Lessons of leadership from these 4 outstanding CEOs
Building and running a successful business is a herculean task. Bringing a product or service to the market requires many different elements to work together flawlessly. Marketing, sales and customer service functions need a clear strategic vision that originates from the top.
In addition to boosting employee morale, strong leadership can help businesses buck unfavourable market trends, build winning products and grow their bottom lines. So, how does a business owner go about building great teams that drive business growth in practical terms?
As they say, success leaves clues. We bring to you some of the best entrepreneurial advice from legendary business icons that can help you understand and run your business better.
‘Hire Smart People’
Steve Jobs, co-founder, Former chairman and CEO at Apple Computers.
Apple Computers’ innovative hiring process, according to Steve Jobs, is an important reason behind its success. In his characteristic style, Jobs urged companies to re-strategize their hiring policies. According to him, ‘It doesn't make sense to hire smart people and tell them what to do;Instead hire smart people so they can tell us what to do.’
This idea, however, has been around much before Apple was founded. Peter Drucker came up with the term ‘knowledge worker’ far back in 1959. A Knowledge Worker is anyone who processes information to derive insights into the market needs and helps in creating specific outcomes for businesses and their customers.
‘Leadership is a Responsibility to do More’
Kristen Hadeed, Founder and CEO of Student Maid
Founded in 2009, Student Maid is a business that only employs students. Its founder Kristen Hadeed believed that ‘Leadership isn't a privilege to do less. Leadership is a responsibility to do more.’ She learned her lesson the hard way when 45 out of her 60 employees quit in a matter of days because of her arrogance.
From then onwards, she focused on employee engagement and creating an inclusive culture where merit was recognized and rewarded. This not only helped her grow her revenues, but also positively impacted employee loyalty.
‘Build a Team That Can Fulfilthe Mission Without You’
Suhail Doshi, Founder and Former CEO of Mixpanel
Doshi became a CEO at 20, and his company went on to raise $77 million in 10 years. He believes that the role of a CEO changes with time. He may be called upon to guide the overall vision of the firm and must know when to let go. Micro-managing the affairs of the business can be counterproductive and can lead to resentment among the team members.
Doshi believe that to encourage excellence and innovation, it is critical to empower your team. Building a team that can function smoothly without you will help you focus on your core strengths, rather than using a ‘jack of all trades’ approach.
Warren Buffet, chairman and CEO of Berkshire Hathaway
Warren Buffet has practically rewritten the corporate finance playbook and his advice is sought after by billionaires around the world. According to him, any business requires strong communication skills from an early stage. Building relationships with investors, employees and suppliers can enable your business to thrive even in an uncertain environment.
Warren believes that with excellent communication skills, you can convince people to follow your ideas even when they are unconventional. Brian Tracy, a world-renowned leadership guru, agrees and says that 85% of the success of any organization depends on good communication.
A good leader also needs adequate financial backing to translate his business vision into reality. Whether you need to ensure adequate cash flow or require funds to expand your business operations, Business ExpansionLoansfrom Reliance Money, can give you an edge with quick and hassle-free financing.