The system which reflects the will of majority is very good for society, but when you look at the great business achievements it suddenly comes to mind that a kind of dictatorship is more appropriate in the long run.
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Let's take a look at some of the world's great companies: Microsoft, Apple, and HP. That's absolutely our choice but good enough to show the point of the story. Bill Gates founded Microsoft with several partners but relatively early he left alone on the helm of the company. As we know today, that was very fortunately for the company and all shareholder because we are talking about the legend of IT industry.
Steve Jobs and Steve Wozniak founded Apple but again, due to a set of circumstances and some more or less successful attempts of other CEOs, Job is the alpha and omega of the company, the man behind some of the greatest devices and applications. Hewlett and Packard founded HP and they were in control of the company for decades. Today HP is one of biggest companies around - in some segments of the IT industry absolutely No1.
We could find a lot of similar examples but there are three basic principles behind each and every one of them: idea, execution and leadership. The first two are quite obvious: you need a good idea and you need a superb execution. Now, let us say something about the third principle which is often neglected but it turns out that it shares the throne with the first two on an equal basis.
You have different personalities in your company, starting from the production all the way to the top management. There's no doubt that different opinions are welcomed because they introduce diversity of thinking and can lead the company toward great success. Thus, it is important to share ideas, think together, argue, fight, beg and order. That's how it goes, sometimes you must run and sometimes it's better to hide.
However, when all is said - and before it's done - you as the CEO have an executive decision in your hands and the final word is yours and yours only. At that point democracy dies. A simple example: if you have a vision and everyone else tells you that's a fail, what would you do? It may come as a surprise but you actually can do just one thing: do as you wish.
First, you are the CEO so it means that you came to the position because you have great ideas and you know who to breathe life in them. Otherwise you wouldn't be chosen for that job. So, if you are so good, and indeed you are, then it's somebody else's fault if she/he doesn't understand.
Here is an example from the real life: everybody were laughing at Steve Jobs when he introduced iPod. Today everybody cry and try to copy that device yet all those attempts are doomed to fail. Steve Jobs had an idea and he was so stubborn that it just was meant to be.
If we are talking about great design, business decision or a new product, at the end of the day you as the CEO must say "Go" or "No go". If you believe so deeply in your decision than do it even if the whole world says differently. You will fail from time to time, that's the life of a CEO, but when you succeed, that will enter the history of business.
So, forget the democracy when big things are at stake and follow your instinct. You will be rewarded, no doubt about it. ■