Leading Into The Future

What does it take to be a leader in the new economy?

- Deepak Bajaj

Leadership has been the subject of prestige, envy, and enigma since the time life came into existence. From tribal chiefs to kings, from missionaries to gurus, and from ministers to corporate leaders, good leadership has always been sought after and rewarded.

The quality of leadership determines the success and the future of any organisation. There have been countless examples when a change in leadership has totally transformed an organisation. While the significance of leadership has remained the same, its definition and scope have changed over the past few decades. With revolutionising developments in the economic, political, technical, and social landscapes, expectations from an effective leader have drastically changed over the years.

The good news is that there are more opportunities today for displaying leadership than ever before in the history of the corporate world, and for great leaders, the rewards too are bountiful. Those who can adapt and accelerate with these new set of changes will have unlimited opportunities and rewards lined up for them.

Here are seven key requirements that leaders should have to thrive in this new economy:

Speed of execution

In this age of information and speed, the best practices and trends across the globe are accessible to everyone in real time. Ideas are floating in the air with so many conclaves, meetings, discussions, and webinars happening all the time. At any point in time, countless number of people in multiple locations across the world are working on new ideas and innovation. In this scenario, success does not depend on the idea alone, but also on its execution.

A leader is expected to apply new ideas, test them, and develop new models, thereby creating a competitive edge before anyone else.

Speed of change