Sharing stories of success and failure can help us succeed and avoid some losses.
Two key concepts for me are "the main thing is the main thing" and "people don't quit jobs, they quit people." The main thing in my position is development and for the players it should be improvement. We need a culture of teamwork, sharing, and accountability.
Anson Dorrance includes The Leadership Moment as required reading for his dynastic women's soccer program at UNC. Michael Useem's book chronicles spectacular ascents and failures, sharing critical decisions that wrought success or disaster.
His chapter on John Gutfreund, former Chair of Salomon Brothers, illustrates numerous key points worth disseminating. Salomon was a primary bond dealer with the United States. Gutfreund failed to discipline a rogue trader (Paul Mozer) violating trading requirements and compliance. Mozer misrepresented some of his trades as those of other entities. For violations netting the company a few million dollars, the company paid 290 million dollars in fines and saw its stock price crumble. Mozer and Gutfreund suffered severe penalties and lifetime industry bans.
Here are a few of the author's key takeaways:
"There's nothing to teach you how as much about how much something is worth, than to almost lose it."
"The inverse law of uncertainty" - the more responsible the position, the less predictable the holder's actions.
"By implication: at the top of the organizational chart, where risks and uncertainties are greatest, decisions made or not made can have consequences that reach well beyond the organization to affect its very survival."
"By implication: Inaction can be as damaging to leadership as inept action."
"By implication: The perquisites of high office do not lessen the need for specific and consistent exercise of authority to ensure accountability within an organization. Creation of a common understanding of preferred behavior may be especially important in harnessing the energies of those who are distant from or disdainful of the high office."
"By implication: Unequivocal cooperation, complete contrition, acceptance of responsibility, and a riveting focus on recovery are critical ingredients for restoring a beleaguered organization's reputation."