Warren Buffet first coined the concept and asked the question….
“If the world couldn’t see your results, would you rather be thought of as the world’s greatest investor but in reality have the world’s worst record? Or be thought of as the world’s worst investor when you were actually the best?”
It’s an interesting question – for those who respond more to the latter statement, then Buffet would say you are more inner scorecard driven, you have the courage of your convictions to run your own race, measure yourself against your personal best and not get caught up with how others see you. And yet for many of us, the need to be seen by others as being successful drives decisions both at work and at home.
This notion was further expanded by Professor Hitendra of the Personal Leadership Institute, Colombia Business School, New York. His view was that although most great leaders were inner scorecard oriented, there are costs and benefits of being both inner scorecard focused and outer, and perhaps as leaders we should strive to optimise the scorecard.
Advantages of Inner Scorecard;
- More control over your happiness, as you are not reliant on others
- Self contained, self belief, self trust
- Allows you to take a contrarian stand
Disadvantages of Inner Scorecard;
- Lonely – standing alone
- Blind to your own faults
- Not engaging others to come with you on the journey
- Lower capacity to empathise to with others
Advantages of Outer Scorecard;
- More people want to work with you – engaging with others
- Sense others needs
- Able to receive feedback and grow
- Can gain satisfaction from others achieving
Disadvantages of Outer Scorecard;
- Worried about what people may think
- Limiting your success by looking for approval from others
- Not making hard, unpopular but necessary decisions
As leaders, blending the benefits of both, whilst eliminating the costs would optimise your scorecard. So what does your scorecard look like? What would you change about your leadership?