The Distinctive Traits of Top CEOs and How Elite Athletes Can Transition into Corporate Leadership

KEY POINTS

• Top CEOs excel by adopting distinct mindsets, including bold decision-making, strong alignment with organizational values, and strategic stakeholder management—traits that can be developed by elite athletes transitioning into corporate roles.

• Athletes can leverage their experience in high-pressure environments and team dynamics to build effective leadership styles in business settings, focusing on personal development, soft skills, and a long-term vision.

• The transition from sports to the boardroom is facilitated by cultivating a personal network of advisors, gaining experience with business stakeholders, and maintaining discipline and resilience, mirroring the attributes that define the world’s best CEOs.

👉 Bonus: Below you will find five ChatGPT prompts that you can use to develop your expertise in this area.

When considering what makes a great CEO, certain qualities come to mind: strategic thinking, bold decision-making, and the ability to inspire. But what truly separates the best from the rest? According to research and interviews conducted by McKinsey, the answer lies in six critical mindsets that the top leaders bring to the table. Understanding these mindsets is not just academic; it’s highly actionable—particularly for elite athletes who are considering a transition to the boardroom.

This article will explore what makes the best CEOs distinct and how top-performing athletes, with their discipline, competitive drive, and focus, can leverage their strengths to develop into future corporate leaders.

What Distinguishes the Best CEOs?

Carolyn Dewar, Scott Keller, and Vik Malhotra, three McKinsey senior partners looked across more than 20 years’ worth of data on 7,800 CEOs from 3,500 public companies across 70 countries and 24 industries to identify the mindsets that helped top chief executives deliver extraordinary impact. Finally, they did 67 interviews with top CEOs from global corporations and boiled down the essence of CEO excellence into six core elements: setting direction, aligning the organization, mobilizing through leadership, engaging the board, connecting with stakeholders, and managing personal effectiveness. While these might seem like typical executive tasks, the top CEOs execute them with unique mindsets, separating them from average leaders. Let’s delve into the key attributes and approaches that define the best CEOs. Before we do that, however, I would like to quote Scott with his answer to the question:: Are there surprises in the list of CEOs you spoke with? His answer:

„When we actually looked at the list, there was something that dawned on us. If we asked you, “Who’s the greatest athlete of all time?” you’d probably get Michael Jordan, Serena Williams, Tom Brady, Usain Bolt—these are iconic names that almost everyone could retrieve. If you did the analytics on who is the greatest athlete of all time, you probably get someone called Ashton Eaton. Most people haven’t heard of Ashton Eaton.

Ashton Eaton retired in 2017 as the decathlon world record holder. He set the record three times in the decathlon during his career. He won four world championships. If you go all the way back to Jim Thorpe, and you think about the decathlon itself, when Jim Thorpe won in 1912, the king of Sweden said, ‘Sir, you are the greatest athlete in the world’.

You have someone who in 2017 has eclipsed all the records, but no one’s heard of him. Why is that? He’s not actually the best at any one event. He’s really good. I think he was the 14th-best long jumper. He was among the 100 fastest people. But he wasn’t number one. When we looked at our list of names, there were, quite frankly, some names that we were loosely aware of, but they just weren’t the iconic names that you think of, the Jeff Bezoses, the Zuckerbergs, the Musks, the founder-led CEOs.

So there’s an element of celebrity that people gravitate to. Analytically, we were kind of excited to be able to tell the story of a whole block of amazing Ashton Eaton types. Often, the big names have already written the books, and that’s available out there. There was also a little bit of, how can we make the wisdom of this group of decathletes available, rather than just the sprinter who’s been the best in the world, whose name we all know?“

Scott’s reply to the question makes it clear that it takes a portfolio of skills, personality traits and experiences to be truly outstanding as a CEO. Below are the the key attributes and approaches that define the best CEOs:

1. Setting Direction with Boldness

Outstanding CEOs do more than simply steer the company—they reimagine its future. A clear vision is essential, but what sets elite CEOs apart is their willingness to make daring bets that disrupt the status quo. Ajay Banga’s tenure at Mastercard is a prime example. Instead of sticking to traditional credit card opportunities, he boldly redefined the company’s mission to “kill cash” and expanded Mastercard’s reach into new technologies and markets. This type of forward-thinking and courage in setting the direction is a cornerstone of successful leadership. Boldness also plays a crucial role in sport when it comes to making decisions and, for example, implementing plays in situations of extreme pressure in front of an audience of millions. You often see players who are particularly sought after in these pressure situations because they have the skills to take decisive actions.

2. Alignment: Treating Soft Skills as the Hardest Skills

While strategy may seem like the hallmark of a strong leader, top CEOs understand that the “soft” elements—culture, values, and people—are the hardest to get right. Many CEOs, such as Mary Barra at General Motors, emphasize building an organizational culture that encourages openness and integrity, often seeing this as the single most crucial element of their success. This mindset can be especially applicable for elite athletes transitioning to business. Team sports, in particular, teach athletes the nuances of building trust, cohesion, and shared purpose—all of which are vital to aligning an organization.

3. Leadership Mobilization: Creating Star Teams

Great CEOs don’t just manage a group of stars—they build a “star team.” The focus here is on how leaders mobilize other leaders within their ranks to execute the strategy and embody the company’s mission. This principle mirrors the dynamics of elite sports teams, where individual excellence is subordinated to collective achievement. Athletes turned CEOs, such as Magic Johnson, exemplify this principle by leveraging their collaborative ethos to inspire and mobilize their teams effectively in business settings.

4. Engaging the Board: Managing Upwards and Outwards

A CEO’s ability to work with the board is crucial, but the best leaders go beyond. They treat board engagement as an opportunity to align visions, gain buy-in for bold strategies, and gather diverse perspectives. It’s not merely about reporting results; it’s about partnership. Elite athletes, especially those who have been team captains or player representatives, often have experience negotiating and influencing key stakeholders—skills that are invaluable in boardrooms.

5. Stakeholder Connectivity: Broadening the Scope

Top CEOs manage a wide array of stakeholders, from investors to regulators, employees, and communities. Being successful in this area requires a broad view of the business environment and the ability to integrate varied expectations into a cohesive strategy. In a similar vein, athletes have long been accustomed to performing under the gaze of multiple stakeholders: fans, sponsors, coaches, and teammates. Translating that ability to corporate stakeholders can be seamless with the right preparation and guidance.

6. Personal Effectiveness: Managing Energy and Time

The most successful CEOs manage not just their organizations, but also themselves. Many CEOs reported that their biggest challenge in the first year was managing the heightened demands on their time and energy. To cope, they needed to be strategic about what to prioritize and how to maintain personal effectiveness. This is an area where elite athletes may have an edge, given their training regimens that demand meticulous time management, self-discipline, and focus.

A discussion between Frida AI Fridason (Entrepreneur & Advisor, former S(ai)lor) & Tom AI Tomson (Entrepreneur & Investor, former Mount(ai)n Biker) on the topic:

Be aware that this is one of our AI experiments, so Frida and Tom don’t really exist.

Lessons from the World’s Best: What Can Athletes Learn?

Elite athletes and successful CEOs share a number of key attributes—competitiveness, resilience, and a results-driven mindset. But there are also gaps that need to be addressed for a smooth transition from sports to business. What can athletes do to develop these six CEO mindsets?

Start with a Vision Beyond the Field

Athletes don't have to wait until the last days of their sporting careers to develop a vision beyond sport. But of course, towards the end of their careers at the latest, it makes sense to develop these thoughts beyond sport. So, as athletes approach the end of their sports careers, they should begin developing a bold vision for their post-sports lives. Much like a CEO sets the company’s direction, athletes must ask themselves: What value can I create off the field? Setting ambitious but clear goals will help guide their transition, whether it’s through entrepreneurship, investment, or joining a corporate board.

Invest in Soft Skills

Athletes may be accustomed to pushing physical boundaries, but leading in business requires emotional intelligence, empathy, and the ability to build a strong culture. Participating in leadership development programs or finding mentors can help develop these skills. Learning to “treat the soft stuff as the hard stuff” will be key. Of course, it also makes sense to closely observe the work of your coaches and staff members during your career and to draw conclusions about which leadership approaches, working methods, and team cultures have led to particularly good team performance. Athletes work with good and less good coaches in their careers and can pick out what stands out based on their own experiences in order to apply them later as business leaders in a new context.

Expand Their Strategic Perspective

While athletes are masters of tactical execution, they should invest time in understanding broader business trends and strategic frameworks. Engaging in cross-industry projects, shadowing executives, or participating in business education programs can help broaden their strategic thinking. A simple way can also be to engage with and deal with business topics via LinkedIn. By following outstanding personalities and business leaders, you receive important input that you can already reflect on during your active sports career. Of course, every elite athlete is different, which means that the focus on active sport must always be guaranteed. For athletes who have the capacity to look beyond sport, LinkedIn is always a good place to go to find topics and exchange ideas.

Build a Personal Board of Advisors

Just as top CEOs build strong relationships with their boards, athletes transitioning to business can benefit from surrounding themselves with trusted mentors and advisors who can provide guidance, challenge their thinking, and offer new perspectives. This personal board can include former athletes who have successfully made the transition, business executives, and industry experts. Here, too, LinkedIn is a good way to develop relationships. In addition, it is important for elite athletes to understand that they need to seek out opportunities to engage with sponsors and entrepreneurs around them beyond pure endorsement and sports. Because of their role as elite athletes, athletes are often surrounded by the very business leaders with whom they need to build relationships beyond sport.

Learn to Manage Multiple Stakeholders

Athletes are used to the pressure of performing for fans, sponsors, and coaches, but managing business stakeholders requires different nuances. Gaining experience through roles in philanthropy, community engagement, or advisory positions can help athletes practice these skills in a low-risk environment. Again, start with LinkedIn and the folks and business leaders who are already around you.

Focus on Personal Development

Elite athletes have rigorous routines for physical fitness, but mental agility and resilience in a business context are equally important in the business world. Adopting practices like mindfulness, continuous learning, and deliberate reflection can help athletes maintain their edge as they pivot into new roles. Elite athletes know a lot from their active sports careers, but it is important to adapt and apply these experiences to the business world. The transition should not be underestimated and a great deal of openness and adaptability is required in order to be able to tap into one's own potential in the business world.

5 PROMPTS THAT ATHLETES CAN USE TO DEVELOP AND BUILD EXPERTISE

• What are the essential strategies for setting a bold and clear vision in a business context, similar to how top-performing CEOs reimagine the future of their companies?

• How can I translate the teamwork, leadership, and motivational techniques I've learned as an athlete into managing and mobilizing high-performing teams in a corporate environment?

• What are the best ways to cultivate 'soft skills'—such as emotional intelligence, communication, and organizational culture-building—that are critical for aligning and leading in a business setting?

• How can I identify and approach potential mentors and advisors to build a personal board of advisors that supports my transition into a corporate leadership role?

• What specific strategies can I use to broaden my business acumen and strategic thinking by leveraging experiences from both my athletic career and current business engagements?

👉 Check ChampionsChat GPT for your prompts.

From the Field to the Boardroom: A Blueprint for Future CEO Success

The transition from sports to business is not without its challenges. But with the right preparation and mindset, elite athletes can leverage their unique strengths—resilience, focus, and the ability to thrive under pressure—to become standout leaders in the corporate world. By embracing the mindsets that define top CEOs, athletes can position themselves as not just good business leaders, but great ones.

For those athletes contemplating this journey, the path forward is clear: Start with a bold vision, build the right skills, expand your horizons, and stay focused. The boardroom, like the playing field, is a place where only the best truly excel.

Finally, another quote from Scott Keller: „We’ve all had that experience of being part of a peak performance team, or hopefully we have in some place in our life. These are CEOs who have taken one of the most complex contexts in which to create high performance and found a way to do it.

Those lessons can be applied, then, into far less complex situations in highly relevant ways. I love what Larry Culp, current CEO of GE, former CEO of Danaher, told us: ‘You know, guys, this role is fun. This role is fun, because it feels like when I was on my high school basketball team. We had a group together who were running hard, we had each other’s backs.’

I think the promise of a lot of these learnings are, how do you take all the aspects of your leadership life and get that magic that the high school basketball team had that was actually fun to be part of it?

To me that’s a really exciting part about how translatable all of this is into the broader leadership arena. If it applies at the CEO role, it probably applies in most of the other contexts.“

👇

I really appreciate you reading my note today.

Have a great weekend,

Irg

Irg’s work is provided for informational purposes only and should not be construed as legal, business, investment, or tax advice. You should always do your own research and consult advisors on these subjects. This work may feature assets and entities in which the author has invested.

Irg's Athletes in Business Notes is free today. In the future we will convert it to a paid offer and subscription, so there is no cost to you at this time. Before we convert it to a paid offer and subscription, we will contact you and inform you of this process.

🙏 Thanks for reading Irg's Athletes in Business Notes! Subscribe for free to receive new notes and support my work.

© 2024 Athletes in Business Notes by Patparius GmbH