After studying this chapter, you should be able to:
1. Define leadership and contrast leadership and management.
2. Summarize the conclusions of trait theories of leadership.
3. Identify the central tenets and main limitations of behavioral theories.
4. Assess contingency theories of leadership by their level of support.
5. Compare and contrast charismatic and transformational leadership.
6. Define authentic leadership and show why effective leaders exemplify ethics and trust.
7. Demonstrate the role mentoring plays in our understanding of leadership.
8. Address challenges to the effectiveness of ...view middle of the document...
. . . Things always come to an end, and when they do they end badly.”
Not only is Schwarzman smart and driven; he likes the attention his success has drawn. When he turned 60, his birthday party might have made Caligula blush. The affair was emceed by comedian Martin Short. Rod Stewart performed. Marvin Hamlisch put on a number from A Chorus Line. Singer Patti LaBelle led the Abyssinian Baptist Church choir in a song about Schwarzman. Who staged this event? Schwarzman himself! When Blackstone executives prepared a video tribute to him to be played at the event, Schwarzman intervened to squelch any roasting or other jokes played at his expense.
Schwarzman owns residences in Manhattan (a 35-room Park Avenue triplex, for which he paid $37 million), in the Hamptons (a Federal-style house, for which he paid $34 million), in Palm Beach (a 13,000-square-foot mansion, which, at $20.5 million, is the slum of the bunch), in Saint-Tropez, and in Jamaica. “I love houses,” Schwarzman says. The New Yorker called him “the designated villain of an era . . . of heedless self-indulgence.”
As you might imagine, Schwarzman is not the easiest guy to work for. While sunning himself at his Palm Beach estate, he complained that an employee wasn’t wearing the proper black shoes with his uniform. On another occasion, he reportedly fired a Blackstone executive for the sound his nose made when he breathed.
Given his success, his lifestyle, and his combative personality, you might imagine Schwarzman is immune to the ridicule, resentment, and criticism he receives. “How does it feel?” he asked, and then answered his own question: “Unattractive. No thinking person wants to be reduced to a caricature.”1
As Blackstone’s Stephen Schwarzman shows, leaders often are not like other people. But what makes them so? Intelligence? Drive? Luck? A certain leadership style? These are some of the questions we’ll tackle in this chapter. To assess yourself on another set of qualities that we’ll discuss shortly, take the following self-assessment.
In this chapter, we look at what makes an effective leader and what differentiates leaders from nonleaders. First, we present trait theories, which dominated the study of leadership up to the late 1940s. Then we discuss behavioral theories, popular until the late 1960s. Next, we introduce contingency and interactive theories. Finally, we discuss the most contemporary approaches: charismatic, transformational, and authentic leadership. But first, let’s clarify what we mean by leadership.
Self-Assessment Library: What’s My Leadership Style?
In the Self-Assessment Library (available on CD and online) take assessment II.B.1 (What’s My Leadership Style?) and answer the following questions.
1. | How did you score on the two scales? |
2. | Do you think a leader can be both task oriented and people oriented? Do you think there are situations in which a leader has to make a choice between the two styles? |
3. | Do you think your...