Elon Musk, founder of Tesla and SpaceX, says the biggest problem facing American companies today is that too many business school graduates run the show.
Musk said, “Professionalizing an MBA in America” isn't great, especially when it comes to product innovation. According to Musk, CEOs of big companies often become preoccupied with numbers and lose sight of their mission, which is to create "great" products or services.
"There should be more focus on the product or service itself, less time in board meetings, and less time on financial statements."
Musk added that this thing they call "profit", "must mean over time that the value of the output is more than the value of the input."
Musk said the biggest mistake he made as a leader of both Tesla and SpaceX was spending too much time in meetings looking at PowerPoint and spreadsheets, rather than being on the factory floor.
"When I go and hang out on the factory floor or really use cars or think of rockets ... this is where it turned out the best," Musk said at the Wall Street Journal summit.
Musk urged CEOs to "go out to the damned front line and show you care about them, that you're not in a fancy office somewhere."
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