People often ask me, what are the differences between Asian (where I have spend the majority of my career) and Western leaders. Two weeks ago I shared my views on how there are no major differences between the two and that there are basically two traits that would make you a truly global leader. However, what I’ve noticed is that leaders that have worked and prospered in Frontier Markets have developed a number of traits and skills that make them more successful and stand out in their leadership roles.
The leaders, those who succeed in these uncertain but potentially lucrative frontier markets are:
1. More Adaptable
The markets are so fluid that what makes sense today, does not have to make sense tomorrow – everyday is different. To succeed leaders are agile – they anticipate and adapt to different circumstances. Government policies change regularly, security situations can cause lack of access to large swaths of customers in the blink of an eye and currency fluctuations can render your imported goods inventory worthless in weeks.
2. Better Networkers
Most events in frontier markets happen not because of what you can do but from who you know. Getting things done is more personality driven rather than process or systems driven. Getting clearance to import products is linked to who you know, resolving a catastrophic new regulation is linked to who you know, getting the right talent in the organisation is linked to who you know, getting licenses is linked to who you know. You must have the right contacts and keep developing your network to succeed.
3. Street Smart
Leaders in frontier markets have a strong understanding of how things work at an operational and basic level. Conceptual frameworks don’t work in frontier markets. Even if you work from a conceptual framework successful leaders know they can only succeed if they translate them in how the ‘rubber hits the road’ and the impact it has for people.
4. Imaginative
One of the characteristics of frontier markets is that everything is possible (this is different from everything is easy!). Leaders who understand this have the ability to imagine a bold future and are able to translate how to get there. They’re the ones who are truly able to capture the growth potential that frontier markets offer.
5. Can Take and Hedge Risks
Huge growth requires you to be able to take large risks, understand the potential pitfalls and take measures to hedge your bets. You have to be willing to take the risks and accept that there may be consequences to pay. Successful frontier market leaders aren’t afraid of failure. If it’s to come, they accept it, get over it and move on quickly to their next adventure. Fear never slows them down.
6. Perseverant
Whether you call it will power, perseverance or grit you need a huge dose of it to succeed in frontier markets. As much as everything is possible, everything can go wrong. In order for you to stay the course you have to be obsessed, intense and willing to sacrifice other things in order to make it work. Working in frontier markets is not for the faint hearted. Finding success in frontier markets is only for the strong willed.