Traditionally, greatness in leadership was often measured by the ability to drive financial returns and make strategic decisions. However, in today’s rapidly evolving world, the definition of a great leader encompasses much more.
So, what does a great leader look like in 2024?
To help answer that question, Timothy and Raj speak to Ryan Heckman, Managing Partner at private equity firm Rallyday Partners, in this week’s episode of The Conscious Capitalism podcast.
As a former CEO himself with 25+ years of private equity experience, and through his role the Chairman of the Board at CiviCo where he helps activate and build great leaders in the Colorado region, Ryan knows a thing or two about the traits a leader needs to be successful
Here are the FIVE traits he believes every great leader has:
#1 They are ‘monsters’…
Ryan clarified that when he says that leaders should be ‘monsters’, he means it in the most positive way possible.
Monster leaders are unapologetically passionate about what they do and are determined to make their vision a reality. Their sometimes single-minded dedication to their mission and their ability to motivate others set them apart, creating a culture of high performance and innovation within their organizations.
#2 … while also being humble
There are tons of leaders out there who are humble, those who put themselves in the back of the line and let others shine first.
However, it’s tough to find leaders who are aggressive and humble at the same time. A lot of aggressive leaders tend to have trouble with humility and asking for help, while a lot of humble leaders find it difficult to to be aggressive. According to Ryan, the leader he’s looking for is the perfect balance of both these qualities.
#3 They have the courage to fail
Most people are afraid of failure. It’s human nature. What sets a great leader apart is their courage to fail.
A good leader maintains confidence in the face of failure because they accept it as a potential outcome. By embracing failure, these leaders create an environment where experimentation and creativity thrive. They encourage their teams to push boundaries and explore new ideas, knowing that every setback is an opportunity to learn and grow.
#4 They care about their employees
Ryan’s private equity firm places an emphasis on an employee-centric incentive structure, going against the ‘norm’ in private equity.
A great leader, and this may go without saying, puts their employees and stakeholders first, even if that means reinventing the wheel and changing age-old systems.
#5 They lean into goodness, especially when things get tough
The true test of a leader’s commitment to goodness in their culture is when their business faces revenue decline or general headwinds. A lot of leaders try to double down on the pragmatic while neglecting building culture during these teams. However, according to Ryan, these are the times when employees need more culture and goodness than ever before.
In essence, great conscious leaders are those who blend ambition with empathy, drive with humility, and courage with a genuine concern for their teams and the wider community. They are the ‘monsters’ who push boundaries while remaining grounded, creating environments where innovation and compassion coexist.
As the world of business continues to shift towards more ethical and sustainable practices and our definition of ‘greatness’ in business changes, these leaders stand at the forefront, proving that success can indeed go hand-in-hand with purpose.
If you’d like to learn more about Ryan’s own experiences as a leader as well as what he thinks is the future of Conscious Capitalism in private equity, don’t miss this week’s podcast episode ->