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52 PCB007 MAGAZINE I AUGUST 2020 In relation to leadership and business suc- cess, I would like to share some of my thoughts and experience. I am not claiming it is the right or correct recipe for all circumstances. Howev- er, I believe my leadership style has been suc- cessful in relation to creating emotional and economic value for my colleagues and share- holders—the ultimate judgment of this shall be bestowed on my colleagues and shareholders. Psychological Capital: The Key to Break It or Make It Elmatica recently participated in a master thesis concerning change management and how leadership can minimize the negative ef- fects of organizational change and still moti- vate the employees. The key is psychological capital. Recent research shows that the link be- tween psychological capital and authentic lead- ership is more important than ever in change situations, both for a company as a whole and the individual. Personal Leadership When I had the privilege of joining Elmati- ca in 2011, I was to become the third CEO in the past 40 years. One key aspect at that time was to modernize, digitalize, and further in- ternationalize the company. This constitutes a change, and change is not always welcomed, even though everybody considers it crucial. The leadership style I believe in would be called personal leadership, which is described as a combination of democratic and task- oriented leadership. It emphasizes creating psychological capital [3] , challenging and sup- porting people to live more productive and meaningful lives, and helping them realize their potential. Personal leadership can be defined as devel- oping strategies and goals based on current and future internal capabilities, implementing or- ganizational escalation levels, clear mandates and responsibilities, transparency, and mutual respect. This type of leadership equips and de- velops the organization with the correct capa- bilities and dramatically increases its chances of becoming a successful business. Today's Leaders Many of the challenges of today's leaders are not the same as during 1970. The hierarchical "command and control" structures of the past are practically gone in many countries and companies. Just telling someone to do some- thing without a purpose is not optimal in a complex business structure. Whilst leaders of the past would lead by the power of their po- sition, leaders of today should lead by inspira- tion, influence, and cooperation. With new technology, social media, and con- stant and immediate access to information, a leader should no longer stay put in their corner office. Changes happen faster than before, and every leader needs to be in the field with their colleagues, fighting the same battles and lead- ing the way by doing, not just saying. They should nurture psychological capital and fur- ther develop it. Are You a Boss or a Leader? For me, leadership starts with how you refer to it. The naming of the role is not a random choice. I do not want to be perceived as just "the boss;" instead, I want to be perceived as the leader. I wish to inspire others to be lead- ers, which starts with addressing the people I represent as colleagues. Being a leader in any position is to take con- trol and develop one's responsibilities on both a business and a personal level. Understanding what you like and what you want in the con- text of the organization's requirements will al- low you to transform your initiative into cre- ative energy, which creates value for you and your company. Those who do not seek to ex- plore their potential and push the boundaries of their existence will not have the pleasure and honor of understanding what they deserve and have to give. The True Joy of Being a Leader While many seem to believe that leadership is about deciding and delegating, for me it is about enabling colleagues with trust, sup- port, and responsibility. It means supporting their personal development and the compa-

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