IGNORE GPT AND GENERATIVE AI AT YOUR PERIL

While there is certainly a lot of hype around GPT and Generative AI at the moment, I am constantly surprised by the number of leaders I speak to who dismiss or underestimate the power of this transformative tech.

  • Teams leveraging AI will outperform teams which are not.

  • Software being designed to leverage AI will have a competitive advantage over software that does not.

  • Software development processes that leverage AI will be faster (and potentially more robust) than those which do not.

  • User Experiences that leverage GPT and Generative AI will likely be better than those that do not.

  • Companies leveraging GPT to unlock access to their institutional knowledge will outperform those who do not.

  • I could go on ... etc. etc.

This is perhaps the most transformational technology that has come along in my lifetime. And that sounds like hype and hyperbole, but it is not.

Things are moving too quickly for leaders to sit on the sidelines. It's imperative that they understand the implications, and begin to consider both long-term strategic and near-term tactical implications.

Be thoughtful and pragmatic, yes. But sit around and "see how all this plays out" at your peril.

Rant over ...

#ai #technology #gpt #generativeAI

Satya Nadella - A powerful lesson in leadership

When Satya Nadella became the CEO of Microsoft in 2014, he inherited a company that was struggling to keep up with the changing landscape of technology. Microsoft was losing ground to competitors like Apple, Google and Amazon in areas such as cloud computing, artificial intelligence and social networking. Nadella knew he had to make some bold moves to revive Microsoft's spirit of innovation and relevance.

One of his first steps was to change the culture of the company. He wanted to foster a growth mindset among his employees, encouraging them to learn from failures, collaborate across boundaries and embrace diversity. He also wanted to instill a sense of empathy for customers' needs and aspirations, which he believes is the key to creating products that people love. He wrote in his book Hit Refresh: "Innovation comes from having a deep sense of empathy."

Another step was to rethink Microsoft's strategy and vision. Nadella realized that Microsoft had to shift from being a software company that sells devices to being a platform company that enables others to create value. He also envisioned Microsoft as a leader in empowering every person and organization on the planet to achieve more through digital transformation. He articulated this vision as "cloud first, mobile first" and later as "intelligent cloud, intelligent edge".

Under Nadella's leadership, Microsoft has made significant progress in executing its vision. It has invested heavily in cloud computing, artificial intelligence and social networking, acquiring companies like LinkedIn, GitHub and Nuance. It has partnered with rivals like Apple, Google and Amazon on various initiatives that benefit customers and society. And it has regained its reputation as an innovator that shapes the future of technology.

Nowhere is this more evident than in the work the company is doing with AI in reimaging how we work. Microsoft 365 Copilot is a truly groundbreaking achievement. I encourage all of you to explore what the company has done here. People have called it a seminal moment, much like the launch of the iPhone, and I agree.

Satya Nadella has transformed Microsoft into an innovative company that is at the forefront of reimagining how we create, connect and work. He has done so by changing its culture, strategy and vision with empathy at its core. Truly a stunning example of the power of great leadership.

Understanding the history, vision, power and risks of GPT-4 and associated models

Undoubtedly, we are facing a seismic shift thanks to the acceleration in the power of AI, particularly the birth of the GPT family of models.

This is a fascinating interview with GPT-4 co-creator Ilya Sutskever, co-founder and chief scientist at OpenAI, in which he talks about the birth of large language models, model hallucinations and his vision of AI-aided democracy.

It’s a must-watch; a scientist’s perspective: zero hype, measured, thoughtful and insightful.

In this insightful interview at SXSW, Laurie Segall from Dot Dot Dot Media converses with Greg Brockman, co-founder and President of OpenAI, to explore an alternative viewpoint on the present and future of innovation. The discussion delves into the ethical considerations that accompany this new age of technological breakthroughs. Offering a behind-the-scenes glimpse at the research lab responsible for well-known creative tools like "DALL·E" and "ChatGPT," the conversation covers cutting-edge advancements in AI. Additionally, they examine the implications of AI on human identity, media, and what it means to be human in a world increasingly dominated by artificial intelligence.

The Importance of Transparency and Integrity as a Leader

As a leader, you have the powerful responsibility and opportunity to influence your team and organization.

How you communicate, behave and make decisions can significantly impact the trust, engagement and performance of your employees. That's why transparency and integrity are essential qualities for effective leadership.

Transparency means being open and honest with your employees, sharing good and bad news, setting clear expectations and welcoming feedback. Transparency helps you build trust and loyalty with your team, as they feel valued, respected and informed. Transparency also fosters a culture of open communication and accountability, where everyone can express their opinions and learn from each other.

Integrity means being consistent and authentic in your actions, words and values. Integrity helps you earn respect and credibility from your team, as they see that you practice what you preach, follow through on your promises and admit your mistakes. Integrity fosters a culture of ethical behaviour and professionalism, where everyone can act honestly and responsibly.

When you lead with transparency and integrity, you set a positive example for your team and organization. You demonstrate that you care about their well-being, personal growth, and success. You also inspire them to emulate your standards of excellence and integrity in their work.

Here are some things to think about:

  • Communicate frequently and effectively with your team. Share relevant information about the organization's vision, goals, challenges and opportunities. Be clear about what you expect from them and what they can expect from you.

  • Invite feedback from your team. Ask for their opinions, suggestions and concerns. Listen actively and empathetically to what they have to say. Acknowledge their contributions and address their issues.

  • Be honest about what you know or don't know. Don't hide or sugarcoat bad news or difficult situations. Don't makeup answers or excuses when you are unsure or wrong. Instead, be humble enough to admit when you need help or when you make mistakes.

  • Align your actions with your values. Demonstrate consistency between what you say and what you do. Follow the same rules that you set for others. Uphold the highest standards of ethics and quality in everything that you do.

By leading with transparency and integrity, you can create a more trusting, engaged and productive team and organization.

A New Beginning

Although we are announcing it today, on December 16th, after discussions with over 20 prospective buyers, we closed the deal to sell Nuula to Nav Technologies, Inc.

The deal is good for both the IP that we had built, and for the team who helped build it. We are confident that Nuula customers will find a compelling new home in Nav’s growing mobile offerings.

The vast majority of our technology team, in addition to core data science, accounting and marketing talent from our Canadian office joined Nav at the close back in December. The Nuula technology will become an integral part of Nav’s mobile offering going forward, and the team is already working hard to help deliver on that promise.

If you read my post from October, you will know that Nuula faced a tough Black Swan event which forced some painful choices on all of us. As a leadership team, it doesn’t matter how hard the challenge, or how bleak things look, or what black swans show up at the front door, it’s important to keep fighting to deliver the best outcomes possible for your stakeholders (team, investors, etc.). Our team certainly did that.

It has been great getting to know Levi King, Greg Ott and the rest of the team at Nav. I am impressed with what they have collectively built. I am excited by this acquisition, and look forward to seeing what Nav does with both the Nuula technology and our unique talent pool.

To my CEO peers facing tough economic and/or funding climates … Never give up. Never surrender. Leverage the collective strength of your team. Make tough choices quickly and courageously. Channel your inner Navy Seal, work the problem and seize the day.

Onwards.

#fintech #acquisition

How to Lead Your Team Through a Crisis

A crisis can be a time of intense difficulty, stress, and complexity for your organization and, by extension, for you as a leader. It may be a significant public problem or something contained and private. It may be particular to your organization or a situation experienced globally.

Whatever the circumstances, a crisis is not a time to panic or freeze. As a leader, you have the responsibility and opportunity to thoughtfully guide your team through the challenges and help the organization emerge more robust and resilient.

But how do you do that? Here are some tips to consider:

  1. Seek credible information. As a leader, it's your responsibility to determine the most reliable, up-to-date information from trustworthy sources. Don't rely on rumors or speculation. Instead, verify the facts and data before sharing them with your team or making decisions based on them.

  2. Communicate often and early. During a crisis, there's typically a lot of noise out there. Ensure your team understands what they must do—and why—daily. Address their concerns directly. Don't sugarcoat the situation or pretend to have all the answers. Be honest and transparent about the challenges and uncertainties you're facing. Establish a communication routine and stick with it, even if there's nothing new to say other than "nothing new at the moment." When progress has been made, even if minor, share it so that people don't despair.

  3. Lead with humility and compassion. A crisis can affect people's physical, mental, and emotional well-being. As a leader, you need to show empathy and care for your team members as human beings first. Acknowledge their feelings and fears. Listen to their feedback and suggestions. Please provide them with the support and resources to cope with stress and anxiety. Finally, recognize their efforts and achievements during this difficult time.

  4. Use appropriate communication channels. Depending on the nature of the crisis and your team structure, you may need to use different modes of communication to reach your audience effectively. For example, you may use video conferencing for regular meetings with your team members; email updates on policies or procedures; social media for engaging with customers or stakeholders; or phone calls to check individual well-being.

  5. Explain what your organization is doing about the crisis. Your team members need to know that you have a plan of action for dealing with the situation. Explain how your organization responds to the problem internally (e.g., changing work arrangements) and externally (e.g., adjusting products or services). Share your vision for overcoming this challenge together as an organization.

  6. Be present, visible, and available. During a crisis, your team members must see you as an active leader in solving problems. Don't hide behind closed doors or delegate everything to others. Show up at meetings (virtual or physical), participate in discussions (online or offline), answer questions (via email or phone), provide guidance (through feedback or coaching), etc.

  7. Demonstrate calmness and optimism. A crisis can trigger fear and anxiety among your team members, affecting their performance and morale. As a leader, you must model a positive attitude and confidence in yourself, your team, and your organization. Don't let your emotions get the best of you or lose sight of the bigger picture [6]. Show that you can handle pressure, make sound decisions, and find solutions [6]. At the same time, be realistic about the risks and challenges ahead. Balance optimism with pragmatism

  8. Plan—but be ready to shift gears. A crisis requires quick action and flexibility. As a leader, you must work with your team to assess the situation, gather input, and formulate a plan. However, it would be best to be ready and willing to pivot, adjust, or reformulate your strategy as new information emerges. Don't get stuck on one course of action or ignore feedback from others. Instead, be open-minded, creative, and adaptable.

By following these tips, you can lead your team through a crisis with courage, clarity, and compassion.

When an ending becomes a new beginning

This is an incredibly difficult post to write … but read on … there is a significant opportunity here for someone to unlock.

On Friday, I had to say goodbye to one of the strongest teams I have ever had the pleasure of working with.

First, the backstory …

A few weeks ago, our Nuula Series A fell through at the last minute due to a set of unforeseen circumstances.

This round had taken months to prepare, as it represented the final step in the transformation of a 20-year-old company, with a capital stack dominated by 10+ year-old investments, and complicated by $35MM of sub debt.

A couple of years ago, we started this transformation by raising $10MM from our internal investors, converting $10MM of legacy sub debt to equity and putting in place a new loan book facility of $100MM.

With constructive input from all parties around the table, we had a framework in place to complete this journey, clean up the capital stack, and prepare the company for a true Series A launch. The Series A round was the lynchpin of that transformation, and when it fell apart, it was nearly impossible to recover in the short time we had.

With no other choice, the board decided that we should initiate the process of selling the Nuula assets. Furthermore, we had limited cash on hand, and when it became clear that we could not unlock adequate bridge financing to support operating the company for more than a few weeks, we arrived at the difficult decision to release the team at the end of September.

As the world's first SuperApp for small business, Nuula represents a tremendous potential asset for a buyer. It is built on a world class mobile technology platform, possesses an elegant user experience that customers love, boasts existing links to banking, cloud accounting, eCommerce and payments data, and has a robust financial services partner ecosystem already established. Because Nuula makes it possible to embed and leverage fintech offerings, region by region, it is geared to operate anywhere in the world.

Before I close, I want to thank the amazing group of people who came together to build Nuula. Not only the last team standing as of Friday, who worked tirelessly to safe the assets despite knowing they would be losing their jobs, but so many others who had been part of the journey over the past few years. You are truly exceptional, and it was a pleasure working with you.

I want to thank our partners for helping to bring Nuula to life and imbue it with such great financial products. OneVest. Walnut Insurance. Mulligan Funding, LLC. Merchant Growth. Even Financial. Huckleberry. Caary Capital. You were a pleasure to work with, and I will encourage any buyer of Nuula to rapidly reach out to you and reengage.

To the Nuula management team Patricia Korth-McDonnell, Parham Mofidi, Alex Nelsas, Peter Ng, Siddharth Kakkar, and Brian Simmons, and to every Nuuligan from Coral Springs to Toronto, you should be incredibly proud of what you have created; not only the product you brought to life, but also the company, the culture, and the powerful team spirit that you helped build. Thanks to you, we broke new ground in so many areas, and I will take these lessons with me wherever I go. I would work with any of you again, and any company would be lucky to have you.

One of our team members was gracious enough to share his thoughts with me on Friday via email in his last act before leaving, and I have shared this with our leadership team because it reflected their efforts.

“I’ve never worked at a place which had such a big emphasis on culture, where there is such transparency, trust, and alignment at all levels of the organization.

It was a really inspiring journey and has by far been the best experience I've ever had working. I just want to let you know, that despite all that has transpired, I firmly believe in the vision we formed.

When I leave here, wherever I go, wherever I end up, I know it works and have the confidence to push for what is right because I’ve seen first-hand that a company that operates like this is possible.

Thank you for everything you’ve done. I have my own challenges ahead, but I have no hard feelings.”

I believe that it is a privilege to lead, not a right. So, I am going to print this out, and stick it up on the wall in front of my desk, and hold myself accountable to meeting these standards wherever I go and whatever I do.

I firmly believe in what we have built and know that it could be a significant transformational cornerstone for the right buyer.

Please reach out via LinkedIn DM or at my Nuula or Personal emails if you are interested in learning more.

Welcoming NorthOne to Nuula

Alongside Eytan Bensoussan and the team at NorthOne, Nuula shares a passion for driving innovation in small business financial services.

Today, Nuula is welcoming all NorthOne customers to the app. In addition to being able to integrate their NorthOne account into our cash flow tracking and forecasting tool, they will be able to monitor their personal and business credit scores, stay on top of important insights from their cloud accounting system, view sales and returns in real time from their eCommerce platform and get alerts on customer retains and reviews as they happen.

In the coming months, we are hoping to integrate more of the NorthOne capabilities tightly into Nuula, and to make it frictionless for Nuula customers to open a NorthOne account.

#financialservices #innovation #superapp#smallbusiness

It's a matter of trust

Hire the best people, motivate them with an exciting goal, give them the best tools and most importantly in 2022 trust them to work where they want, and when they want. Do this and you will build great companies.

We have been thinking long and hard about this issue at Nuula, and we’ve formally adopted three key policies to help our teams work on their terms.

The fundamentals are simple.

We let you work where you want, be it in the office, at home or from the mountains.

We let you select if you want to work a 4 or 5 day work week. And you get to change your mind any time.

We let you decide when you need to recharge, and how much personal time you need to take.

We hire the right people and free them to do their best work on their terms.

I think John Amaechi nails it in this video.

Nuula completes insurance offering in partnership with Huckleberry

From restaurants to landscapers to design studios, small businesses are required to have a broad range of insurance coverage.

At Nuula, we wanted to provide small business owners with a better, hassle-free way to secure that coverage in minutes, right from the palms of their hands.

Today, we are excited to announce the launch of our comprehensive small business insurance offering, powered by Huckleberry Insurance. The new feature provides small businesses with a range of business insurance options, including workers’ compensation insurance, general liability insurance and other types of small business insurance coverage right inside the Nuula App.

It takes less than five minutes to apply, and our customers can choose a customized coverage package from top-rated providers; and secure a small business insurance policy with no additional paperwork.

The new offering is available to applicable U.S. small businesses across the US, with the exception of North Dakota, Ohio, Washington, Wyoming, and the District of Columbia.

Today’s announcement follows a string of new partnerships across the U.S. and Canada that have significantly grown Nuula’s toolkit of small business financial products and features.

From real-time insights into how their business is performing, to the capital needed to power their dreams, to solutions that help them insure what matters, and even the tools that help them build and diversity their wealth, Nuula provides everything a small business owner would need, all in one app.

As always, lots more to come.

#insurance #smallbusiness #fintech #nuularising #businessowners

Protecting Your Small Business from Cyber Extortion

Cyber criminals are increasingly targeting small businesses, who often don’t have the proper protections in place to thwart fraud or get reimbursed for damages.

So on this “launch Thursday”, we’re especially excited to announce cyber threat protection for small businesses, right inside the Nuula app.

Powered by Walnut, this new capability integrates Cyberscout and Dashlane.

Though a single $10 a month membership, Nuula’s small business owners will be able to leverage identity, ransomware, and social engineering coverage; 24/7 cyber support; unlimited password storage; personalized security alerts; encrypted file storage; dark web monitoring; and more.  

Now Cyber threat protection isn’t just limited to large organizations who can afford it.

Nuula believes that today’s small business owners not only need tools to manage and grow their business, but to protect it as well. That is why we’re integrating best-in-class technologies that serve entrepreneurs’ needs holistically and packaging them into a single, easy to use app.  

Nuula’s new cyber threat protection offering sits atop of an existing kit of small business tools and financial products already available in the app, including term loans, credit cards, wealth management, financial health tracking, cash-flow forecasting, credit monitoring, as well as real time customer ratings and reviews.

All of this … available anytime and anywhere … from the palm of your hand.

As always … stay tuned … lots more to come.  

Protecting the families of Canadian small business owners

The success of a small business is often inextricably tied to the small business owner. And their family wealth is often tied to the success of their business. So how does a small business owner help protect their family’s economic outcome if something happens to them.

It’s a good question, and often one without a good answer, as many small business owners lack sufficient life insurance protection.

I am thrilled, therefore, to announce our Term Life Insurance for Canadian entrepreneurs, delivered in partnership with Walnut.

When Nuula launched in Canada in June, we set out to revolutionize how Canadian small business owners could both monitor their business performance, and access a range of relevant world class financial products … all in the palm of their hand.

Complementing our recently announced Wealth Management offering (in partnership with OneVest), today’s launch of Term Life Insurance for entrepreneurs, represents another example of how we are leaning into the special needs of small business owners.

Managing Wealth as a Small Business Owner

Small business owners typically devote all their time and effort on their businesses. It’s an all encompassing passion. It’s also often where the entirety of their family’s wealth resides.

It’s important for these entrepreneurs to be able to diversify their wealth, and proactively manage wealth creation outside their businesses. Especially now when risks are high across the board. But opportunities also abound.

However, these time constrained individuals are often solely responsible for their own wealth management. From retirement, to investing, to planning for major life events, most small business owners do not have the benefit of employer programs or third party investment managers. In fact, according to Forbes, one third of small business owners do not have a retirement savings plan at all.

Nuula’s integrated wealth management feature (built on the terrific OneVest platform) is designed to help small business owners diversify and build wealth, helping them save for personal milestones in their lives like retirement, buying a home, or expanding their family. They can do this by accessing to a fully digital, actively managed, goals-based investment experience, personalized just to them.

This feature is available to our Canadian customers today, but will be launched in the US later this year.

Integrated Wealth Management. Just another way Nuula serves the particular needs of small business owners.

What’s not to love.

#wealthmanagement #smallbusiness #entrepreneur #fintech #planning#investment #businessowners #superapp

Metrics Matter When Entropy Is High

Markets are chaotic, inflation is high, consumers are re-prioritizing, supply chains remain unpredictable … yes, we have entered a period of entropy.

In times of uncertainty, reaction times need to be quick and real-time access to information matters. This is especially true for small business owners and leaders.

Now is NOT the time to not know what is going on.

We built Nuula to allow small business owners to stay on top of the information that matters, at a glance, in real time, 7/24/365 from the palm of their hand :

  • Understanding their cash balances today, and having the next two weeks projected automatically, across all of their accounts and across all of their banking relationships.

  • Getting instant alerts of customer ratings and reviews, so they can proactively respond, or just thank a loyal customer.

  • Monitoring their business and personal credit profiles, and receiving alerts when there are changes to their scores and/or important updates reported by creditors, because getting this wrong can impair their ability raise future capital.

  • Keeping track of their revenue, expenses, receivables, payables, overdue invoices, missed payments, etc. all delivered from their cloud accounting system.

  • Tracking their sales, returns, payments, etc. by integrating with their eCommerce platform and/or Payments gateways.

All for free … easily accessible … and available on iOS and android.

What’s not to love?

Protecting who you love while doing what you love

It's launch Thursday here at Nuula and we have an exciting new offering.

While small business owners and entrepreneurs are investing in their business, they also need to invest in themselves and in the security of their loved ones. All too often, their family's net worth is tied to the success of the business and the success of the business is inextricably tied to the entrepreneur. That can pose significant economic risks.

Today Nuula unveils a new Term Life insurance feature that provides US-based small business owners and entrepreneurs with coverage options from a network of top carriers. Through the Nuula app, users will now be able to shop, compare and buy Term Life Insurance, with policies up to $5MM in coverage and terms of 10-40 years.

The policies in Nuula’s new Term Life Insurance feature are generated by LeapLife, an insurtech platform and digital licensed life insurance agency, powered through an expanded integration with Even Financial, the embedded financial marketplace owned by MoneyLion Inc. (NYSE: ML).

Adding term life insurance further expands the range of services we are delivering to meet the diverse needs of today’s small business owner. Just another way we are doing it all, for those who do it all.

#smallbusiness #insurance #insurtech #fintech #nuularising

Charting these turbulent waters

John Ruffalo, whom I have known and respected for a long time, recently penned a thoughtful piece that I think is worth sharing.

When contemplating the current valuation downdraft and potential upcoming recession, he sees the following implications for stakeholders of technology-based companies:

1.The markets have readjusted their valuation expectations to approach the long-term mean. Private market valuations will lag public company valuations by likely 6–9 months.

2.The markets are re-balancing their mix of expectations between growth and profitability, especially at the later stages of company maturity. The growth at all costs mantra will be replaced with a growth with profitability mantra. The profitability does not need to be immediate, but positive unit economics will be a must in the near term.

3.The expectations that companies can burn cash forever will disappear. There will be more focus on right-sizing costs of the organization to meet near-term revenue expectations.

4.The Canadian IPO window will be closed for at least the next 12–24 months except for those companies that are viewed as ready and high-quality. For example, for SaaS companies, the Rule of 40 (revenue growth percentage plus EBITDA percentage of revenues) will return as the minimum benchmark after largely disappearing starting in 2019. Companies with a smaller base of revenues or market cap will continue to struggle.

5.Acquisitions by foreign-based acquirers or buyout private equity funds will be on the rise again. Combined with a lower valuation compared to their peak values, expected decreases in liquidity of capital, especially on the Canadian exchanges and currency arbitrage will cause many of these companies to look “cheap” to potential acquirers.

He then goes on to lay out 10 things an entrepreneur needs to do to steer their company through the current and pending storm.

  1. Remain calm

  2. Ensure alignment with your investor stakeholders

  3. Assess and keep a tight rein on your cash position

  4. Ensure your business generates positive unit economics

  5. Review opportunities to reduce your costs

  6. Re-evaluate your organic growth strategies to ensure steady, sustainable growth.

  7. Consider build vs buy vs partner strategies to achieve strategic objectives

  8. Evaluate direct vs indirect sales channel strategies

  9. Determine whether you have the right mix, quantity and quality of talent.

  10. Don’t be a hero.

Worth reading the whole article, as he provides helpful context around these points.

Staying on top of what matters

In turbulent times, it’s hard for small business owners to stay on top of all the critical information that matters, while simultaneously running their businesses.

We built Nuula to help.

We connect to banks, cloud accounting software, eCommerce platforms, credit bureaus, and social platforms such as TrustPilot, Yelp, Facebook, Google, OpenTable, etc. and bring a range of key metrics and insights that matter right to the palms of their hands.

If you are a small business owner, anytime you need to know something, anywhere you need to know it, Nuula will be there. And we’ll even proactively tap you on the shoulder if something looks out of whack.

Amongst other things, we help small business owners:

  • Track their cash, and automatically forecast the next two weeks (using some cool ML algorithms)

  • Monitor their personal and business credit files. Alerting them to changes that matter, or that might impact their ability to borrow.

  • Monitor customer sentiment, providing instant alerts of ratings & reviews across Facebook, Google, TrustPilot, Yelp, OpenTable etc.

  • Get key at-a-glance insights into how their core financial metrics are tracking (revenue, expense, AP, AR, late invoices, late payments, etc.) from their closed accounting systems (e.g. Freshbooks or Quickbooks).

  • See their sales, returns, and other key metrics in real time from their eCommerce and payment platforms (Amazon, Stripe, Square, etc.)

All of this in one place. Available at a glance. Delivered in an easy to digest format. 7/24/365. All in the palm of their hand.

And it’s all FREE. What’s not to love!

Just another way Nuula is doing it all for those who do it all.

6 mindsets of a great CEO

Short but compelling article from Mckinsey about the key qualities of a great CEO. They gathered these insights from extensive interviews with 67 of the top 200 global CEOs, and while some of this won’t surprise many of you, take a closer read, there is some insightful stuff here.

Here is an extract from the article of the 6 mindsets that characterize great leadership:

Be bold. In times of uncertainty, it can be tempting to minimize the downside. However, that all but guarantees either mediocrity or decline. Successful CEOs want to avoid making mistakes, of course, but they also act boldly, actively seeking significant opportunities. They raise the aspirations of the company, and they look for intersections where the business and the market meet. In effect, they are excellent futurists and thus can define the right vision. While they will cut their losses if a move is a dud, they stick to the strategy. The vision comes first; financial performance flows from that.

Treat the soft stuff as the hard stuff. Only one in three strategies is successfully implemented—in large part because change generates resistance. That is why the “soft stuff”—that is, matters related to people and culture—can be the hardest stuff of all to get right. Research has found that companies that solve the soft stuff are more than twice as likely (from 30 to 79 percent) to execute a strategy successfully.1 To carry their organization with them, leaders need to make the case for change, and then keep track of results. 

Solve for the team’s psychology. To build high-performing leadership teams, the best CEOs start with roles, not people, asking what the most important jobs are and then finding people who can do those jobs. And they design for overall functionality, bringing in a wide range of expertise. CEOs must engage with each individual while keeping some distance. And, again, the soft stuff counts.

Help directors help the business. The board is the CEO’s boss, but an awkward one—a lot of people, infrequently seen. Like any relationship, the bedrock is trust. That means being open, honest, and prompt about plans and problems. Bad news is, well, bad, but delivering it is also a chance for the board to help, which is its function. CEOs should establish a strong relationship with the lead director and check in with other directors once or twice a year. Finally, introduce the board to the company by connecting the board to managers. As Piyush Gupta, the longtime CEO of Singapore’s DBS Group, put it: “The board, to me, is a partner, and they can talk to anyone in my management team. I believe the free flow of information is helpful for complete alignment.”2

Start with “Why?” Purpose can be difficult to define. At the very least, it should be powerful enough to inspire people, simple enough to be readily understood, and make business sense. And purpose matters: companies with a clear social purpose have significantly outperformed the S&P 500 over the past 20 years.3 The best CEOs ask themselves why their company exists, then make purpose an intrinsic part of the business model, knowing that testing strategy against purpose can open up new areas of growth. Leading with purpose can also enhance employee well-being and build loyalty.

Do what only you can do. Being a CEO is a 24/7 job, but no one can work that way. Great CEOs make it a priority to manage themselves to ensure that they are not being pulled apart. That is obviously personal, but we did find some commonalities. The most important is self-discipline, particularly regarding the use of time. Old-school techniques such as lists, stars, and color coding crop up often as time-management techniques. At the same time, the CEOs we spoke with also build flexibility into their schedule—to respond to the unexpected or simply to think. Many combine high-intensity work with recovery periods, whether that is a ten-minute break between meetings or playing the piano. Ultimately, managing personal effectiveness is about developing a sense of perspective, and then using that to see into the future.