3 key lessons we learnt in 2019 (Part 2: Leadership)
It’s now been officially just over 1 year switching from a traditional corporate bank like UBS to a robo-advisory fintech startup like AQUMON. Earlier I was looking back and reflecting on my journey and wanted to share a little on the lessons I have learned so far with the intention to help others. In part 1 of this series (lessons #1-3) I focused on mindset which you can read here and in part 2 I wanted to touch on leadership which is a key ingredient driving any organization.
Leadership in a startup is inherently difficult because leaders are asked to lead others in an environment where there may be many unknowns or in an area where they may have little to no expertise in. Essentially you need to learn a new way to do something. This is quite different from leading in a traditional corporation where the company’s approach may be more fixed and you are learning how to do things their way.
Lesson #4: Start with a vision
What is your vision? It seems like such an odd question to ask but if you or your organization and/or leader doesn’t have a vision what are people around you supposed to follow? This is the #1 key problem I experienced first hand with most traditional corporations where so many intelligent people are just working endlessly but when you take a moment to truly ask yourself where is the promiseland your company or leader are trying to take you to no one can answer that. This is important. This is the juice that should be driving your team day-in-day-out. Even startups are not immune to this by touting grandiose visions of ‘democratizing [fill in industry name]’ but often rings in a hollow manner and don't resonate with their team.
So let’s say you don’t have a vision...can you develop one midway? The answer I believe is yes! Rome was not built in 1 day and visions can be developed and redeveloped over time. In my experience I find it helpful starting with something small and extremely personal. Something that rings true in the depths of your heart whereby even when your own personal/financial interests may be conflicted...your actions still map back to this vision.
In my case my simple vision is to create a business whereby my customers/team are getting the love they deserve and are treated fairly. Much like how a good person or a good friend would treat them...but in the form of a business. In AQUMON’s case we are just expressing this vision using a robo-advisor (the tool). After many years working in banking/finance I’ve worked with many wonderful people but unfortunately they continually work in an organizational framework where the company wins before the client and not along with the client. That’s not right and I hope we can lead others to play a part in changing that imbalance.
Takeaway: Your vision is what will inspire others to join your cause. If you don’t have a vision it’s time to look deep inside yourself to find one.
Lesson #5: Understand your team’s needs
After working 10+ years in the wealth management industry the #1 thing it has taught me is the need to ask and understand people’s needs. You might not always be able to deliver on their needs but you won’t know until you first ask. Plus people in general are appreciative of anyone let alone leaders who take the time out to ask them “how can I help you?”. Then it is your job to figure out how to help them achieve their goals.
As leaders our job is not only to lead by example but more importantly to empower others to help us achieve our collective goal together. Without first understanding what makes your teammate tick and what drives them how will you know how to positively motivate them to succeed?
When I first arrived at AQUMON I asked my teammates what they needed to be successful but due to a combination of me not understanding them enough and also they were expecting me instead to give more guidance that issues arose whereby this approach was not effective. But as I got to know them better I found I was also more effectively able to deliver on their needs. It is still a learning process everyday but I found this an effective way to engage a team.
Takeaway: Often we forget to just be a caring individual and ask those around us how we can help them be successful and understand their needs. When you got this figured out it will be much easier to organically motivate those around you.
Lesson #6: Trust those around you to lead
In a startup you are often tasked as a leader to lead when you know little about a task or a topic. Even with 15+ years experience in the financial industry, in the fintech industry I’m honestly a baby in terms of startup hands-on experience. This is vastly different from a traditional corporation where the leader is often the most knowledgeable and most experienced person in the room.
It’s important to understand leaders come in all shapes in sizes and it is because of that as leaders (particularly in a startup setting) that you need have the humility to push aside your own ego and trust those around you (regardless of their experience level). If your teammates have great ideas let them take turns leading. Not only will this keep your teammates more engaged but will also improve productivity because the most suitable person is assigned to lead each task.
Takeaway: Some people say “trust is earned” but I find it more effective and happier for all parties involved to first offer trust. Try it. The results will surely surprise you.
In part 3 of this series I’ll be addressing lessons I learned in the startup business industry. If you like this article and it helped you in some way let me know! Happy investing!
Ken
About us
As a leading startup in the FinTech space, AQUMON aims to make sophisticated investment advice cost-effective, transparent and accessible to both institutional and retail markets, via the adoptions of scalable technology platforms and automated investment algorithms.
AQUMON’s parent company Magnum Research Limited is licensed with Type 1, 4 and 9 under the Securities and Futures Commission of Hong Kong. In 2017, AQUMON became the first independent Robo Advisor to be accredited by the SFC.
AQUMON’s investors include Alibaba Entrepreneurs Fund, Bank of China International and HKUST.
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Ken