"There are no secrets to success. It is the combined result of preparation, hard work, and learning from failure"- Colin Powell.
· Be A Great Communicator
· Be able to think on your feet
Leadership is all about development. Running a startup is one of the most difficult tasks anyone can attempt professionally. If you are the exact same person today, as you were when you founded your startup, you might be in trouble. Figuring out how to be a successful CEO is the key for entrepreneurs.
Founders often struggle to make the transformation from founder to CEO. Some are with all vision but no administration, while others do not have the correct communication skills or don't know how to let go of the reins. It's a sensitive exercise in careful control, and for many, the difficulties of running an organization are sometimes too much even for individuals who constructed successful organizations from nothing.
In today’s twenty-first-century business world, you have to be constantly on your feet trying to think of new ways to outdo your contemporaries. There are numerous startup companies evolving each and every day and it is the responsibility of the CEO to make sure that everything runs in a smooth and efficient manner.
Here some of the tips that can help you to become a successful startup CEO
3 most basic traits for a successful CEO
Manage money
Convincing people to invest capital in your startup conveys a very strong message to the market. Understanding who, when and how to raise capital is extremely important. Running out of money is likely to be the most problematic situation in a startup. Markets can change, so focus on earnings before interest, tax, depreciation, and amortization (EBITDA) when and where you can. There are exceptions to that rule, of course. In any case, the sooner you can pursue profitability, the sooner you’ll be on much better-arranging terms with any funding source.
Manage time (Identify what matters most)
Many things will compete for your attention in a single day, but you have to decide which thing is most worthy of your time before deciding how to spend it. Think about what is most important in your life and assign enough time for things that matter.
Once you identify your top priorities, other minor pursuits will fade in importance. Some activities will need to be excluded from your schedule, you should learn to say no when needs.
Manage People.
This is one of the best things you can do, manage anyone you can, even if it's not perfect. The Majority of the job of a CEO is recruiting a team, leading a team, empowering a team, convincing a team. This team will include investors, the public, press, etc. your company is the combined vision of many people, you can only define success in terms of what's best for the company, not for you. So you learn to manage people whenever possible.
Other lists of things which are important
Hiring the right people
As a CEO the key is to try to hire every individual on the team should be better than you, if possible. This isn't a threat. It's an approach to make your value worth 100x more. Don't just hire your friends, and don't hire people that make you look good. Hire individuals fiercely better than you that look act and feel different.
Set high goals
The biggest enemy of the progress is a comfort, so Start big and set big bold goals for yourself and your team, Stretch staff beyond their limits. Initially they may complain about it, but in the end, they will thank you for it. Try to build your client base by four to five per cent every week and supervise these objectives by having an active management role.
Be patient.
Success certainly won't happen overnight, and it won't happen for a couple of years. As a startup founder, it's basic to know the difference between a great idea and a great company. So decide now that you're all in, and don't give up when the going gets tough.
Try to Care More About People.
This is one of the top mistakes first-time CEOsOften make. They forget to care about the people, their team. They just assume everyone should be as committed just like they are. But everyone else can't be. You aren't going to double your EQ overnight. But attempt a couple of things. Say "Thank You" whenever possible. Give increments more often. Give spot rewards more often.
Summary
Running a business isn't for everyone, No one is perfect. Unlike any other job, the startup CEO has to come up with versatility of skills, high-risk tolerance, and incredible work ethic. Founders shouldn't get discouraged by a few mistakes along the way. You have to learn how to do a lot of things beyond your core strengths and interests. You should probably deal with a cap table, assess potential markets, and track your finances.
The key is finding the teachable moments that show you the lessons you need to learn to become better and avoid making the same mistakes.
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About Prakash Bhosale:-
Prof.
Prakash Bhosale is the entrepreneurship consultant for startups. He is a
serial IT, Media entrepreneur & leading business consultant He has
Over 15 years of experience in education, corporate, IT, e-Marketing,
Consulting domain. He is a columnist on business & entrepreneurship
with newspaper, magazines, portals, published
over 1100 articles. He is the writer of the 4 books on
business, entrepreneurship, business ideas. He also guides
PhD fellows, business plans, DPR preparation.
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