How to be a great leader
We asked the brightest minds in business how they do what they do and how you can cash in on their advice in the year ahead.
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Stephen Covey
Stephen Covey
Vice Chairman, FranklinCovey; Author, The 7 habits of Highly Effective People
Strive for Moral Authority
Most people define greatness through wealth and popularity and position in the corner office. But what I call everyday greatness comes from character and contribution. Sometimes people who possess the wealth and prestige also have everyday greatness, but not that often in our celebrity-obsessed culture, because they are primarily focused on what's in it for me. I'm in favor of achievements - degrees and wealth and that sort of thing. Still, those achievements convey formal authority but not always moral authority. The only way to acquire moral authority is through your character and contribution, to live in such a way as to merit the confidence and the trust of other people. Moral authority is especially important to business. This is because in order to reduce costs, increase production, and nurture a culture of innovation - all of which are important criteria in today's global economy - you've got to have high trust among your workers and partners. Why? Because everyone involved needs to sacrifice. If you don't have high trust, none of those things will happen. You can't fake high trust.
 What do you think it will take in 2007 to succeed in business? E-mail the editors here.
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Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer. Morningstar: © 2018 Morningstar, Inc. All Rights Reserved. Factset: FactSet Research Systems Inc. 2018. All rights reserved. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2018 and/or its affiliates.