Leaders don't Manage, They Lead

A leader sets vision and hires strong managers to run the day-to-day. The speaker doesn't manage his businesses directly; instead, he gives his COOs clear authority and equity stakes so their incentives align with success.
Chapters
I'm gonna pick one word that you said because I think it's the pivotal word. Manage. I don't manage any of my businesses. I am a leader. I'm a leader. And leaders don't manage. Leaders lead. Managers manage. And so what we've done in each of our businesses is we've, we've found incredibly competent managers and leaders. I mean, they're leaders in their own right. They have to lead their organization, right? Uh, and, and maybe they're just a leader in their organization. And, and think in a couple cases, that's what we have. We have a leader, like our banking group. We have a leader in Banking Group. Horrible man. Not horrible manager, but not a great manager. Right. But he's hired a chief operating officer to run that business. Right. And they are empowered to do so. They are financial. They have financial motivation to be successful in their business. And so the key is to not try to manage multiple businesses. The key is to lead those businesses and hire very competent leaders in each of those businesses, managers in each of those businesses to actually run the business and give them a stake in it. Right.
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