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Will Musk Do for Social Media What He Did for Electric Cars?
Why is it that there are some guys who do a really great job running a business, and then this business success makes them believe that they can be successful in anything else they try to do?
Remember a guy named Jack Welch? He was an engineer working at the big General Electric plant in Pittsfield, MA when he was named CEO in 1981. He took over a company which had been a household word in the 1950’s and 1960’s because just about every household in America had a GE washer, or GE dryer, or some other GE appliance, which were promoted on TV by an out-of-work Hollywood actor named Ronald Reagan.
Welch took the company, which was on the verge of collapse because consumers were buying appliances based on price and GE couldn’t compete with no-name foreign brands being stocked in large, discount stores. He fired half the employees, then converted the company into a leasing and financial services outfit, and GE is still rolling along merrily to this day.
After he retired, CNN hired him to appear on a nightly panel show which covered the latest international news.
Welch lasted exactly one week. He didn’t know anything about foreign politics, and when he was asked a question, his response was a classic deer-in-the-headlights look.