Well the CEO and founder of Groupon can answer that one from the UIF office: a resounding yes.
The co-founder failed to stop a gradual erosion of its daily deals business.
He wrote an unusually candid open letter in which he admitted that he had failed in his role as a leader.
Groupon rose to prominence in 2010 where they provided hugely discounted online coupons from anything to a weekend away in Timbuktu, to a 5 course dinner for only R99.
How to ensure this doesn’t happen to you
- Maintain your authority
Try to listen to a diversity of opinions, and allow your employees to debate issues. However, when the time comes to make a decision, you need to do just that. At the end of the day, you are the one that is accountable.
- It’s ok if your employees disagree with you
As a leader you have to set boundaries and make unpopular decisions. So people may not only disagree with you, but they may vehemently dislike you. That is more about them than it is about you so don’t take it too personally.
- Genuinely care about the employees you lead
Genuine concern is always perceived and appreciated. It is also a great motivating factor.
- You need to understand the repercussion of your decisions
Strategy and tactics tend to fail if you cannot see what the perceived outcomes will be. Try to visualise every possible outcome and ways to mitigate this risk. The better you can actually do this, the more you will be able to predict results better than your competitors.
Until next week…….