25 Most Influential - Interview with Robert Mittelstaedt, Professor of Management, Wharton
Monday, October 27, 2003SUSIE GHARIB, NBR ANCHOR: Thanks, Paul. NIGHTLY BUSINESS REPORT will soon mark its 25th year on public television. And to celebrate that distinction, we've joined with the Wharton School of the University of Pennsylvania to select the most influential businesspersons of the past 25 years. Our viewers submitted over 700 nominations. Now a panel of Wharton judges will make the final selection, which we will announce early next year. Joining me now to talk about what makes a good leader is Bob Mittelstaedt, Vice Dean for Executive Education at Wharton. Hi, Bob. Nice to have you here.
ROBERT MITTELSTAEDT, MANAGEMENT PROFESSOR, WHARTON SCHOOL: Hi, Susie.
GHARIB: Well, let's begin by talking about one of the characteristics of good leaders, and that is people who caused or influenced dramatic change in a company or industry. Tell us a little bit about the characteristics of leaders who are like that.
MITTELSTAEDT: Well, leaders that cause a dramatic shift in an industry are people who tend to see things a little earlier, a little quicker than others do. And these are trends that will become evident to everyone eventually, but these leaders are those who dig a little deeper, who talk to customers, who see things quicker and then they grab those ideas and they're persistent, even in the face of opposition in the early stages.
GHARIB: But what is it about these people who see these opportunities when others might instead, you know, don't see them or see more of the problems?
MITTELSTAEDT: Well, I think one of the things that they understand is that all industries go through cycles. And if you look at what's happened in the last 25 years, since we're talking about that time period, one of the most consistent themes over the last 25 years has been this economy's ability to generate higher quality at lower prices for consumers and businesses. And that's happened in virtually ever sector. So these leaders understand that that happens and instead of simply going with the flow, improving the existing business, they want to take a quantum leap and go someplace else.
GHARIB: How much of it do you think is really luck and how much of it is true skill?
MITTELSTAEDT: Well, a comment attributed to Pasteur many years ago was that half of scientific discovery is by chance, but chance favors the prepared mind. And I think that's true of people who really change industries and businesses. They think about it so much that it becomes ingrained in their psyche, and then they see these things because they have been thinking so deeply about what's really going on, as opposed to the mechanics of execution.
GHARIB: And I guess -- you talk about seeing these things. You have to have a vision, obviously, but you also have to be able to articulate this to people and be persuasive to get them to join you, you know, in the cause, even though the resources might not be there.
MITTELSTAEDT: Absolutely. One of the keys to success in any business is to be able to articulate a vision, because you can't underestimate how much the people that you work with need to see where they're going. They need to get beyond "what am I doing in my job today" and understand how that fits in the bigger picture. And these leaders are people who are very successful, very good at, that although they may do it in different ways.
GHARIB: Any examples come to mind of who fits this description?
MITTELSTAEDT: Well, I think certainly the one that we're all familiar with because it's been so visible is Herb Kelleher's success at Southwest Airlines (LUV) over the years. And he is a charismatic guy who has become an icon within his industry, within his company, that people just get excited being around. But there are other people that are less charismatic who seem to do well with a different style and a different kind of focus.
GHARIB: Well, we're going to be looking forward to what you and your colleagues at Wharton come up with as our final selection of the 25 most influential. Thanks a lot, Bob.
MITTELSTAEDT: Thanks, Susie.
GHARIB: We've been speaking with Bob Mittelstaedt of the Wharton School.
