While every CEO might have different ways of doing business, many share similar characteristics that contribute to their success. If you’re looking to mirror the achievements of some of today’s top leaders, consider the following attributes that CEOs need to succeed.
The world is constantly changing, so it’s essential to periodically take a look at your current business plans and future trends to make sure you’re on the right path. When Adobe Systems CEO Shantanu Narayen thought about the future, he realized that selling software on physical discs was a dying practice. Even though the company’s fortune was built on selling box sets of graphic design software, Narayen switched to a subscription-based model and the change has proven successful.
Plenty of CEOs start out thinking they’ll always be truthful with everyone in the company, and when things are going well that isn’t hard to do. However, it is times when a business hits a rough patch that truly tests the honesty of a CEO. You have to share the negative news along with the good news to keep up your credibility. After all, if you say the company is doing fine, only for employees to turn around and face layoffs and cutbacks, your believability is instantly ruined and might not ever come back.
Chances are good you won’t hit instant success overnight. Challenge and obstacles arise for any business, but you can’t succeed unless you’re willing to forge ahead in the face of them. Airbnb CEO Brian Chesky admits it took around 1,000 days for his business to start working. However, instead of giving up, he pushed forward to make the travel accommodations website what it is today.
4. Ability to Inspire Loyalty
Great CEOs not only like people, they understand and emphasize with people as well. Additionally, a good CEO won’t put his or her needs above the needs of the company or its employees. When Mark Hurd accepted the CEO position at Oracle, he didn’t take a pay raise. Instead, he opted for stock options and bonuses. That way, he only did well if the company did well. Likewise, when he had to trim costs by asking employees to take a pay cut, he also took a pay cut to show he holds himself to the same rules and standards.
There might come a time when you have to admit a mistake and make amends. How you handle this situation will say a lot about you as a CEO. Apple CEO Tim Cook says that a lot of big companies are afraid to admit mistakes, yet he realizes that not owning up to an issue can cause the company to lose employees and customers. He offered public apologies for the launch of the bug-filled Apple maps app and the hiring of John Browett for head of retail, who Cook says just wasn’t a good fit for Apple.
From inspiring loyalty to changing with the times, if you’re looking to take inspiration from some of the top men and women in the business world, consider the previous attributes that contribute to a successful CEO.