos and Apple’s Steve Jobs.

12 No wonder leading venture capital firms, like KPCB, reserve the right to replace founders with seasoned managers (the Segway was somewhat different because Kamen’s celebrity gave him more influence over financiers). Kamen’s story illustrates the ways that false confidence affects the fate of new ventures. And for those of us who are not entrepreneurs, false confidence affects how we manage our own and our firm’s money. So let’s next consider how false confidence affects our investment decisions, and what we can do about it.

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