Striving to be the successful CEO of a company that reaches the heights of fame and fortune is a tall order, especially in the digital age, where many tasks need to be micromanaged.
A report from think tank Reventure has collected insights from 50 high-performing CEOs to find out what makes a good leader in business – one who can tackle the challenges CEOs face today and the ones they will face tomorrow.
“CEOs are cautiously optimistic about what the future holds, but see challenges in the rapid rate of change and massive upheaval technology is creating,” said Dr Lindsay McMillan OAM, Reventure’s lead researcher and managing director.
“This research reveals what it takes to be the next Steve Jobs or Mark Zuckerberg.”
Dr McMillan suggests that if you are a business owner who wants to be successful CEO, you should:
1. Model the change you want to see occur in future workplaces.
2. Recognise your authority and seize it to make even small changes that impact on yourself as CEOs, but also your workplace and employees, and the industry in which you specialise.
3. Talk about how you measure performance around vision and innovation, not just the short-term benchmarks.
4. Relinquish authoritarian control. Delegate to and trust in others who will work in teams – and grow their resilience and wellbeing.
5. Foster a team environment and make decisions based on the team and not yourself. This involves compromising on decisions, recognising opportunities and skills in the team, negotiating, persuading and leading.
6. Be nimble, adaptive and creative – innovate and show vision to compete in a global market in a time of rapid change.
7. Be a friend to ambiguity and uncertainty.
8. Find a way to let go of the day-to-day control and step away from the detail. Reflect on what you have done, where you are going and what you are contributing.
9. Be open to work practices that reward creativity, provide community, engage in sustainable practices, nurture and support staff and see connectedness of business, family and community life.
10. Be open to connecting head and heart, listening carefully and slowing down to allow reflection to guide your decisions.
My Business has previously published tips from world-famous entrepreneur Sir Richard Branson on business success, as well as insights from Loni Stark, senior director of strategy at software giant Adobe, about the common traits of the world’s brightest minds.