Leadership and business insights from the stars Switzerland symposium 2024

Attending the three-day stars symposium in Switzerland, organized by stars, was an enriching experience that brought together some of the most brilliant minds in leadership and business. The exchange of ideas, personal anecdotes, and deep dives into strategies left me reflecting on how these insights can reshape how we approach growth, culture, and sustainability in business. It took place with 90 "Leaders of the Next Generation" of 30 nationalities at Wolfsberg, Ermatingen from September 4 to September 6.

The symposium kicked off with a keynote from Thomas Schinecker, the group CEO of Roche Group, followed by plenary discussions and a few breakout sessions.

I wanted to highlight the five most impactful learnings from the event, which I believe are essential for leaders in today's fast-paced world.

1. Hire Talents Better than You

One of the standout lessons came from discussions on talent acquisition. Leaders must not only acknowledge their limitations but actively seek out people who excel in areas where they might be lacking. Hiring individuals who are smarter and more capable than you in specific fields is not a threat—it's a critical strength. This form of leadership amplifies innovation and drives a collective upward momentum within an organisation. The best leaders are those who surround themselves with exceptional teams, pushing boundaries further than one could individually.

2. Drop the Ego, Nurture a Healthy Culture

Ego can be a silent killer of great leadership. At the symposium, a recurring theme was the importance of humility and nurturing a culture where transparency and constructive feedback thrive. True leadership means putting aside ego and focusing on nurturing an inclusive, growth-oriented workplace. A healthy organisational culture ensures that all members are aligned with the vision, motivated, and engaged in the mission. This alignment propels a shared sense of purpose, helping businesses innovate and grow while maintaining strong internal harmony.

3. The Five Stages of Decline Theory

A highlight from the symposium was the discussion around the "Five Stages of Decline" theory, which explains how great companies fall. This framework—comprising stages like "Hubris Born of Success", "Undisciplined Pursuit of More", and "Denial of Risk and Peril"—serves as a cautionary tale for leaders. Understanding this cycle can help business owners spot the early signs of decline, enabling them to take corrective measures before it's too late. It reminds us that success can lead to complacency if not carefully managed, making constant vigilance and adaptability key to long-term survival.

4. The Importance of Diversification Dividends

Diversification is often seen as a defensive strategy, but as discussed during the event, it's much more than that. Smart diversification, especially in a volatile global market, helps businesses hedge against risks while opening up new growth avenues. Leaders must understand the dividends diversification brings—not only in terms of financial returns but in driving innovation, exploring new industries, and building a more resilient organisation. Whether through geographical expansion or entering new sectors, the right diversification strategies can safeguard a business's future.

5. Risk and Reward: Embracing Calculated Risks

One of the most significant takeaways was the discussion on risk management. The relationship between risk and reward is well established, but what truly matters is how leaders approach risk. Instead of shying away from uncertain opportunities, leaders should focus on taking calculated risks—those that are backed by research, foresight, and a clear understanding of the potential outcomes. Learning to embrace risk intelligently can unlock exponential growth and propel organisations to new heights.

Conclusion

Leadership today is a fine balance between humility, foresight, and bold action. Whether it's hiring the right talent, nurturing a healthy company culture, or understanding when to take risks, these learnings are crucial for business leaders who aim to build resilient, adaptable, and innovative organisations in today's dynamic market. The insights I gained at the event will certainly shape my approach to leadership, and I hope they resonate with other aspiring leaders too.

Founded in 2008, stars develops better leaders of the next generation and wants to be the premier platform for these future leaders. It is a global network of 2,200 alumni, coming from more than 100 countries. Notable partners include globally leading companies and institutions like GIC, Hilti, Holcim, PSA, PwC, Roche, Silka, and the Thomas Abegg Foundation.

I am expressing my gratitude to Mr Toni Schoenenberger, the executive chairman and the co-founder of stars, for this noble initiative of connecting the next generation leaders across the globe. My heartfelt gratitude to the Swiss embassy in Bangladesh for all the support.

The writer is currently the chief business officer at The Daily Star. He is also a stars alumni and IVLP exchange alumni of the US State Department.