By Mark Norige, Advisory Board Member, Mansfield Bio-Incubator
Can a technically trained person become a CEO?
As a highly trained technically-minded scientist, researcher or engineer, with a bright idea, you may be inspired to create your own company. Perhaps it’s to commercialize your research or a novel way to meet an unmet need that is driving you, however, you never envisioned or prepared to become a CEO. If this sounds familiar, then a good place to start is by learning about what it means to be a CEO.
What actually is a CEO?
In modern organizations, the CEO (Chief Executive Officer) is the organization’s top person, the top banana, its’ big cheese. CEOs are responsible for everything but for what are they really responsible?
CEOs using past training, education and experience, shape and guide a business using words, actions and decisions. Decisions which can impact (positively and negatively) the organization, its’ markets, employees, industry and even possibly the world. (thinking of wunderkind CEO Elon Musk here) Are CEOs rare creatures born to lead businesses or can anyone become a CEO? I believe they are “ordinary” men and women with “extraordinary” skills, ambition combined with a bit of luck too! Yes, many CEOs attribute their success to luck or just being in the right place at the right time. Could luck really play a role? According to Sandler Sales Training founder David Sandler; “Luck is preparation meeting opportunity.”1 We may not be able to control our opportunities but we can work to be prepared for when opportunities arise. Many opportunities are lost if they go unrecognized or we are just not prepared to act on them.
So where is the handbook for CEOs or for those aspiring to become CEOs? How does one learn to think like a CEO? Read on for three worthwhile tips.
Tip 1: A CEO model
One place to look to learn to become a CEO (or an even better one) is in the recent book by John Decker, titled; CEO: Mastering the Corporate Pyramid available, at Amazon. Decker describes his findings from interviews with hundreds of CEOs. He illustrates a pyramid or hierarchy of CEO skills, experience and responsibilities that shape a CEOs results. He's not talking about a nefarious pyramid scheme here. In the book John presents a complete framework or hierarchy of responsibilities for the role of the modern CEO. Of prime importance, at the top of the pyramid, is delivering results by increasing investor value. Next, in support of results come a wide array of supporting abilities resulting from critical knowledge and experience. In the pyramid John includes a variety of skills from managing critical relationships to developing key personal skills to developing good business judgement. Even included in the book is a CEO readiness survey to see how close you are to being a CEO.
Tip 2: Successful CEO traits
If we were to tap into the minds of successful CEOs we might discover a few things. From the CEOs I’ve known, I’ve learned they possess a highly developed and functioning awareness of their situation and that of their many stakeholders. Often CEOs are well aware of their own thinking. They maintain a keen focus on what is at stake, a clear vison of where the organization is going and drive to move it there. They set goals, keep score and track their progress. They are excellent communicators and seek to understand others by asking probing questions and by listening to what is said. They are able to hold themselves and others accountable; they seek to build consensus and build relationships to foster cooperation and support. When faced with conflict or when things go wrong, they face their failures and negative events head-on. They take responsibility instead of shifting blame despite the possible consequences. Continually looking to understand, correct and improve, they adjust their thinking to achieve better results.
Unlike other tech businesses, scientists, engineers and researchers looking to create and lead new life science companies face added challenges beyond the business skills and knowledge required to get a new company off the ground. CEOs in life science companies must be prepared for significantly longer development cycles and the complex testing and validation that goes with a mountain of regulatory requirements. To succeed, these CEOs must be good at long range planning, building strong relationships with collaborators and the ability to excite investors.
I believe, with practice, we can remodel ourselves, to change weaknesses into strengths, to think like a CEO.
Tip 3: Join a peer advisory group
Another way to be more like a CEO, or become a better one, is to be a life-long learner. CEOs who seek to learn from other CEOs often participate in peer advisory groups as a means to enhance their ability to produce better results. Imagine the value received from the advice of a room full of CEOs all vested and committed to each other’s success.
To determine if a CEO peer advisory is right for you consider these three questions:
Are you challenged to achieve your best and to create exceptional performance in your business and personal life?
Are you missing skills or experience to accomplish your goals?
Are you willing to consider input from others in order to make better decisions?
If you answered “YES” to all three questions, then you should consider joining a CEO peer advisory group. The results just might surprise you.
References:
(1) The phase “Luck is what happens when preparation meets opportunity.” is attributed to Roman philosopher Seneca (c. 4 BC – A.D. 65)
Written by Mark Norige – Principal, Consultant and Chief Catalyst of The Board Forum®. Mark is a present and former CEO, business leader, Mansfield Bio-Incubator advisory board member and adjunct lecturer in Innovation and Entrepreneurship at Brown University. He writes and consults on leadership and business improvement topics.
© January 2022 www.theboardforum.com
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