tawandamusarurwa
Stephene Chikozho
Big Business Ideas
EVEN iconic companies can falter, fail and become irrelevant.
History repeatedly shows that successful corporate goliaths — such as Nokia — can fall from greatness.
The list of possible causes is long and includes lack of innovation, management complacency, poor marketing, poor products, strategic blindness, a weak economic environment, or simply bad luck.
However, paradoxically, in many cases, success is the catalyst for failure.
This is because success can lead to an overconfidence that blinds business owners and managers to the real state of affairs.
Meanwhile, they also start to believe their own hype.
Internal warning signs may be present long before management — buoyed by seemingly unstoppable success — notices or chooses to do anything about them.
Hubris, a kind of blind pride, can shield people from seeing that a company is already on the path to corporate catastrophe.
The cost of egotism
The cost of egotism extend beyond executive management and the boardroom.
When executives are driven by ego, they often neglect the importance of fostering a collaborative and inclusive work environment.
This can lead to high employee turnover, low morale and a lack of innovation.
In Africa, where human capital is one of the most valuable resources, such an environment can stifle the potential of talented individuals and hinder overall economic progress.
Egotism and ethical lapses
Egotism can also pave the way for ethical lapses and corruption.
Executives who see themselves as above the rules are more likely to engage in unethical behaviour, from embezzlement to nepotism.
This not only damages the reputation of their companies, but also erodes trust in the broader business community.
In countries where regulatory frameworks are still developing, such behaviour can have a particularly corrosive effect, deterring investment and stymying economic growth.
The path to humble leadership
The antidote to egotism lies in fostering a culture of humble leadership.
Humble leaders recognise that their success is intertwined with the success of their teams and organisations.
They are open to feedback, willing to admit mistakes and prioritise the collective good over personal accolades.
African businesses that have embraced this leadership style are reaping the benefits.
The role of governance and accountability
To combat egotism, strong governance and accountability mechanisms are essential.
Executive managers and boards of directors must play a proactive role in ensuring that executive decisions are aligned with the best interests of the company and its stakeholders.
Regular performance reviews, transparent decision-making processes and a clear code of ethics can help keep egotism in check and promote a culture of accountability.
While Africa’s business landscape is fraught with challenges, the silent epidemic of egotism among executives is one that warrants urgent attention.
Through recognising and addressing this issue, African companies can pave the way for more inclusive, ethical and sustainable business practices.
The future of African business depends not just on visionary leadership, but on leaders who are willing to put their egos aside for the greater good.
*Stephene Chikozho is chief executive officer of Africa Business Inc. He writes in his personal capacity. He can be contacted on WhatsApp +263772409651 or email [email protected]
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