"When asked, 88% of Americans will say they're above average drivers. In the ability to get along with others, 25% of students rate themselves in the top 1%. When couples are asked to estimate their individual contributions to household work, the combined total routinely exceeds 100%. These are all statistical impossibilities. They're also great examples of how we're predisposed to overrate our abilities and contributions."
"Brad Smith, the former CEO of financial software giant Intuit, uses a horse racing analogy: "The reason there are very few Triple Crown winners," he says, "is because the Kentucky Derby is a very different track from the Preakness, which are both different from the Belmont. The right horse will win on the right track. If you're a candidate, first ask yourself in an intellectually honest way, 'What does the company most need?' and then 'Do I have that skill set today?'""
"To understand if you have what's needed, and where you stand, analyze your abilities along at least four dimensions. The first is breadth of experience and record (for example, leading transformational change, delivering a profit-and-loss statement, and representing the company externally). The second is knowledge and expertise (as it relates to such things as financial acumen, sales leadership, technology, target markets, and industry trends). The third is leadership skill (for example, your ability to think strategically, establish executive presence, build teams, and show self-awareness)."
People routinely overestimate their abilities and contributions, producing statistical impossibilities such as most claiming above-average driving or couples' household contributions exceeding 100%. Aspiring CEOs must acknowledge this self-serving bias and respond with three actions: objectively assess capabilities against company needs; fill skill gaps and measure progress; and refuse to play politics in the process. Assessment requires understanding what the company most needs and evaluating abilities across breadth of experience and record; knowledge and expertise; leadership skill; and strength of relationships. Candidates should judge fit honestly and pursue targeted development to meet leadership requirements.
Read at Fast Company
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