It takes a variety of skills to run a successful business. Are there any advantages for businesspeople in having a knowledge of history?

Answer: In his 1580 book ‘Annals of England’, John Stow wrote that reading history ‘makes you wise.’

Twenty sixth US president Teddy Roosevelt said “the more you know about the past, the better prepared you are for the future”. A knowledge of history produces better, more skilful and well-rounded businesspeople, who are more likely to bring a big picture and mature perspective to the issues they face.

The number of history graduates in top business positions is remarkable.

Bob Reid headed up Shell’s highly technical global downstream oil operations. Reid didn’t have an engineering PhD to do this job, rather a history degree from St Andrews University. Bank of America CEO Brian Moynihan is a Brown University history graduate. Former Hewlett Packard CEO Carly Fiorina, American Express head honcho Ken Chenault and IBM chief Sam Palmisano are all history graduates. Ian Thomas, former Boeing Australia president, has, no less, a PhD in history.

An appreciation of the grand sweep of history provides a broad, over-arching viewpoint that adds a macro perspective to a businessperson’s skill base. This maturity and astute outlook arguably makes for better decision making, which is central to running a business successfully.

Indeed, a knowledge of history probably makes a businessperson wiser.

Source: Fortune magazine; Bloomberg Businessweek

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