Brian Moynihan is a globally celebrated business executive currently serving as the CEO of the Bank of America. He took up this position and that of the company’s president in 2010 following a much-deserved promotion. Educationally, Brian attended Brown University for a degree in History and was also the institution rugby-team co-caption. He later joined the University of Notre Dame Law School for his Juris Doctor before starting a legal career at Edwards & Angell LLP.
According to this iconic business executive, his time playing ruby instilled in him great leadership lessons that have guided his success throughout his career. He played semi-professional rugby from age 18 to 32, just when his career had started picking up the direction of great success. Now at Bank of America, he leads a staff of over 200,000 people and still applies those great teamwork lessons. Recently, Moynihan came out to explain how successful companies are built by great teams.
A solid team can outshine a superstar
The Bank of America CEO pointed out that when faced with a challenge, many business leaders choose to consult with an employee they regard to be the best in that field – their superstar. Most of the time, this is a bad move that only gives comfort for the moment. He said that it’s best to approach such challenges by building a solid team in his experience.
You don’t have to have the brightest minds on the team, only individuals who know what they are doing and are committed to the company’s success. If the team members brainstorm their ideas, they will come up with a better solution. In the real business environment, the company that chose to have a solid team will become more successful than the one that went with a superstar.
Make your team diverse
Brian Moynihan mentioned that the most significant limitation for a business leader working with one superstar is they only see matters from one perspective. You will also have the same people if you choose a similar type of members for your team. On the other hand, if you make your team diverse to include people with different professional skills, experience, and age, you will see matters from a holistic perspective. This means that you will leave no stone unturned when coming up with a solution. Therefore, it’s unlikely that the same problem will recur in the future.
Lead and delegate
This high-achieving business executive clarified that as the business leader, you are the captain of your team. Now that your team has come up with the solution to the challenge, you should lead the implementation. This means that you get to delegate tasks to your team members based on their strengths – not you wanting to do it all by yourself. Moynihan said that delegation to a team is good because it allows for the solution to be implemented faster than anyone would have done it by themselves. This quick accomplishment of tasks will come in handy when faced with time sensitive challenges. Additionally, you will be free to oversee the progress made and suggest changes where they are needed. As a result, the task will be done impeccably.