The difference between what we pay for something and the price we would sell it is called the endowment factor. The value of something may vary widely among different owners.
Let me give you an example. Let’s say you drove a Ford Mustang in high school and you decide to buy another one just like it years later. You find a great deal on the car and really enjoy driving it. A year later someone offers to buy the car at a price that is more than you paid. You turn down the offer but quote a much higher price. The big difference in the selling price can be related to our values, ego or past experiences.
Leadership style is developed the same way. There are things that you hold onto because they have proven successful. In most cases, they are simple things or methods that many others don’t see why they have higher value. These values or habits are often the things that help you to be successful or a failure.
The key to long term leadership success is knowing when to make a change. Somethings really do need to change – while others should never change.
What habit or method are you holding onto that will never create the return you expect? 2012 is a new opportunity for change…
Running to win, …GTR