Story by
The world’s best-performing CEOs have learned to treat self-awareness as their superpower.
Even at the very top of the corporate ladder, the hardest person to manage is…yourself.
According to McKinsey research featured in A CEO for All Seasons, CEOs consistently rate themselves higher on every leadership dimension—from culture and vision to teamwork and personal effectiveness—than their boards and direct reports do.
The “Lake Wobegon effect,” named after the fictional town where “all the children are above average,” refers to the human tendency to overestimate our own abilities. The authors note that it is alive and well in the corner office.
That gap in perception isn’t just psychological. It can be costly. Poorly managed CEO transitions erase nearly $1 trillion in market value every year, much of it traceable to blind spots that leaders never saw coming.
The good news: the world’s best-performing CEOs, leaders like Jamie Dimon of JPMorgan Chase, Reed Hastings of Netflix and Larry Fink of BlackRock, have learned to make feedback their superpower. They treat self-awareness not as a soft skill, but as a strategic one.
Here are five practices drawn from A CEO for All Seasons that any leader can use to sharpen self-awareness and lead more effectively.
1. Seek the truth you don’t want to hear
Jamie Dimon, CEO of JPMorgan Chase, often speaks about the importance of staying alert even when things are going well. Reflecting on challenges earlier in his career, he put it simply: “The big lesson I learned? Don’t get complacent.” As the authors explain, even the most seasoned leaders can drift into overconfidence during stable years. Outstanding CEOs counter that drift by deliberately surfacing uncomfortable truths and asking, What am I not seeing? Who’s telling me only what I want to hear? Dimon’s openness to reflection and course-correction helped him reinforce a culture of vigilance and continuous improvement across the firm.
2. Turn feedback into a system, not an event
Adena Friedman, CEO of Nasdaq, admits that in her early months she didn’t spend enough time meeting board members individually. “I thought, ‘Okay, I’m done with this board meeting—on to the next.’ But then board members began reaching out saying, ‘Adena, I’d like to give you my individual feedback.’”
She soon formalized one-on-one meetings with each member twice a year. Those candid conversations, she says, “enabled both sides to share concerns and, over time, forged trust.” Leaders who systematize feedback through skip-level check-ins, and open board dialogue, normalize constructive critique as part of the operating rhythm.
3. Admit weakness — and build around it
Larry Fink, the longtime CEO of BlackRock, puts it simply: “One of the most important characteristics of a good leader is knowing your weaknesses and admitting them.” Self-aware CEOs don’t chase the illusion of being well-rounded. They build teams that complement their blind spots. The authors note that Fink intentionally surrounds himself with executives whose strengths offset his own, ensuring decisions are tested from every angle. Tech leaders lean on self-awareness as well. Netflix founder Reed Hastings routinely ran “future failure” exercises with his team — asking them to imagine Netflix had collapsed a decade from now and list every possible reason why. That willingness to confront blind spots early is what helped the company keep reinventing itself. Admitting limitations doesn’t erode authority, it expands it. Employees trust leaders who model vulnerability and continuous learning.
4. Get an outsider’s mirror
Robert Smith, founder and CEO of Vista Equity Partners, compares coaching to developing ambidexterity: “If you’re right-handed, you usually have a weak left hand. A great coach helps you see what you’re weak at and learn to be better.” The research shows that CEOs who outperform across every stage of their tenure rely on external perspective—mentors, board chairs, and executive coaches—to challenge their assumptions. As one author notes, “A true skill of an excellent CEO is executing specific strategies to draw forth candid feedback—and act on it.”
5. Make reflection a daily discipline
Michael Fisher, former CEO of Cincinnati Children’s Hospital, keeps two lists: a to-do list and a to-be list. “It’s a simple but profound shift,” he told the authors. “I still keep my to-do list, but now I ask: who do I want to be today—curious, calm, clear?” That habit, the book explains, reinforces a mindset of deliberate self-leadership. Leaders who pause to reflect not only on tasks but on presence stay grounded amid pressure.
In closing, the higher leaders rise, the less feedback they naturally receive and the more intentional they must become about finding it. As A CEO for All Seasons shows, the most successful CEOs build mechanisms for truth-telling into their calendars, cultures, and conversations. They listen hardest when the news is hardest to hear. Because in every season of leadership, the ultimate differentiator isn’t brilliance—it’s self-awareness.
This post originally appeared at inc.com.