No one gets to be a company’s chief executive officer without a little innovation, a lot of smarts and some exceptionally hard work. CEOs are often paid a small fortune and while some might dispute the gross compensation many executives receive, there’s no doubt that a chief executive can make or break a company’s financial success. Entrepreneurs are their own CEOs in a way: with a new start up, an entrepreneur takes such a leadership role from the very beginning. Whether the ultimate goal is to start a company and keep it as employment or to create a start up for the purpose of selling it, there is a lot a developing entrepreneur can learn from successful CEOs.
Become a CEO takes education, patience and business savvy. Part of being a successful executive officer involves knowing when to take risks and when to play it safe with business decisions. Being a CEO means making decisions and being willing to deviate from the business plan an individual or company might have in mind. Starting a company requires many of the same skills. For example, entrepreneurs will often be faced with many tough decisions early on. Knowing where to push forward and when to hold back can be what causes a business to succeed or falter. It is well known that the business model an entrepreneur has in mind may not come to fruition. By following the lead of the many CEOs who have saved Fortune 500 companies from failure by drastically altering the way companies do business, an entrepreneur can learn to go with the flow in a start up.
Entrepreneurs can also learn about making tough decisions from successful chief executive officers. Especially in moments of economic crisis, CEOs often have to make decisions that do not please many people. Things such as eliminating bonuses, downsizing a workforce or cutting hours might lead to discontent in the workplace but could ultimately save a company in the long run. These are the sorts of decisions many entrepreneurs have to make as well, although often on a smaller scale. From choosing companies to contract with or hiring or firing an initial workforce, there are few easy or clear-cut choices when starting a business. Part of being a CEO is balancing compassion towards employees with what decisions are in the best interest for the success of the company. A good CEO can propel a company into decades of strong performance while a CEO who cares more about compensation could ruin it forever.
Entrepreneurs looking to create a successful business model can learn a lot from CEOs who stimulate a company’s growth on a larger scale. For those who do not know any CEOs from whom to seek advice, working with business consultants in the early stage of a business might help. Business consultants are professionals trained in helping business owners and executives in making the right management and financial decisions. Many take their cues from CEOs and taking their advice could help you interpret executive examples into practical application.
No matter what sort of company you are hoping to start, following in the footsteps of successful chief executive officers can be the secret to prosperity. By putting yourself in the mindset of a CEO, there are few things you and your new start up cannot accomplish. No one is better at making tough decisions, putting a business’s health first and working to move a company forward than a CEO. Who better to learn from when starting out on the road to excelling in business?
This has been a guest post from Naked Business Consulting. Get in touch if you want to take your business to the next level.