With cut-throat competition in the technology landscape, it takes a wonderful balancing act for technology CEOs to be successful, renowned -- and retain their jobs.
A flourishing tech Chief Executive Officer requires an ability to wisely evaluate the macro environment and make decisions necessary to compete in this fast changing environment.
As Silicon Valley saw the departure of Yahoo’s CEO Carol Bartz--albeit under strikingly different situation (she was fired over phone by Yahoo’s Chairman), this evoked response from many tech analysts and industry experts about what it takes to be a successful CEO.
There are very few CEOs (read none) who can repeat the success of Apple’s Steve Jobs. He stepped down from day-to-day operations in late August, ending his hugely successful CEO tenure at the company behind the iconic iPhone and iPad.
His leadership skills have become inspiration for all industry veterans and everyone aspires to achieve the same success. A CEO must possess some essential traits to lead the company to breathtaking heights and live out a successful tenure.
1. Have vision to discern changes and quick decision-making ability
It is very significant for tech CEOs to analyze and evaluate the constantly changing dynamics of the tech, Internet and media industries in order to stay relevant and focused.
A CEO must reinvent his company in order to adapt to the changing needs of the market.
Many CEOs go for major overhaul and take risks based on future market trends. Google’s CEO, Larry Page streamlined its operations to focus on core areas.
A CEO must anticipate technology trends and take bold action to cash on opportunities. For instance, many companies are heading towards cloud seeing the increasing trend in cloud computing.
The crux is that CEO must have the nerve to take big decisions and take the responsibility for the same. He should focus on the things that work well and fix the ones that don't.
2. Have a keen eye for micro details
Long-term vision can only be achieved if small goals are observed vigilantly. A CEO must be aware about even the minutest detail of the company. A small glitch is enough to ruin the company’s fortune.
Meticulousness is essential. Successful CEOs don't overlook internal structural and process imperfections as it could lead to the bigger issues.
In today’s world of cut-throat competition, even a small error can cause big blunder; and a small change can yield big results.
3. A fine balance between cost-cutting and innovation
Experts cited that many big players have lost out to smaller companies because they focused on their cash registers for too long and did not foresee the shift in industry dynamics.
Many CEOs in a cost-cutting blitz compromise on innovation which ultimately leads to the demise of the company.
Former HP CEO, Mark Hurd was great when it came to cost-cutting but completely ignored innovation which has now started hurting HP. The company’s new CEO Leo Apotheker recently announced his plans to spin off HP’s PC business and drop WebOS products to focus exclusively on enterprise software.
The recent sacking of Yahoo’s CEO was because of her cost-cutting measures that proved futile.
These traits and qualities will put CEO at par with rivals. And you never know Silicon Valley may witness more Steve Jobs in future.
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