The only way to the top of the competitive economy seems to be entrepreneurship. However, many people venture into investments hoping for greater results only to end up with nothing. The current economy can be described as overpromising and under delivering. An idea that occurred to be very promising ends up crashing before it’s evaluated. The only way to outgrow these ugly happenings is by researching on what people who always seem to get it right do it.
One of the factors that have proved to make a difference in success is the leadership of the firm. It is the road that the management takes the company that determines what they achieve. The United Corporation Technologies (UTC) is an example of a firm that change of leadership made a noticeable difference.
UTC nominated Louis Chenevert as their CEO in 2006. He served as the company’s Chief Executive Officer until 2014. During this time, a lot changed in the firm; the company changed from an average firm to a premium conglomerate. UTC became the state’s most profitable company. Today, courtesy of the decisions that Louis made years ago, the firm is sowing to higher levels. The GTF engine that he led the company to purchase is used by more than 14 airlines.
Louis says that one factor that attributed to his success in UTC is keeping an open mind and being creative. He also says that he only accomplished the goals of the firm through the cooperative team of UTC. He advises employers to invest in their team for great results. By this, he means taking time to choose who to work with and training them to improve their performance.
The current CEO of the firm believes that by using some of the mechanisms that Louis used will help in maintaining the high standards of the conglomerate. For this reason, the company has maintained the culture of educating the employees. The employees are given a chance to pursue a degree of their choice for free. According to the management, the program has helped the firm become very productive.
One of the factors that influence the success of the firm is leadership and the team of employees. Every firm should ensure that they have the right individuals in the high positions and a great team.