So, you’ve decided to take your first steps into your entrepreneurial career. Congratulations! You are undoubtedly experiencing a plethora of different emotions right now: excitement, anticipation, nervousness, stress, and more. This wave of feelings is to be expected, so don’t worry if the road ahead seems overwhelming. There are very few professional experiences that are as daunting as being a first-time CEO. You are in for a world of change that necessitates a complete shift of focus from everything you are used to. As a brand new CEO, you need all of the best advice you can get your hands on, and what better place to get practical opinions than from other people that have been in your shoes before? Here are three tips from other successful first-time CEOs that I believe you should heavily consider when you make this career leap into the corporate world.
First of all, understand what you are getting into well before you decide to go into business as a CEO for the first time. You are going to be “on the clock” twenty-four hours a day, three hundred sixty-five days a year. You aren’t going to be “off the clock” from the day that you start until the day that you stop, and for some people, that’s not a reality that they are ready to deal with. Without careful planning and consideration, your home and family life will suffer, which will bounce back on your business and leave you feeling unsatisfied and miserable. Realize that you are going to have to be a jack-of-all-trades in your company, needing to master all of the different roles expected of you. You might end up being the visionary, the evangelist, the operator, the fundraiser, and more. Being a CEO isn’t a one-and-done deal; you are in for a long grind. If you are the type of person who needs immediate results, perhaps this isn’t the position for you.
Build the best team that you can and maintain a healthy working relationship with them. When compiling your “A-Team”, be honest with yourself about your strengths and weaknesses, then fill in the gaps with the most qualified team members that you can find. Rob Woodward, CEO of STV Group PLC, says that, “You need people you can trust, people that share your vision, that are passionate about delivering that vision and that can work within a team.” Hire people that are smarter than you. . Having a capable and trustworthy team of hard workers will pay huge dividends towards the success of your organization. Encourage them to do their best, be open and honest with them at all times, and delegate rather than micromanage. The less that you have to rely upon yourself, the more time you can devote towards setting the vision as well as inspiring and leading your team.
Lastly, you need to want success more than anything else, and you should be constantly working your way towards it. Keep in mind that this doesn’t necessarily mean that you need an endgame in mind from the get-go. Indeed, having an exit strategy might detract from the here and now. You may be open to selling the company down the road, but right here, right now, you need to be growing and building to the best of you and your team’s capabilities. Anyone that is going to buy your business later is only going to want one that is successful. Give them one! Adapt on the fly to keep up with market trends and competition, set up clear growth goals and make sure that you’re tracking them every step of the way. Focus on acquiring more and more customers and build your products and services.
Are there any CEOs out there who can share their stories and advice for first-timers?
