Here’s Why CEOs Devote Their Time and Money to Pursuing Their Hobbies
When Goldman Sachs appointed David Solomon as the new face of their CEO position, the media didn’t just have a look at his professional history, but also covered his side-gig as a bona fide DJ.
Solomon, who on the night scene is known as DJ D-Sol, is one of the many CEO that finds his passion while at work, and also out of it.
Which begs the question; why do so many CEOs dedicate a lot of their time to pursue their hobbies and side-gigs?
Additionally, does immersion in these side gigs make them effective leaders?
With this in mind, here are some of the reasons why leaders could be spending a lot of time with their hobbies.
It Provides an Easy Sense of Escape
A majority of CEOs have confessed that the complexities that come with being the top dawg at a firm or company have increased over the years. New intricacies in decision making require more time, and they might find themselves consistently thinking about the consequences of every decision they make, even in their free time!
In fact, one CEO even confessed that at times, the work can be so encompassing that they can lack sleep, fail to eat, or even spend time with their family because of how distracted they are!
Unfortunately, this does not do any good for their performance, as research suggests. In fact, it’s been shown that increased stress greatly reduces strategic thinking.
In turn, this leads to a reduction in the ability to engage in positive behavior as a leader, and increased aggression to subordinates.
Hence, being able to switch off once in a while to cut down the constant mulling is essential for any leader.
By pursuing hobbies that they are passionate in, these leaders are able to calm their head and relax.
It Helps a Leader Consistently Strive for the Best
If you’re truly passionate about something, it’s a given that you will continue to work hard and improve to reach more prosperous levels of skill and mastery.
By applying competitiveness that they find in their hobbies (for example, winning a tennis tournament) these CEOs transfer that kind of energy and adrenaline into their leadership skills.
One CEO who happened to be a very big fan of basketball, commented on this, saying that his love and passion of basketball gave him an attitude of never giving up, and working as hard as he can so that he can be the best.
It Can Be Great for Understanding the Concept of Humility
The more power that a leader has, the more important that he or she grasps the concept of humility. In fact, evidence shows that being humble can help a leader engage much better with individuals in the organization, regardless of their position at the firm.
This way, they are able to improve the overall performance of the company.
So when it comes to their hobbies, most of these leaders understand that they don’t always have to be the best of the best. For example, Mike Gregoire who is a big fan of cycling competitions used to do it with his colleagues. Interestingly, he was not always the fastest. In fact, he played the role of the domestique in biking (which in biking terms, translates to being the ‘servant’). His function was to help other team members succeed.
Which at times meant lending these individuals his bike if they needed!
It Provides a ‘Full Control’ Feel
Most people see the CEO as this all-powerful individual that can singlehandedly spearhead their fate as well as that of the company. However, with the increasing addition of complex governance systems, as well as the inclusion of influence by the shareholders, is making the position of CEO less powerful than what it was a decade ago.
That being said, though the need to be in full control of your work is a desirable psychological need, it can be pretty complex to achieve when you’re the CEO of a given company.
This can cause serious psychological issues to a leader and a sense of emotional imbalance. Especially when they are unable to fulfill the expectations of the board, the investors, and the overall goals and objectives of the company.
Nevertheless, by tapping into their hobbies (even after a financial downturn) they can acknowledge that even though they do not have full control of the stock market, they have control of that bike that they are riding during their spare time. It’s only a matter of time before they take control of the other situation at the office.
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