Check Your Ego at the Door

Books Worth Reading

February / March 2008 By: Rolf Dobelli Volume 6 Number 1

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Egonomics

People with unbridled egos see themselves as the suns in their individual universes, and believe that all important activity and thought revolves around them. "We would rather speak ill of ourselves than not talk of ourselves at all," observed French nobleman Francois de la Rochefoucauld 300 years ago, and he is right. In business, as in life, say David Marcum and Steven Smith in Egonomics, unchecked egos sabotage the achievement of important goals.

Employees resent and oppose narcissistic executives, regardless of the value of their ideas or the quality of their leadership. However, the brutally competitive business world can also swallow timid, self-effacing souls alive.
The best leaders have neither too little nor too much ego: The difficulty is finding the right balance. Research has shown that more than a third of bad business decisions result from ego issues and more than eight out of 10 managers force their ideas on others, regardless of their value. The early warning signs of an unchecked ego include constantly comparing yourself with others; a defensiveness of your ideas; showcasing your brilliance; and an awareness of your authority and prestige that brooks no dissent. Ego is a continuum—€”strive for the midpoint, perfect equilibrium—€”in other words, humility. Humility is not a weakness, rather it is the ability to evaluate your strengths and failings objectively. Humility leads to self-respect that is grounded in reality. Ego says you are never wrong and that those who question you are disloyal and should be squashed. Humility brings you back to earth.

The authors offer distressing examples of ego run amok and also provide practical demonstrations of how a healthy dose of ego can be your best ally. This book is perfect for managers, who wonder why the rest of the world has so far failed to recognize their greatness, to high achievers, who think they may need a reality check, and to HR professionals, who often have to clean up the messes that egotistical executives leave behind them.

David Marcum and Steven Smith. Egonomics: What Makes Ego Our Greatest Asset (or Most Expensive Liability). Fireside, 2007. List Price: $25.00. ISBN-13: 9781416533238

Millionaire Upgrade

Lessons in Success From Those Who Travel at the Sharp End of the Plane.
Consider what you would do if you found yourself on a long flight seated next to a successful self-made millionaire. What would you do if they wanted to share their hard-won knowledge. Would you want to listen? Richard Parkes Cordock, author of Millionaire Upgrade, interviewed 50 self-made millionaires to form the basis of his composite millionaire in this business parable. He distils the lessons of these self-made, super-rich millionaires into an acronym, "I BELIEVE" and tells you how to put these lessons to work.

Employees think in a completely different way to entrepreneurs. Employees look at the pay, the benefits, the pension and the security. Entrepreneurs may have riches as one of their goals, but money is not their driving force, says Parkes Cordock. They work to realize their passion in life. Some people contrast the two mindsets as "pension versus passion," and they are fundamentally diametric.
Entrepreneurs are confident in their abilities to accomplish any tasks required to fulfill their dreams, and sure that they can overcome any obstacle that stands between them and their goals. No one can be successful at anything for any length of time without a firm, deep-seated commitment to a dream.
Entrepreneurs must want something so fiercely they can see it as if it were already real. They are not afraid to step outside their comfort zone to achieve it, and they thrive on hard work. Entrepreneurs realize their desires by keeping a clear head for business. Using experience and analytical thinking, they fashion their original idea into something the marketplace wants.

The book describes the key differences between the entrepreneur and the rest of us: attitude, persistence and tenacity. The acronym appears a bit strained at times, but the principles behind it are sound, established and proven. This book may be best for a younger person ready to break out and take on the world, but even a more mature, seasoned entrepreneur will benefit from the pep talk.

Richard Parkes Cordock. Millionaire Upgrade: Lessons in Success From Those Who Travel at the Sharp End of the Plane. Capstone, 2006. List Price: $19.95. ISBN-13: 9781841127033.

Rolf Dobelli is founder and chairman of getAbstract, a leading provider of business book summaries. www.getabstract.com