The Role of Wisdom in Business Management
To succeed in today’s competitive global economy, companies need to assess their leadership at all levels. Do they have more bosses than leaders? Is their management smart or wise?
Smart leaders have the knowledge to solve problems, but wise leaders also strive to pursue a deeper understanding in order to see how far the limits can be pushed to achieve success. While there are many qualities of a leader that companies value, it’s wisdom in business management that can have a profound effect on not only the bottom line but also on those who support the company’s mission.
The Importance of Wisdom in Business Management
Wisdom in business management goes beyond meeting goals. Wise leaders have certain leadership skills that transcend the everyday requirements of a job, including their approach to decision-making. Wise leaders do not make one-sided decisions; instead, they are affected by the varying perceptions of their team as well as those outside the company. Their decisions are informed by their personal experience and the experience of others, and also take into account what is good not only for the company but also for society as a whole.1
Wise leaders model and encourage free thinking and risk-taking because they believe testing theories and arguing outcomes help cultivate wisdom for all involved. Another way they aim to maximize the potential of others is by pushing them far enough so they’re just over their personal threshold of being uncomfortable. Why? Because being in a state of slight discomfort can foster wisdom as well as breed creativity.2
At the heart of all business is people, and wise leaders know how to bring out the best in others and mobilize them to achieve greatness.
Leadership Development: How to Gain Wisdom
Gaining wisdom takes time, but everyone has the capacity to become wiser. Here are a few ways to develop leadership traits that can influence your wisdom.
- Enrich your life. Wise leaders do more listening than talking. They seek ways to constantly grow to understand the breadth and depth of the world around them. They have a quest for knowledge that knows no bounds. A graduate degree such as a Master of Business Administration (MBA) can help impart knowledge and skills to transform professionals into wise leaders who make a positive impact on others.
- Improve your emotional intelligence. Unlike being born with a top IQ, emotional intelligence can be improved. Wise leaders tend to have high emotional intelligence, which includes being self-aware, understanding personal values as well as the values of others, and respecting those around them.
- Invest in the development of others. It can be lonely at the top, and wise leaders understand the importance of investing in their team. When developing others through mentorship, coaching, and leading by example, wise leaders increase their wisdom through a natural reciprocity.
- Be authentic and true to yourself. Wise leaders understand choices and their impact on the world around them. Authenticity creates opportunity.
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