Elon Musk, CEO of Tesla, observed that most companies spend much time on finances and management. This article tackles Elon Musk’s tips to CEOs to make their businesses more successful.
Musk emphasized in his interview with Wall Street Journal editor-in-chief Matt Murray that many MBAs are running the companies which he thinks maybe it is not that great when he was asked if shareholders and boards make business leaders focus on wrong directions. One of Elon Musk’s tips to CEOs is to focus on improving their products and services rather than financials.
“My recommendation is to spend less time on finance, spend less time in conference rooms, less time on PowerPoint, and more time just trying to make your product as amazing as possible,” Musk said in his interview.
Musk highlighted the purpose of having a company that is gathered people aim to create and deliver products and services. A company has no value until it produces goods that are of great value than the cost of production.
You can make your products and services better through innovation. It is ideal for CEOs to learn how to innovate in order to make their goods more valuable for their customers.
Moreover, Musk revealed that his advice is based on his mistakes. He spent much time in conference rooms and predicting the financials.
Not to mention. Financial adviser Michael Pento coined Tesla as a hot mess in a CNBC.com commentary and declared it as a not profitable business. However, at present, Musk surpassed Jeff Bezos, CEO of Amazon, as the richest man in the world.
He believes to spend his time and resources in making his product more valuable to his customers. Thus, Tesla was able to sell almost half a million cars in 2020.