Being a startup’s CEO is one of the most challenging roles out there. Your job is to build product customers love, recruit a team, find funding from customers, partners or investors and guide the overall prioritization of work. Having said that, while some people are efficient in leading a startup and enjoy doing it, they might not be as good at leading a mid-level enterprise and vice versa.
It boils down to you, to decide if you will be able to and enjoy leading your startup, as a CEO. Here are a few key skills that are essential for you to effectively lead your startup. We hope that this list will help you decide if you should be the CEO of your startup.
Very good communication skills:
As the CEO of a startup, it is essential to be able to communicate a vision to your employees as well as your investors. A CEO should inspire confidence in the employees and belief in the investors by the way he speaks.
Keeping costs low:
As a startup CEO, your foremost priority is to be able to come up with creative ways to cut your costs. In order to procure key services like accounting or legal, you can offer equity stake in your company rather than paying for them. Wherever possible, it is necessary to defer payments, until such time when your startup generates enough revenue to consistently pay up.
A thorough understanding of the product/ service:
It is essential for you as the CEO of a startup company to be able to understand the needs of a customer. As a CEO of your startup, you should also be able to solve these needs and design products accordingly.
Capable of generating funds:
Being able to procure or generate funds for your company is another very important skill that a CEO of a startup should have. Any business, at least in its primary phase requires at least a substantial amount of funding to run their operations. Funding is important but as a CEO, you should also be able to maintain a pressure to procure money for the product/ services from your customers.
Able to set goals for employees and avoid micromanagement:
A lot of inexperienced CEOs make this mistake of being a micro-manager and trying to manage even the smallest aspect of their startup. It is best to hire individuals who can do their job much better than you could do their job and to set goals with them and hold them accountable to their goals—but not to tell them how to do their job.
Having a professional to take up the role of a CEO is a good idea if your sets of skills don’t match up to the skills required at various stages of growth, of an organization. To reiterate, it totally depends on who you are and what you want to do. Skills can be learned but at times it is a good idea to be practical, after all, it’s your brainchild that is at stake.