Not only first time CEOs but experienced CEOs even make mistakes that can make things difficult as for the survival of the company is concerned. It is tough to handle failures, and silly mistakes that could have been avoided can haunt you for years to come.
In this situation, if you know that there is nothing much you can do the best option available for you is to keep moving ahead and stop thinking about the blunders you have made in the past.
Life of a CEO is difficult and if you’re going to enjoy this position for the first time, be sure that you avoid the following mistakes that are commonly made by first-time CEOs.
These are the 9 common mistakes first time CEOs make:
- Not establishing a proper system
Being the CEO of the company, it is your responsibility to make sure that a proper system is established and the same is reviewed on a regular basis.
- Listen more and demand less
You have the most important position in the company, but that does not mean you have enough knowledge to solve every problem in this world and expecting that people will simply listen to you all the time is even wrong. You’re the CEO of the company, and you should make it a point to listen more to what others have to see and understand how they can contribute.
At the same time, make sure that you demand less because you’re putting forward your requirements and you expect your employees to respond and not your slaves. Employees are the biggest asset you have, and if you do anything that can be problematic for them, the issue will build up, and you’ll feel like a CEO.
- Bonding is important
You need to Bond with your key stakeholders, and you might not have more than three months to achieve the objective. Remember that building understanding, trust and credibility are not easy, but if you do not achieve the objective in time, you’ll have to bear the consequences of the same. Bonding well with key stakeholders will ensure your continuity as a CEO.
- Unrealistic expectations and over promises will pull you down
Don’t even think that you can set any demand and your employees will give their best to achieve it. It is possible, but your expectations will only hurt you, especially if they are unrealistic. Setting unrealistic Expectations early on will destroy not only your career but also the reputation of the company, and it might even affect the survival of the company. So be extremely careful while setting expectations for your team.
At the same time, over promising can have a negative impact too because stakeholders will start expecting from you and if you do not stand out, they will start having concerns and trust issues with you.
- Don’t forget that humans are working for you
Human error is one of the most common issues faced by people working in an office. The possibility of an error is and will always be there. In a futuristic world, you can expect robots to work for you and the possibility of human error might be reduced but for the time being, you need to realize the fact that the possibility of human ever will exist.
Also, if you’re angry with your employees, don’t expect them to bow down to you and listen all the time. If something has gone wrong, you have to take up the responsibility and share the blame.
- Embracing the right Technology
You’re the decision maker and your decisions will have a considerable impact on what is purchased and how will it benefit the company. For example, if you’re planning to invest in a sophisticated POS system integration, iPad POS might be an ideal solution for you. However, if you’re simply looking for a desktop version, invest in software that can be used without any issues.
Embracing technology is extremely important and till the time you do not understand this point, you’ll not be in a position to compete with your competitors.
- Compromising on the ego you have in your mind
Ego is bad and we all know it. However, when it comes to keeping it aside while working, we feel ego popping up at regular intervals to make decisions tough for us. It is a fact that most of the first-time CEOs let their ego rule and face severe consequences when things do not go as planned. So, be extremely careful with this point and make sure that you do not let your ego decide what is to be done and how.
- Be ready to fail
This is one of the most common things every CEO should bear in mind because even if you give your best, there is always a possibility of failing. If you’re not ready for it, it will leave a negative impact on you and the disappointment might ruin everything you have in your mind. So, be careful and make sure that you’re ready to fail even after giving your best.
Failure is a part of Business and you cannot expect yourself to never feel. However, you can learn from your failures and consider them to be a learning experience for you.
- Learn from other CEOs
You might have great plans in your mind but it is a smart thing to still learn from others and make sure that you do not repeat mistakes made by them. Even the smallest advice given by them should be registered in your mind so that you prepare yourself for a similar situation. Look at them as your mentors and let them provide you with Insight that can help you.
In this case, you have to decide what advice will work for you and which ones should be skipped. Keeping the right advice and mind and leaving behind the wrong ones is even a challenge but if you’re willing to accept the challenge, you’re bound to be a strong-minded CEO and it will help you register success in the future.