The CEO of any company should provide the vision for the firm, the structure that results in orderly management and general direction to achieve the company's goals and objectives. In this CEO Blogger's case, I am also very focused on new hires and properly recognizing key performers because I know that our success is entirely dependent on our people. That means having the right people in the right jobs.
Generally, once all the right elements are in place, company management should be able to deal with day to day management of the firm. However, there are times when the CEO must step in to alter course, or make corrections because something is not working and the managers closest to the problem are too vested in current approaches, or practices to make the necessary changes.
The CEO is always right, sort of. If the CEO is right more than 80% of the time, that is probably as good as it gets. If the CEO is not right at least 80% of the time, the odds are that he or she will not be CEO for long. In publicly traded companies, there will be calls for ouster of the CEO, if he or she is not right most of the time. In privately owned companies, a failing CEO will either cause bankruptcy, or in some cases the sale of the company because of poor results.
If the CEO is also the founder and owner of the company, the real question is can this Entrepreneur actually manage the firm. In many cases the answer is NO and it does not take long to see it. If that Entrepreneur came to the CEO job just from a good idea, or concept, rather than solid business experience, in addition to the Focus, Passion and Discipline necessary to manage an enterprise, the odds are pretty good that the CEO is not be the best person to manage the company.
When that happens, the job must be entrusted to an experienced President with the authority to manage the firm. That means that the CEO/Entrepreneur/Founder must be smart and wise enough to realize that it is one thing to come up with a brilliant idea and quite another to execute on that idea to achieve company growth and success. That is also part of being right most of the time.
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