Being a startup CEO isn’t easy. It’s a lot of hard work without much tangible reward in the beginning, Three quarters of startups fail, and up to 90% of new businesses in the tech sector don’t survive. But those CEOs whose companies do make it will always testify that it has been worth it.
So what makes a great CEO? What do the successful few have that the majority don’t? Not all business founders make good bosses. Not all founders even want to be the boss. Everyone is different. We all have different skill sets, management styles and personalities. This is why there isn’t one definitive answer to the question of what makes a great startup CEO.
However, if you examine the key characteristics of good CEOs, you will pick up certain common threads and trends:
* Long-term Vision – A good CEO needs to not only run the company so that it meets its short-term obligations, but also so that it achieves its overall vision. He or she will assess every innovation, idea or initiative to see whether or not it ties in with the bigger picture.
* Protect The Team – Good CEOs absorb any stress and pain related to the running of the business so that employees can get on with doing their jobs without unnecessary concerns.
* Accept That You Don’t Know Everything – Most CEOs learn more in their first few months in charge than during any years at college or business school, and will continue learning throughout the life of the company. They also have a knack of spotting talent and harnessing it. Sometimes the people you recruit will be better than you in a specific area. Good CEOs are not threatened by this, but defer to superior knowledge in a given domain.
* Be a Good Listener – It’s not enough to just talk to your employees, you also have to listen to what they have to say. Good CEOs welcome feedback – and act on it.
* Flexibility – Great bosses respond to changes in the market that affect consumer demand and adjust their products and services accordingly.
* Be Brave – The best CEOs are not afraid to make unpopular decisions and make enemies if they have to.
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