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Cited in a study by The Leadership Gap, about 40 percent of CEOs are fired within their first 18 months on the job. With so much at stake, it’s no surprise that so many business leaders have difficulty starting and maintaining a successful business.
With as many as 400,000 CEOs in the United States, they are certainly quite a lot of business leaders out there doing something right in terms of success. According to a poll on The Guardian, most of the CEOs interviewed put into 11-12 hours of work each day. And some put an extra 2-3 hours of work when they arrived home. Working 13-14 hour workdays, many CEOs polled said they get by with only 6-7 hours of sleep. So, what are the qualities of these driven CEOs that separate them from the 40 percent that fail within their first 18 months of operation?
What Separates Successful CEOs from the Rest?
An article on Forbes.com cites three main qualities that all CEOs should possess in order to excel in the work place: Credibility, Competence, & Caring.
By staying credible, CEOs retain the trust of their employees and instill a quality work ethic. It’s not enough to be credible only 95% of the time though, CEOs should remain truthful 100% of the time. While it’s nice to disclose the positives of business operations, CEOs should reveal the negatives along with the positives. By doing so, they enforce an open workplace and their employees can depend on them to be open no matter the situation.
It’s imperative that CEOs know everything about the structure of their business model and can relay all the information to employees. Credibility and competence go hand in hand. If the employees don’t have faith in the CEO’s competence then it doesn’t matter how truthful the CEO is. Employees must be able to look up to CEO in terms of business procedures and priorities and the CEO must continue to lead and grow professionally throughout his/her career.
Lastly, employees must know that the CEO cares about the business in the first place! This means that the CEO should put his employees and business above himself. From the very beginning, CEOs should take control and set clear and objective guidelines both for him and all the employees. By adhering to the same standards as employees, CEOs demonstrate that they don’t view themselves as above the standard business policies.
Advice from Successful CEOs
In a recent article on Investors.com, successful CEOs shared wise business advice they had received from their fathers in honor of Father’s Day. While some advised to always go into a conversation with a positive demeanor, others advised to reflect and make sure to conduct business in an ethical manner.
Ron Rudzin, CEO of Saatva Luxury Mattress, advised the following:
For more on the Do’s and Don’ts of being a successful CEO, check out the following articles:
Guest Post by Nicolle Hiddleston