In this era where everyone is starting up a business, it is inevitable that many will fail. Not to foresee doom or anything of the sorts but obviously with a tough market like ours, only the tough will survive. Not everyone possesses what it takes to be a winning startup CEO. It’s obvious that most startup CEOs have no idea how to run a business but simply started one out of scarcity of their much preferred ‘white collar’ jobs.
It takes a lot to succeed as a start-up CEO. Many have tried but only few have succeeded. Listed below are some practices common to successful startup CEOs. Towing these lines might be the winning hand you need.
- Driven by passion; given one might succeed in businesses that they aren’t passionate about with the right business strategies but the chances are slim. True satisfaction and fulfilment comes from doing that which you are passionate about.
- Firsthand knowledge; people assume that running a business is something you can learn while you’re already on the job. Successfully manning a start-up business requires more than ‘on-the-go’knowledge. The startup CEOs who have succeeded so far had firsthand knowledge of the business they were venturing into.
- Vision and mission clarity; the purpose of the business should be clear and obtainable. Ambiguity in vision statement is responsible for the alarming number of start-up failures in the country today. A startup CEO should be able to determine beforehand what the enduring purpose of the start-up is. Identifying customer needs yet to be met in the market could aid is defining your vision.
- Setting long and short term goals; long and short term goals help keep the CEO grounded, focused and motivated. A winning startup CEO should be able to identify the right approach to realizing investment return as well as strategies to attain short term milestones.
[Read Also: 6 easy steps to securing a financially balanced future] - Identifying strengths and weaknesses; a man who admits his weaknesses is not weak. It takes a lot of courage to acknowledge that you may not be an all round guru. When you’re able to identify your weaknesses you’ll be able to work on them and become much stronger. It might require employing a helping hand (an executive) to complement your strengths and weaknesses.
Other practices that make for a winning startup CEO include;
- Ability to detect and attract talent
- Garnering business strategies that promote success
- Adapting to change
- Keeping up with customer needs and market demands
- Keeping up with the changing needs of the customers
- Identifying and conquering competition (amicably)
These are not just random practices but are guaranteed to mold a winning startup CEO.
[Read Also: Difference between an Emerging Market and a Frontier Market]
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