Chief Entrepreneurial Officer -The kind of C.E.O. a startup really needs
No matter what stage a startup is in – no matter how well established or promising – a venture that is trying to scale typically needs its CEO to be more than just the Chief Executive Officer.
It is not enough to manage the managers. It’s not enough to develop a plan by consensus and oversee its execution. To ensure ultimate success, CEOs must think and act like entrepreneurs. Indeed, they should aspire to be a Chief Entrepreneurial Officer.
We think of entrepreneurs as pioneers who take the initiative to create something out of nothing. They experiment and innovate. They sacrifice, lead, and in coping with high uncertainty and high reward events, learn to be resilient. I compare entrepreneurial founders to independent movie makers who produce and direct, maybe even play a role in the film, work with writers, actors, cinematographers, tech crews, and investors...all the while carrying out a creative vision.
Of course, there are all kinds of CEOs. Everyone is unique, and the job description varies with the needs of the startup. But here are some ways that I’ve come to think of entrepreneurial CEOs:
1. You don’t have to be a visionary, but you must be carrying out a vision. It doesn’t matter whether it’s a founder’s vision, yours, or someone else’s -- you need to be able to fully appreciate and effectively execute on it.
2. You’re courageous, but not foolhardy. You have a resolute sense of purpose but also realize the danger of unintended consequences.
3. You are strategic in dealing with risk. You welcome the challenge of turning risky unknowns into manageable knowns. And in dealing with risk, you are calculating and imaginative in order to minimize it.
4. You are questioning, but not cynical. You doubt and test all assumptions but have faith that discovering what’s true will prove to be the optimal basis for decision-making.
5. You experiment yet move. You’re able to be practical while still being innovative.
6. You hire based on ability, not mere skill. To attract and motivate a great team, you understand that you need people who can grow in a lot of roles.
7. You enact real change, not just manage expectations. If you are promoting change that doesn’t actually move the needle, you realize you are not really leading.
8. You set ambitious priorities rather than just compromise for consensus. You discern what’s truly important and what’s truly urgent, then prioritize accordingly.
9. You inspire and instill in others the confidence to undertake new initiatives. You know that setting an example is a key difference between managing and leading.
10. You aspire to be entrepreneurial, realizing it’s a continuing effort. Having earned a position of trust, you don’t want to just protect what you’ve done and go on cruise control. Your ambition is to constantly improve and achieve more – with others and for others.
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