Edited highlights of our full conversation.

Do your weaknesses shape you or stop you?

James Townsend is the Global CEO of Stagwell Brand X Performance Network and the Global CEO at Assembly.

We recorded this conversation in the lobby of the Majestic Hotel during the Cannes Lions Festival. In a week known for its energy, James's own energy stands out.

So does his self awareness.

The art of leadership is becoming more nuanced every day. There is no one-size-fits-all approach any more. What is true for one person is anathema to another.

Knowing yourself, your strengths and your weaknesses, has never been more critical to your success and to your happiness.

But it is also the issue that creates the biggest challenge for leaders today.

Some leaders are terrified of their weaknesses and do everything they can to protect themselves from them. They focus on smaller vulnerabilities as a way to convince themselves that they're self aware, while shoving the real issues into the darkest corners.

Others create long lists of perceived weaknesses and much shorter lists of their strengths. Man or woman, they feel like imposters and the lists they create convince them that they are.

It is rare, I find, for someone to have the kind of clarity about themselves that James describes. Most of the time, it takes working with a coach or a confidant for people to see themselves accurately and compassionately. Then they gain access to their full capacity for unleashing the potential of others.

A client with rare talent once said to me, "I'm scared I might be wrong."

"You're going to be wrong," I replied. "But you're going to be wrong much less often than anyone else."