Though your job might’ve taken a huge step of progress, there’s still a lot of (personal) work to be achieved.
You have made it. In the end your effort, you’ve climbed the right path to the very best of the organization ladder to be the CEO of your company.
But, there is no time to bask in the glory of your accomplishments. The business enterprise world is incredibly fickle, and unless you generate the results your company needs, you could quickly end up being shown the entranceway.
When you can’t always control the factors that help define your business’s success, you do have control over your leadership traits — which will likely make all of the difference. With the proper attributes, you will be well-equipped to improve employee morale and discover methods to increase productivity.
However, unless you overcome your own private shortcomings or fall into common psychological traps of new CEOs, you will be hard-pressed to accomplish these results. Listed below are traits that CEOs must make an effort to overcome.
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1. You need to work to overcome pride.
After achieving your goal to become CEO, it could unfortunately be all too easy to be prideful. You might develop an unfounded belief that you no longer require to consider learning and growth opportunities. You might dismiss those that challenge your own perceptions, instead preferring to surround yourself with "yes-men."
I discussed this unusual conundrum with my buddy Brian D. Evans, who also serves as CEO of BDE Ventures.
"There is nothing wrong with being pleased with your own achievements, nevertheless, you can’t let that head to your mind," he says. "Being outright dismissive of industry changes and others’ ideas is excatly why we no more have companies like Kodak or Blockbuster. As CEO, you must maintain humility and remember you’re rarely the smartest person in the area."
Putting aside your pride and opening yourself up to get the input of other members of your team won’t just assist you to receive new ideas — it will provide extra motivation to your employees. As you utilize humility to show how you value your employees, you can reduce rates of turnover and absenteeism, that may directly impact productivity and overall expenses.
2. You need to work to overcome caution.
Initially, a cautious attitude might not seem like a poor attribute — but as Dean Stamoulis wrote in the Harvard Business Review, that is rarely an appealing attribute in a CEO. "Near the top of the list [of desirable CEO qualities] should be the opportunity to embrace effective and appropriate risks and the capability to act on opportunities in high stakes situations — particularly when the ‘right’ action isn’t initially clear."
While it’s true that CEOs should utilize the resources and knowledge open to them to make sure informed decision-making, too many let the concern with failure keep them from taking any risks. They overthink decisions and prefer conforming to past ideals.
The truth is, a lot of the greatest innovations and successes available world and the areas have been the consequence of a calculated risk. It had been a risk for Bill Gates to drop out of college to start out Microsoft. The publication of Harry Potter was rejected by several publishers.
Not absolutely all risks could have such high payoffs. But, even though a risk doesn’t pan out, you can learn new things that will assist your company grow and proceed of your competition. Complacency, however, will only make you fall behind.
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3. You need to work to overcome a pure concentrate on profits.
Yes, your company’s important thing is more important than ever before once you feel CEO. That is especially noticeable if you find yourself answering to investors or the business board. But, this shouldn’t make you become centered on profits over your customers’ needs.
A profit-first focus rarely ends well. In the event that you attempt to lessen your customer support offerings or use cheaper materials to manufacture your products, your market will notice. The infamous Ford Pinto fiasco came as the result of chasing profits as opposed to the best interests of the client.
If you may have significantly more of a disconnect from your own customers given that you’re serving in the C-suite, you can still utilize the insights of your other employees to comprehend what needs or concerns your market has.
As you constantly seek to boost your services or products in a manner that will best help your visitors, you can build the loyal following your brand needs for lasting success.
An improved you, an improved company.
As you do something to handle the above CEO pitfalls, you will be better in a position to have a lasting positive influence on your own company. From motivating employees to appropriately reacting to advertise changes, overcoming common CEO roadblocks will help you to guide your company to a promising future.