10 Reasons Why Your Small Business Will Fail – and How To Avoid These Tragic Mistakes from Michael Watkins

In this episode of Show Your Value, I’m joined by Michael Watkins, a renowned expert in leadership transitions and author of the bestseller The First 90 Days. Michael, who was recently inducted into the Thinkers 50 Management Hall of Fame, shares invaluable insights drawn from his decades of aiding leaders in effectively assuming new roles and driving organizational change. This episode is packed with wisdom for entrepreneurs seeking to elevate their strategic leadership and value-creation capabilities.

Powerful Quotes from Michael Watkins:

On Leadership Development:

“A lot of what develops people is being on the job, doing things right, and sometimes the most impactful thing you do to develop people is put them in different roles that help them develop different capabilities.”

On the Role of Support Systems in Leadership:

“I think there is value in all three of having good advisers, having good mentors, and having good coaches in that little triangle; those people play different but I think quite complementary roles.”

On Strategic Thinking:

“The core of strategic thinking is the capacity to recognize, prioritize, and mobilize to deal with emerging challenges and opportunities, which is hugely important right now.”

Key Takeaways:

Practical Experience Over Formal Training:

Michael shares the “70-20-10” theory, highlighting that 70% of leadership development is derived from on-the-job experiences, In contrast to the limited impact of formalized leadership programs compared to practical, hands-on challenges.

The Importance of a Supportive Trio:

Effective leaders benefit significantly from having a robust support system comprising advisors, coaches, and mentors. Michael discusses how each plays a distinct yet complementary role in a leader’s growth and adaptation to new challenges.

Strategic Adaptation Is Key:

In today’s fast-paced environment, leaders must develop the ability to adapt strategically in real-time. Michael shares strategies for leaders to enhance their strategic thinking capabilities, ensuring they can navigate and thrive amidst constant change.

This episode is a must-listen for any entrepreneur eager to refine their leadership skills and push their strategic boundaries. We need great leaders in the world, and they can become value-creating machines! Michael’s insights serve as a guiding light for navigating the complex journey of leadership and value creation.

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