Giving Credit Where Credit Is Due, Essay Example

Krames’ (2003) book recalls the journeys of seven iconic CEOs who have shaped their business fields in important ways. The seven CEOS are as follows: 1) Michael Dell, who made Dell Computer a household name; 2) Jack Welch, the model of GE and the Six Sigma initiative; 3) Lou Gerstner, who introduced IBM to the personal computing masses; 4) Andy Grove, whose company Intel created technology-based magic; 5) Bill Gates, who as CEO of Microsoft has created a software empire and an exemplary charitable reputation; 6) Herb Kelleher, who has transformed Southwest Airlines into one of the premier airline carriers of the 21^st Century; and 7) Sam Walton, who turned Wal-Mart into a retail empire that no other retail establishment has been able to reach.

Each of these CEOs experienced challenges and pitfalls throughout their careers, particularly during startup and inception. Within this context, the 1980s introduced many new opportunities for growth using new international business models, which required American-based companies to regroup and to improve their global presence (Krames, 2003). Increasing technological advancements enabled many of these CEOs to develop new ideas and products for sale to market, and to patent new inventions that would forever change the face of technology in American business (Krames, 2003). Herb Kelleher recognized that his company would need to compete with some of the biggest names in the airline industry, so he created a strategy that would accommodate large groups of people in positive and negative economic times (Krames, 2003). Jack Welch as CEO of GE recognized that his company would need to compete by sustaining a top-tier ranking in each of its business segments (Krames, 2003). Sam Walton believed in his concept so much that it transformed retail into a true brand name with a significant presence on a global scale (Krames, 2003).  Grove recognized that technology-based change was imminent; therefore, he capitalized on this change by shifting Intel’s strategy to a new product (Krames, 2003). Finally, Lou Gerstner’s IBM was on the cusp of an emerging technology-based phenomenon, and extreme perseverance paid off for the CEO (Krames, 2003).

Each of these CEOs and their stories possess similarities in that they each experienced periods of struggle in the early stages to get their companies off the ground or in a new strategic direction. In addition, these companies were on the cusp of technology-based breakthroughs, which led them down new paths to new levels of success. Each CEO also demonstrated his commitment to the business through hard work, fierce dedication, and the development of new strategic approaches to not only improve visibility and revenue, but to also shift the entire direction of their industries in a positive manner. At the same time, due to differences in business practices and the development of new products led these CEOS down different paths, which enabled them to capitalize on the opportunities that were presented to them to create largely successful operations.

For these CEOS, environmental circumstances such as the surrounding economic climate played a role in their optimal success. In addition, the ability to recognize a good idea and how it would shape the social environment was a key contributor to their remarkable achievements. From a professional perspective, each CEO recognized that hard work and dedication was the key to success within their respective fields; therefore, it was important for these CEOs to make professional decisions that would positively impact their organization’s longevity and financial stability. Finally, from a personal point of view, each CEO was instilled with the gifts at a young age to make a difference in the business world. These CEOs accepted their gifts in the form of mentors and other examples and paved the way to successful outcomes. Each CEO possessed heart, drive, motivation, perseverance, and dedication to their craft, and the results were astounding and exemplary.

References

Krames, J. A. (2003). Place the customer at the epicenter of the business model. In What the best

CEOs know: 7 exceptional leaders and their lessons for transforming any business (pp. 55-77).

Krames, J. A. (2003). Prepare the Organization for Drastic Change. In What the best CEOs

know: 7 exceptional leaders and their lessons for transforming any business (pp. 131-152)