Running an effective business is about following your instincts and managing the people around you. For many businesses this can be a balancing act. But they are both vital to achieving business objectives.
Jack Welch understands this, and has had great success in teaching it to others.
During his 21 years as CEO of GE, revenues grew from $25 billion to $130 billion, whilst income also grew $1.5 billion to $15 billion. After retiring from GE, he worked with many businesses, and remained passionate about creating business leaders.
This kind of success is much desired by many businesses, and there is much we can learn from his business methods.
Welsh said, “If you pick the right people and give them the opportunity to spread their wings and put compensation as a carrier behind it you almost don’t have to manage them”.
This would suggest that supporting those around you and listening to their ideas would help build a stronger working environment.
This is reinforced by Welsh, “I was never the smartest guy in the room. From the first person I hired, I was never the smartest guy in the room. And that’s a big deal. And if you’re going to be a leader – if you’re a leader and you’re the smartest guy in the world – in the room, you’ve got real problems”.
Hiring cleverly can create a work environment that is supportive and aspirational. Building leaders can have lasting business success.
- Listen to those around you
- Support their visions
- Follow your instincts