Warren Buffett and Secrets of Management - 32
Managers that try to get their hands into all areas of a company inevitably get into trouble. The reason why this is done is because they haven't defined their circle of competence, as Buffett would say.
For some reason, people hate to narrow themselves down; to look at themselves realistically. I think that many think if they do that it's disempowering and limiting. While I understand why people may think that, it's not the right way to think.
How can you manage a company or division if you don't know what you're really good at? How can you delegate if you don't know the boundaries you're an expert in? The answer to these questions are crucial to effective managing.
The reason some people fight this hard is because they have trouble admitting they're weak in some areas. Yet to know your strengths and weaknesses are a sign of health and reality in your makeup, not a negative look at who you are.
What is it that you do that nobody else can do as well, is the real question managers must ask themselves. After all, isn't that why you were put in management, because of something others saw in you?
I always think of an hourglass when talking about this. Yes, at first you go down to that narrow place where the granules slowly drop through, but once you understand that narrow area of competence you are good at, it then opens up underneath you to all sorts of possibilities. So narrowing down what your strengths are, is really a door to opening up other areas of growth.
But we must be willing to define and narrow before the other areas can be seen. Don't be afraid of knowing who you are and what you excel at. In reality it's empowering to know.
Other Buffett Resources:
MSU students have special visit with billionaire Warren Buffett
Sticking to what you know - Core businesses
Buffett: Portrait of an Artist as a Young Man
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