What CEOs can learn from the ‘school of hard knocks’
By Dr Jana Matthews | 4 min read | What CEOs can learn from the ‘school of hard knocks’.
It’s well known that Richard Branson never finished high school. But he has gone on to become a hugely successful business leader learning from the ‘school of hard knocks’.
He writes that he was never intimidated by someone with a formal education. Why? Because he never judges people by their education or qualifications. Instead, he looks for personality and experience.
Learning from the ‘school of hard knocks’
Nearly one quarter of the chief executives who enrol in Australian Centre for Business Growth programs do so without a degree. Steve Jobs, Bill Gates and Mark Zuckerberg were all ‘college drop-outs’. They learnt from the ‘school of hard knocks’ or the ‘school of life’, as Branson calls it. So, what makes them a successful business leader who may have not gone down a traditional education path? These are some of the strategies we’ve implemented and seen work.
1. Applying theory in a practical way
Adult learning is about applying research and data while learning from the experiences of others in similar roles.
I’ve been fortunate enough to work with thousands of chief executives from small and medium companies around the world who are trying to grow. They are able to learn what they need to do, why, when, and in what order. How? By simplifying complex information into easy to understand chunks and focusing purely on what they need to know to grow a company, .
Having a network of business leaders working alongside this group and providing real-world examples of how they’ve applied this knowledge is another powerful tool to enable learning.
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2. Approaching learning individually
People have different learning preferences and chief executives are no different. Some prefer to read. Others want to listen. Others need graphics. And others need to talk through ideas. By trying and testing different strategies and gaining an understanding of the ways they learn best as a leader, chief executives from all education levels are able to gain a greater understanding of how to grow their business
3. Choosing people based on values not personality
Branson says he hires for personality and experience. When he says personality, I suspect he’s talking about people who match his values: optimism, innovation, and taking charge.
We teach our chief executives to look for and hire people who share their company’s values and can perform their functional responsibilities at a high level. While most people think a good hire is defined by competence — acquired through university education or experience — this is simply not enough. Fitting with company values is just as important. People can have great personalities and be very competent in one company. But the can fail in another because they are not a good match with the new company’s values or the functional requirements of the position.
Chief executives who choose people based on values and competence — regardless of whether this is derived from education or experience — are essential to company growth.
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4. Connecting real world outcomes to established research
The chief executives coming through our program are often dealing with something which has stunted their growth. But they aren’t sure why it’s happening or what to do about it. Some chief executives practice a ‘ready, fire, aim’ form of leadership and are more prone to action than reflection. They don’t always take the time to learn from their mistakes or their successes.
Take the time to learn and reflect upon why something hasn’t worked in the past by combining established research with real world outcomes. Chief executives and executives who have the space to think about and apply what they have learned to their own company have the ability to analyse what they are doing well, not doing well, and identify the changes needed to grow. Periods of reflection are followed by discussions and agreement on the changes that need to be made. And who will be accountable for those changes.
5. Viewing company growth as a team sport
A chief executive can’t grow a company alone and it takes a team effort to learn together. Taking moments to step away from their business and work “on the business” rather than spending every waking moment working “in the business” is important.
Learning as a team means sharing reflections, identifying problems and developing solutions together. We like to take the approach of having growth experts assisting businesses. These experts have started, grown and exited a company successfully. They are able to show chief executives and other leaders, who may not have had a formal education, that there’s a real need to reflect on wins and losses while sharing insights with experienced coaches that enable them to improve their game.
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The right knowledge, delivered at the right time, and applied appropriately, makes such a difference to business leaders. All chief executives have the ability to adapt the theory of business and it’s practical solutions to business issues — and grow their company by learning from the ‘school of hard knocks’.