Review on Freakonomic's "How to Become a C.E.O."
“How
to Become a C.E.O.” by Stephen J. Dubner is a Freakonomics podcast about how several
highly different C.E.O.’s had come to be. There is no exact correlation between
the history of all excellent C.E.O.’s that has been made. In the podcast
recording they did, however, make a connection about the difference in
successfulness based on whether a C.E.O. was internal or external to the
company. The difference was that internal candidates made better C.E.O.’s and
were over 25% more successful financial performance than external hires. The
podcast also highlighted how important mistakes helped and taught the C.E.O.’s
life lessons that eventually helped them develop into the successful C.E.O.’s
that they were.
Something that interested me during the
lecture was how usually entrepreneurs are almost never their company’s C.E.O.
in the long run. Usually entrepreneurs do not make good C.E.O.’s because of
their inability to successfully run a business. The textbook describes an entrepreneur as “someone who identifies a business
opportunity and assumes the risk of creating and running a business to take
advantage of it”, whereas a C.E.O. is solely responsible for making management
decisions.
The class discussions that we’ve had so far have
explained the importance of both the roles of the C.E.O. and the entrepreneur.
Both roles are important in the business community and perform their own niches
that benefit society. The podcast reconfirms the material that we learned in
class along with providing statistics to back up conclusions, as well.
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