The topic of leadership has been nagging at me for a long time. On one hand, I keep telling myself there’s nothing to say about leadership that hasn’t been said a million times before. But on the other hand, if there’s so darn much information out there about how to be a leader, then why have so few people earned the right to be called “leader”?

Conflicting voices wrestled in my head, and I concluded that leadership is like the Holy Grail: Everybody is searching for it, but nobody knows where it is. Leaders possess characteristics that set them apart. You may not be able to point your finger at any one skill or trait that makes a leader, but as Supreme Court Justice Potter Stewart said of pornography in 1964, “I know it when I see it.”

Still, my voices wouldn’t leave me alone. So, I did some research on leadership, reading articles and books by academicians and self-proclaimed leaders that I found to be – well, let’s just say interesting reading.  Warren Bennis, chairman of the Leadership Institute at the University of Southern California School of Business (and a former professor of mine) summed it up best: “In spite of all the ink that leadership gets in scholarly, business, and popular journals, it remains an elusive concept.” In other words, even the “expert” doesn’t know where the hell to find it!

Finally, I asked some friends, seasoned executives whom I admire, for their sage advice and counsel. While times change, the fundamentals of leadership remain timeless. I asked what they believe the main characteristics of a leader are, and why leaders fail. Here’s what I found.

Vision  Like leadership, vision is a topic that’s more worn out than my favorite pair of shoes. But most of what’s said about vision makes it seem mystical – like every CEO has a crystal ball in the corner of the office.

My experience is that a good visionary isn’t a fortune-teller, a genius, or even an original thinker, but rather an intuitive risk taker who doesn’t see things as they are, but as they could be. Good visionaries, however, are in touch with the real world; their visions are attainable with a reasonable application of resources, time and effort.

I like how Mike Sullivan, retired President and CEO of International Dairy Queen and now of counsel at Gray Plant Mooty & Bennett, described vision. He said that leaders need a clear idea of what they want to lead people to, making sure it’s something of substance, and that when they get there, it was worth the effort. “You have to know where you are going,” he said. How’s that for keeping it simple?

Honesty  Leadership is about character – how to be, not how to do.  One characteristic leaders need is honesty – “absolute honesty” said Chuck Denny, retired CEO of ADC Telecommunications.

Sullivan added that leaders have to be able to get others to believe in the company and its mission. Dick McFarland, retired Chairman of RCB Dain Rauscher, agreed that a leader has to create an environment of trust. “If there is trust, nothing is impossible,” he said.

Passion  Another sage I admire, Peter Drucker, has written that the leader’s job is not to provide energy, it is to release energy. I think he’s talking about passion. Leaders have the ability to influence people to follow their vision for the organization. They never tire of communicating their vision or walking their talk. They aren’t armchair generals, but help others overcome barriers of doubt by their example. With passion, they inspire the organization to take risks that lead to innovative strategies, products, and processes. “So many people are going through the motions,” said Sullivan, “but do not have the passion to get it done.”

Authenticity  “People know your values by your actions,” McFarland said. “When I would speak, people would be respectful and listen to what I was saying, but they always watched what I did more closely than what I said.”

Denny called it authenticity – “what you see is what you get.” He said that a leader’s personal ethical values have to be predictable; people need to know what to expect from the leader in all types of situations. “You need to be yourself and people will accept you for who you are,” Denny said. Leaders also have people skills that show they genuinely like, respect and appreciate others. Sullivan said, “You can’t fake it; it can’t be something that you put on for a day.”

Communication Skills  Leaders are good storytellers. They communicate clearly and convincingly about what their organization is and how they operate. They have a definite point of view about their products, services, distribution channels, customers, and growth strategies.  And they never miss an opportunity to recite their vision to customers, investors, and employees, using parables, examples and metaphors to get the message across. A complex business is explained in simple phrases, like Sam Walton’s coining of the Wal-Mart slogan: Always the low price – always.

But leaders use their ears more then their mouths. All of the retired leaders I talked to emphasized the importance of being a good listener.

Competency  When people are promoted to positions of leadership, their management abilities are exposed and scrutinized by everyone in the organization. True leaders reach the height of their game in this situation, especially when they encounter adversity. I truly believe that adversity doesn’t build character, it defines it.

Leaders do need a basic level of competency, Denny said, understanding the business so they can have meaningful discussions with those they lead. Leaders don’t have to be the best in marketing, sales, research and development, finance, or whatever, but they should know best practices in those areas.

McFarland said leaders must establish priorities and not waste time on issues that aren’t important. They are good delegators and force decision-making down the organization, emphasizing action all the time. “You can’t wait around to collect all the data before you make a decision,” he said, adding that if it’s the wrong decision, it can be changed later. It’s more important to keep moving.

Why Leaders Fail  My group of sages also had some things to say about the leadership styles that fail, including:

Godfather Style – I said it was excessive ego and a godfather-like demand for total loyalty and obedience. Denny said it was hubris: leaders whose “greatest enemy is themselves.” McFarland described it as “belief in the divine right of kings.” And Sullivan called it “being selfish.” It’s hard to lead if you believe you are better than everyone else; as Sullivan said, even if you don’t know your shortcomings, “everyone else does!”

Inactive Style – Some leaders have retired and forgotten to tell anyone. They believe they’ve a right to be in power, but have checked out emotionally and don’t contribute anything of substance anymore. Denny said leaders fail when they believe that past success predicts future success: “Applying yesterday’s solutions to today’s problems can be catastrophic.”

Dictator Style – These leaders refuse to delegate and need total control over every decision. McFarland called it “trying to be all things to all people,” while Sullivan called it “losing sight of our own limitations and of the special value of those who work for us.”

Why Lead? Leaders fail for many more reasons than those listed here. In fact, 22 percent of CEOs lost their jobs in 2001, and their average tenure has declined to four or five years. That, combined with recent events – the dot-com burst, the collapse of Enron et alii, September 11, the Iraqi war – raises the question of why anybody wants to now.