A few months ago, President Biden announced his plans to decline the Democratic nomination for the 2024 presidential election. Regardless of your political views, he made a decision that went against his interests for the greater good of the country. That, at its core, is transformational leadership.

As a venture investor and founder of Inspired Capital, I spend much of my time contemplating the strength of someone’s leadership.

We all thought we knew what he wanted to hear—“semantic memory”—which was what he was studying. There were five guys there, all of us first-year students (and all male). The first one got up and he said, as you would predict, “semantic memory.” The second and third guys said the same. I knew at least two of them were lying and just sucking up.