There is a huge difference between a founder and a CEO. Successful business owners know how to transition from a founder to a CEO. The roles and responsibilities are highly defined in each role.
It is not possible for a single person to play both roles. Although the top positions in any company require tremendous hard work and sleepless nights. Understanding the difference between CEO and Founder is essential for the continuous growth of the company.
A founder basically is the one who establishes a company and makes it grow up from ground zero. A CEO is one who manages the company’s overall performance. It is possible for the same person to work in both roles – Founder CEO.
Characteristics of a successful business owner
There are certain characteristics that make a business owner successful. This not only includes dedication and hard work, but also characteristics like team leadership skills and management.
A business should not only focus on making money. Success comes by focusing on long-term goals rather than short-term gains. Businesses must target generating sustainable growth.
It is important to have realistic goals and work on achieving them. It is essential to work towards ensuring customer satisfaction at all times. This is possible by bringing up new products and improvements that meet the expectations of the customers.
Skills needed to be a successful CEO
In order to be a successful CEO it is essential for you to harness a few of your key skills. I, Anek Bedi have tried to polish them so as to make myself a better version. I am sharing them with you, so they could be helpful for any future entrepreneur.
Harvard Business Review has put together a study that shows there are basically 3 types of CEOs. This includes Fixer, Relationship Maven, and Passion Player. However, the basic skills remain the same for all. They include –
By Education, I do not mean school or college education. Obviously, education is important, but having knowledge about literally everything is important. I, Anek Bedi have companies mostly concentrating on healthcare, logistics, and IT. But I have a keen interest in and follow other topics like lifestyle, fashion, world leaders, etc.
There is no shortcut to experience. Experience is not a course. It comes with a good share of failure and success. Successful business owners would learn from their mistakes. Over time these are the same learnings that mold them to become successful.
Again leadership skills do not come overnight. It takes years of honing to be a successful leader. Leadership further has a number of other skills that together form a group. Attributes like communication, composure, and problem-solving ability play a key role in the development of a leader.
Thinking out of the box and having instinctive capabilities are essential when it matters the most. Leadership is not only about being in the front, it is about taking the team together. A Forbes magazine report recently revealed that Empathy is the most important trait in leadership.
An Executive Presence
Being a manager or a leader is not sufficient to be a CEO. Having poise and charm is essential to be acceptable as a CEO. Very few CEOs master the art of having an executive presence. Being the face of the company, the CEOs need to have an aura about their presence. It is not only standing out from the crowd but establishing a firm presence that is highly essential.
Being a CEO is not only about getting the work done. You cannot stand there and shout at people to complete tasks. A true CEO knows the procedure of the workflow. They ensure a smooth process of getting the tasks completed. Also having regular conversation and interactions with other C-suite people from other business further help in improving your idea generation as well as problem-solving skills.
Great leaders need to have humility. This is an extremely important trait for a leader. Being on top of the employee pyramid, there is literally no one to point out your mistakes. Therefore, self-reflection is the only way to continue performing better. And if you want to be a successful business owner who wants to be an awesome CEO, then this is one tool you cannot skip.
Have a vision
A company has a vision. But a CEO should have a separate individual vision. However, both these visions will coordinate and work together. This helps in achieving the highest potential for the development of the company as well as yourself. With time, these visions together merge for tremendous success.
Team Management Skills
A CEO is literally nothing without their team. Not only should a CEO have leadership skills, but they should also be a good team player. A CEO should listen to his team members, take in criticism, and always focus on improving. It is essential to have the highest level of trust in your team.
Interaction with other leaders
Interacting with other leaders helps you in learning new skills. This will help you in thinking out of the box as well. Take out key points from their growth story. Use them to improve yourself. Share your success story with others. Be active on social media. This will work for the improvement of your own attributes.
There are a lot of points that come under character. Moral character, behavior after office hours, interaction with employees. The character of the CEO is most visible during official challenges or after office hours. Successful business owners display characters that not only influence workers but also influence their way of thinking.
I, Anek Bedi, consider myself a good CEO – still in the making. There are always a number of things that we can continue to learn. Each new day comes up with new challenges. Solving them as quickly as possible and taking on new challenges are what keep me motivated.
Operating 3 different companies – VO logistics, Virtual Healthcare, and VO IT I have learned that being a successful business owner is different from being a successful CEO. I still consider myself a Work-in-progress. I try to pen down my thoughts and publish them in different sources. Do read my latest writing on being a successful entrepreneur.
Until next time, have a successful time!
What makes a successful CEO?
Successful CEOs do not wait for the perfect moment. They have a mindset that a wrong decision is better than no decision. They do not delay the decision-making process.
What are the prime challenges for a CEO?
CEOs do not have a fixed career path. They need to forge a path for themselves through twists and turns. Facing regular and new challenges, and solving them on time, together help in shaping a good CEO.
What are the biggest responsibilities of a CEO?
The major responsibilities include setting and executing strategies, building senior leadership, important decisions related to finance allocations, and setting values, vision, and culture.