When an entrepreneur starts their business and has one employee, he/she is the Chief Executive Officer.
The CEO has a job that if done well, can propel the company forward. If done poorly, it will hold the organization back, or even hurt it.
Here are the three key parts of the CEO’s job – Vision, Money, People.
Vision – What to do provide to whom? How? What makes you the provider of choice for customers? What do you want to be when you grow up? What does that look like? What will you need to get there?
Money – What margin do you make on your product or service? What are your costs? Pricing? Do you have enough money to get going? How will you finance it along the way? Do NOT run out of money!
People – Get the best people you can – and some people who have specialized knowledge you do not. Culture. Inspiration. Training. Acknowledgement and recognition. Get the best team and keep them team together.
That’s the job. For most entrepreneurs, they do not understand what their job is. They think they are a salesperson or a manager or a technician, and never actually do the CEO’s job. With this position left unfilled, they stagnate.
Is the leader of your company doing the CEO’s job?
Thank you. Thought food for a leader.
Thank you Larry, great one! Doing my best to execute today’s post! I look forward to your morning post, after 6+ years, your posts are having a cumulative positive effect on my life and business. Thank you!
Excellent breakdown on what matters most for leaders – simple to understand and keep focus on amid the daily distractions of the job.