Humility may be the secret ingredient to success

Posted: March 15, 2012 | Categories: Management, Self-Improvement

 There are some indicators that our economy is getting better, and you may be one of those whose business and profits are robust.  If so, here is some wisdom I will pass along to you courtesy of the late Peter Drucker:

“An organization should not grow faster than its ability to manage”

 That is the “what”.  Now we can turn to Ben Franklin to get a better idea of “how”.

Benjamin Franklin built his success on defining and living by clearly defined virtues.  He used these virtues every day to check the rightness of his actions or thoughts.  He originally had 12 virtues.  After a short time, he realized he needed to add one more – humility.  As he put it, “Every time I find myself getting very good at something, I start to feel too proud about it”

In his painfully helpful book, “How the Mighty Fall”, “Good to great” author Jim Collins analyzes five key phases in the decline of success.  Sears, GM, Motorola, and Circuit City are some examples he studied.  Here are the five steps as outlined by Mr. Collins:

1. Hubris born of success

2. Undisciplined pursuit of more

3. Denial of risk and peril

4. Grasping for salvation

5. Capitulation to irrelevance or death

He also emphasized that stage #1, “Hubris of success”, is the trigger that leads to the remaining steps of decline.

Let’s see how Webster’s Dictionary defines “hubris” and “humility”

Humility:  Refrain from boasting. Minimize personal accomplishments in favor or building others.

Hubris:  Wanton insolence or arrogance resulting from excessive pride.

Which word do you like better?  (I thought so)

Many businesses believe that their toughest challenge is generating more revenue.  In my experience, I find that the most stressful situation is when we are making tons of money.  There is a strong tendency to let our pride get out of hand, and when that happens, we can make some stupid decisions.

GM didn’t see foreign cars as a threat.  Sears didn’t take Wal-Mart seriously.  Motorola chose to be more engineering driven that customer driven.  As Mr. Collins puts it, “they lost sight of the underlying factors that created their success in the first place.”

So if you are at the top of your game, and enjoying profits beyond your dreams, take some time to do the following:

1. List the underlying factors that created your success

2. Determine which one needs the most attention

3. List and commit to one or two specific action steps you can do to improve the area of focus.

 

Have a “healthy discontent” with where you are at!

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