Business, as we know it, is changing. We will not be working the same way in 5, 10 or even 20 years from now. So, how will future leaders operate?
Business Dictionary defines “leadership” as having the ability to establish a clear vision, “sharing that vision with others so that they will follow willingly”, “providing the information, knowledge and methods to realise that vision”, and “coordinating and balancing the conflicting interests of all members and stakeholders”. Furthermore, a leader will step up in a crisis and “think and act creatively in difficult situations”.
Many executives today, unfortunately, do not have the resources needed to succeed in the changing world. And many jobs and industries are likely to be taken over by increasingly capable artificial intelligence (A.I). We could be facing a future without accountants, lawyers, surgeons, cashiers, and more.
However, there are two vital skills – creative and managerial — that will always be necessary in the running of any business. In essence this translates to inspiration, mentorship, and a global political and economic view to gain the necessary perspective to move with the changing times.
Since 1994, the Red & Yellow Creative School of Business has taught the most essential skills for the 21st Century and produced creative thinkers who have gone on to become business and industry leaders.
Red & Yellow’s CEO Nikki Cockcroft and its chairman Rob Stokes share their insights into just what skills are needed by future business leaders.
What skills does a CEO of the next decade require?
RS: If running a business is your goal, you will need to be a charismatic leader, be strategic in your decision making, build rapport in negotiation and, most importantly, strive to be self-aware and highly adaptable in your personal development.
NC: You need curiosity and courage and should seek out the experience and guidance of mentors, while leaning on your team and stakeholders for support.
How do you think that will change by 2030?
RS: I don’t think it will. In fact, I think these skills will only grow in importance as management becomes automated and the uniquely human skill of leadership is made more valuable as a result.
NC: Exactly. The “what’’ won’t change, but the “how” will as technological advancements, including that of AI, will result in different skill requirements and therefore different leadership styles.
What are some of the biggest challenges that face business leaders?
RS: I would say motivating and managing people, geopolitical uncertainty, and high-speed adaptability.
NC: All of that – and finding creative solutions under time and financial pressure. Not to mention conflict resolution, and finding skilled resources (and, most importantly, keeping them!).
Do you believe some people are born with leadership skills?
RS: You can certainly learn the key attributes and get very far, but it’s fair to say that some people are just naturals. And, when that raw ability is combined with ongoing learning, that is where real leadership shines. With that in mind, I think it’s 50/50 nature vs nurture.
NC: I think leadership is in our DNA to an extent, but that certainly doesn’t mean that anyone should ever stop striving to learn and improve in any business or line or work.
Who inspired you to be a leader?
RS: I was never inspired to specifically “be a leader” by anyone in particular. I just had a vision and an ambition that I needed to fulfil and the only possible hope I had of success was to enlist the help of people far smarter and more capable than myself.
Every day I try and grow as a leader as I recognise that I have a raft of weaknesses and those are just the ones I can see. I seek role models in many leaders for many purposes. For examples, when it comes to absolute dedication and focus I look to Jobs and Musk and yet when I am looking for wisdom in getting the best out of people, I look to Ben Horowitz and Jeff Weiner. I also have a small man crush on Winston Churchill as he had a gift with emotive words that, combined with his unwavering self-belief, made him a force of nature.
I have always felt inspired to achieve something for the world and leadership is a necessary step to ensure I have the people I need to fulfil that mission.
NC: My parents are both leaders and, despite their very different approaches, I believe I my leadership style is a combination of their individual styles. Other than that, I believe I was born with ambition and I have my mentors along the way to thank for helping me grow.
Do you think there are enough women in leadership positions?
RS: I agree. We need to see many more women in senior positions. Future generations need to see more female role models – a key component of long-term gender equality.
NC: No, there definitely aren’t enough. Yes, we absolutely need more!
Should CEOs and others in leadership be doing more to train their teams?
RS: Without question. A key role of the CEO is to define the vision, communicate it and then make sure the people and processes are in place to deliver on that vision. Making sure your people have the right skills in place to achieve this is non-negotiable.
NC: Definitely. We can always do more. A changing customer-base means an ever-evolving solution. Teams need to be able to keep up with any changes.
What are your top tips for aspiring start-ups?
RS: On a day-to-day level in your business, I would advise that those in management talk to and empathise with at least one customer and one employee every day. And log into your bank account every day because cash is your oxygen!
NC: Do your homework. Make sure you have a good business plan, with solid competitor analysis, financial planning, and timelines outlining what you want to achieve and when you predict you will complete those tasks. Once you have that, just go for it! But be realistic in your goals. It’s crucial to do market research to be sure you’re on to a great idea. Lastly, don’t give up! Be prepared for a few setbacks along the way. Don’t be put off it things don’t happen exactly as you hope they will.
Stokes adds: “There are certain skills that simply cannot be replaced by AI – uniquely human abilities such as leadership, negotiation and social intelligence will become even more important in business. It’s the creative problems solvers who are likely to thrive in the future.”
ABOUT ROB STOKES
Prior to becoming Chairman of Red & Yellow Business School, Rob was Founder and Group CEO of Quirk, a marketing agency born digital. Founded in 1999 Quirk evolved to become one of the most awarded agencies on the continent and was acquired by WPP in 2014.
Rob is driven by his love for people, technology and education. He is constantly searching for innovative, fresh ideas and as a result has founded a number of tech and software including an acquisition of acclaimed advertising school, The Red & Yellow School.
In 2008, Rob co-authored the Quirk textbook: eMarketing, the essential guide to digital marketing. This book was created to improve industry standards by educating marketing students and professionals. Licensed under the Creative Commons, the book can be downloaded for free online. Now in its 5th Edition, it is currently used by over 1000 universities and learning institutions around the world.
In 2009, the Bookmarks Awards presented him with the award for the Greatest Individual Contribution to Online Media and Marketing in South Africa and in 2012, the Computer Society named him as South Africa’s 34th annual IT Personality of the Year. Some of Rob’s other achievements include him being named as the Emerging Entrepreneur at the EY World Entrepreneur Awards SA in 2013 and Young Business Leader of the Year at the CNBC Africa’s All Africa Business Leaders Awards in 2013.
To help foster and grow a culture of entrepreneurship, from 2009 to 2012 Rob was the founding Chairman of Silicon Cape, an initiative created to nurture technology businesses in the Western Cape and beyond. He recently joined the Young President’s Organisation (YPO), a well-regarded global network of Chief Executives.
He is a cricket fan, fishing nut and firm believer in good times. He lives with his wife and 4 children in Cape Town.
Nikki graduated from UCT with a BCom Degree in Information Systems and a post-graduate in Marketing. After starting her career at Acceleration, as IT Manager, she found her love and passion for online media.
Nikki has been the CEO of a number of Digital companies such as 365 Digital, Primedia
Online and Prezence Digital, later on becoming the Group Head of Online at Woolworths
with the task of leading a multi-channel retail strategy.
Nikki was a member of the DDMA (Digital Media and Marketing Association) and was
appointed as chair of the Bookmarks Awards in 2010. In 2012, she was awarded for the
Greatest Individual Contribution to Digital in South Africa, and in 2015 she was part of the
Media’s top 40 most influential and talented young people.
She is currently an independent Digital Strategist for multiple companies, including
Woolworths and Investec, whilst leading Red&Yellow School of Business as CEO.