For years, Cynthia McKay, CEO of specialty-foods company Le Gourmet Gift Basket, wasn’t getting enough sleep. She spent most of every night wide awake with her mind racing due to the stress of business ownership, but managed to drag herself to the office each morning. In her permanently exhausted state, however, she found herself making more and bigger mistakes. The last straw came when she tossed and turned until almost dawn, and then slept right through the departure of her flight to Australia.

The odds are good that you're not getting the seven to eight hours of nightly sleep you need, either. While some high-achieving entrepreneurs boast of requiring minimal sleep. research shows that sleep needs are surprisingly consistent. If you fail to get at least seven hours, you're probably operating at a cognitive disadvantage, and your health and your work may be paying the price.

New scientific research shows that going without enough sleep for more than an occasional day or two can wreak havoc on your health, memory, concentration, mood, and ability to make decisions. Far from being a time waster, sleep makes you healthier, smarter, and a better leader.

Researchers believe that not getting enough sleep is a top cause of obesity and diabetes, both of which are on the rise nationally. At the same time, the World Health Organization has gathered data showing that sleep deprivation depresses the immune system, to the point where they are considering labeling chronic sleep deprivation a carcinogen comparable to tobacco and asbestos.