Narcissism has received a bad business press over the years. The self-obsessed chief executive with a volatile temper who both charms and intimidates staff, takes all the credit for success while shifting the blame for failure on to others, has been a recurring character in corporate dramas.
Compelling, charismatic, colourful, such people can initially draw people under their spell until difficulties and discord arise, when their deeper, darker personality begins to emerge.
Such individuals tend to be at the extreme end of narcissism, which is best understood as a personality trait along a wide continuum, rather than a pathological state. These people have an insatiable appetite for control, status and praise, which explains why many strive for and gain the top jobs.
But it is also true that such people bring qualities that are essential to the growth and success of a business. These include ambition, optimism, visionary thinking, a willingness to take risks and an ability to convince others to follow their lead. Their intelligence, aspiration and drive can be a huge asset that needs to be accompanied by a capacity for self-reflection, some ability to manage their selfish needs and a knowledge of when to seek advice.
If a person is at the extreme end of the narcissistic spectrum, however, and particularly if market circumstances become unfavourable, his or her thinking can become so irrational as to cause immeasurable damage.