Question: Create 2 response to the 2 discussions below. Include a personal experience that relates to the discussion. 2 discussions, 2 responses 1 . While researching
Create 2 response to the 2 discussions below. Include a personal experience that relates to the discussion. 2 discussions, 2 responses
1. While researching topics for this assignment I stumbled across a video of author and inspirational speaker Simon Sinek addressing trust and empowerment between teams and leaders as well as the need for control, in intentional and unintentional purpose. I think that the dynamic between leaders and the teams in which they lead is arguably one of the most important components for a functional and successful workplace. Having confidence in people to do the job that they were hired to and having certainty leadership will reciprocate that trust by empowering employees naturally enhances the morale of the business.
Trust is risky and doesn't come easy for many people for a variety of different reasons. Exceptional leaders will show up and trust instead of probing people for reasons to trust them and I think this is an important part of the process. From experience I know that allowing teams to show up and perform on their own accord rather than pressuring and micromanaging their process results in a much better end scenario. I also think that allowing people to make mistakes (as long as they are learning) is a major step forward in the process of trust.
When there is pressure, uncertainty and stress the control factor comes into play, on both sides. Not feeling in control can increase stress levels and affect productivity. In the workplace I think it is natural to be leery or intimidated by authority and so a good leader will demonstrate credibility and reasoning for the team to trust. Positive actions by leadership teams will not only improve the trust factor, but also break down any walls that may be hindering success as an organization.
I think that the empowerment piece to the discussion is a building block onto the trust factor. How can leaders empower subordinates if the leader does not trust them? From my experience in a variety of professional settings I know that if I am not trusted by my superior to complete task I most certainly won't feel empowered by them to take on additional tasks or responsibility. I also think that trust and empowerment is a two-way street. Team members also should carry their end by showing up and trusting leadership to follow through.I believe that having the emotional intelligence to trust and lead with a cause is one of the best traits a great leader can have.
2. This article is a little different than what my cohort peers have shared throughout the quarter. So far we've heard a lot of interesting things about what leaders should do, and different management theories. What we have to learn from studying Sam Bankman Fried, CEO of FTX is a lot of what not to as a manager and leader. A self described "effective altruist" Sam Bankman Fried was the Chief Executive Officer of FTX, a cryptocurrency exchange. He presented himself to the public as a larger than life personality. A billionaire under 30 years old who was going to give away all of his money to make the world a better place. This of course has all come crashing down, Sam Bankman Fried has been arrested, his company is bankrupt, and it is quite clear that he was defrauding investors. And while he sure did pledge to give away a lot of his money, it's not clear whether he really did actually give away much money.
I'll break down what we can learn from the leadership perspective into three specific sections.
1. Unnecessary Risk: Sam Bankman Fried was once asked if he would flip a coin that if it landed heads, destroyed humanity, but if it landed tails, doubled humanity's wealth. He answered that he would of course flip that coin. A non risk averse person, Sam Bankman Fried took a huge amount of unnecessary risks with his business and with his investments, which ultimately contributed to his downfall.
2. Illegal and Unethical activity: FTX under Sam Bankman Fried engaged in a lot of shady activity. He was constantly lying to investors about the safety and security of the exchange, making plenty of false promises. He built a technological backdoor into FTX's trading exchange so he could siphon away funds without alerting regulators or other employees of FTX. He then transferred these siphoned funds to a different company he owned called Alameda Research, Alameda Research's CEO was also his girlfriend, a highly unethical conflict of interest. Ultimately, the whole situation lacked ethics and professionality.
3. Unmanageable Growth: Part of what lead to all of this mess being possible is the fact that FTX grew too fast for Sam Bankman Fried to be able to manage it. FTX quickly became something far beyond the scope of what it was originally, and Sam Bankman Fried and the rest of his young executive inner circle were simply not capable of handling it. They lacked the management and leadership experience to operate such a large venture legitimately, and due to this unethical and illegal corners began to get cut.
I've been following this news story quite closely, and feel that there is just as much to learn from leadership failure as there is to learn from leadership success. I'm eager to see how things turn out for Sam Bankman Fried in his upcoming trial.
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