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Filed under: Startup CEO

10 Annoying Behaviours of the prima donna CEO

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We’ve all seen it – the nightmare behaviours of the prima donna MD/CEO.  These are my personal favourites & I can’t wait to hear yours – so please add them in at the comments section below:

1.       Travelling in a different class to everyone else & expecting special treatment everywhere they go.  I used to work for a CEO that travelled business class when our start up could hardly make payroll some months.  Even worse – his PA was sworn to secrecy & if any team members happened to bump into him at the airport or getting on or off a plane, he used to pretend he’d been upgraded.  Pathetic.

2.       Being unable to as much as fart without the involvement of a long suffering PA.  I followed up with a Northern Ireland executive that I’d met in Washington DC about a mutual opportunity we’d discussed when we were in the USA.  He referred me to his PA to book a meeting with him.  I’ve never been back to him since.

3.       Going on & on about how brilliant they are & being the big “I am”.  Linked to this is telling everyone constantly that they are the CEO.  I used to work for a CEO in Belfast (some of you may know him, dear readers...) who at least once a day we would hear shouting from his office “But I am the CEO”...Boy how we used to roll around laughing at that.

4.       Hideous uncalled for temper tantrums.  One CEO I used to work for threw a chair at me one day – and I mean a proper typing chair with a solid metal base.  Had I physically attacked him.  No – I’d caught him in a bad moment & made some comment that he didn’t like & that was the result.  I managed to dodge the chair for anyone who’s wondering.

5.       Spending their investor/shareholder/VC money recklessly – how many times have we seen that?  $50k on a domain name, $150k on a booth used twice a year at conferences, flashy company car, unused apartment in Palo Alto that no-one in the team but the CEO is allowed to use and so on...complete waste of money & no-one dare say anything.

6.       Getting team members to do non job-related stuff for them.  One MD I worked for used to come in late to work & ring in for someone in the office to come out & first of all wait in the car park queue & then park her car.  If I ever get even slightly uppity, Paul says to me – “you’re getting more & more like X” – that puts me straight back into my reality box.  Same MD used to take a taxi from central London to Heathrow airport because she “didn’t like using the tube”.  Other examples of this might be asking members of your team to book personal travel for you or take your cleaning to the dry cleaners.  CEOs – do it yourselves!

7.       Dominating team brainstorming meetings with their own brilliance so that no-one else gets a look-in.

8.       Always hogging the limelight instead of encouraging others to have a go & try taking a lead every now & then.

9.       Leaving meetings when they’ve had their say – their time is clearly so valuable!

10.   Having ridiculous amounts of the latest technology gadgetry – half of which they don’t even know how to use. 

I’m sure there are loads & loads more so let’s get them all out there.  This was an easy blog for me to write as I seem to have worked for more than my fair share of CEO assholes over the years (if you’re reading this John Thornton, you are not included in that pile!).  Having said that, it was one of my main drivers for starting my own business as I thought to myself, this really can’t be too hard if that asshole can do it!

Top 5 qualities the start-up CEO wants from team members

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You have to be a certain sort of person to get on well in a start-up and there’s no doubt it isn’t a suitable career choice for everyone.  I thought a quick “top 5 qualities” may be useful for any of you out there that are wondering if this sort of adventure is for you.

My original list was much longer but I’ve whittled it down to the 5 that matter most to me – I realise that this is personal to me and many of you will have some of your own that you wish to add in the comments section.

Read on if you’ve been bitten by the start-up bug or are thinking you might jump in to the technology bubble that’s rapidly exploding right now.

1.       POSITIVITY No-one wants to listen to or work alongside a whinger or sniper.  Yeah – things generally aren’t even close to perfect in a start-up environment but get over it & get over yourself & you’ll  make a far better team member.

2.       HARD WORK No getting away from this one folks.  You cannot cover off everything you need to by working 9-5 for 5 days a week.  If that’s all you can give, stay well away from start-up land.

3.       COMMITMENT I want to know you’re gonna stick around long enough for me to recoup my investment in you – and there will be one.  The flip side to that is the minute you’re gone, you’re gone – don’t expect a leaving party & sad farewells in a start-up; no-one has time for that.

4.       ENTHUSIASM AND ENERGY Enthusiasm for what we’re all trying to achieve, hunger for success and energy which manifests itself as urgency in all that you do.  Don’t come sloping in to work at 9am telling me you are tired.  I don’t want to hear it.

5.       A SOLUTIONS FOCUSED OUTLOOK Don’t bring me problems.  We have millions of those already.  Push yourself a bit, work it out & bring me a solution.  I like that a lot better.

You’ll note nothing on the list has anything to do with your skills.  I guess they’re a given & a secondary consideration.

As always your comments are welcome – keep them coming & I look forward to reading them.

Entrepreneur tips from the uber Rich Felix Dennis Part 2

This is the second part of a two part blog reviewing extracts of Felix Dennis’s book “How to Get Rich”.  In Part 1 we went over Felix’s view on the 5 most common start up errors.  Now the bad news is out of the way we can move onto the Cardinal Virtues of the Entrepreneur.  Anyone who is a long time reader of my blog will recognise many of these “virtues” as themes I’ve touched on before – let’s face it there can only be so many virtues.  First up is:

·         Persistence.  Felix has a different view on this from most writers of business books.  Basically his view is that you need to be terrier-like in persistence when it matters but with an ability to stop being stubborn when all the evidence shows that you’re on a mission to nothing.  So – you should try harder than you think you can for something that’s worthwhile but you should also remember that quitting is not dishonourable.  The skill comes in recognising when you’ve crossed the line from being persistent to flogging a dead horse – and that’s the difficult bit.

·         Self-belief.  This is the big one.  Without it you probably won’t start on the journey to become an entrepreneur anyway.  As Felix says, “self-belief is a priceless asset” and he’s right.  One of my very earliest blogs was about a lecture I’d attended given by Dr Dennis Kimbro.  Dr Kimbro researched 150 very successful African Americans as to why they were successful & self-belief was one of his 4 pillars.  The example Felix uses in his book is a wartime Winston Churchill but every successful entrepreneur has self-belief.  If you don’t believe in yourself it’s unlikely that you’ll convince anyone else to believe in you so get used to trampling on doubt (after you’ve confronted it in a sensible way – not at 3am in the morning!).  Dr Kimbro also talks about this at length – especially the doubt caused by your family and other friends and well wishers who seek to “advise” you.

·         Trust your instinct.  This one is necessary but tricky as it’s about knowing which horses to back in terms of all the opportunities that you encounter.  There is no easy way to get into a place where you’re able to trust your instincts.  You have to put in the long yards, kiss a lot of frogs and make a lot of mistakes along the way.  Eventually you find it becomes easier and your hit rate has improved.  Entrepreneurs aren’t managers – they go with their gut feelings and often make decisions on the spur of the moment with inadequate information.  It’s impossible to trust your instinct in a deliberate, considered manner.

·         Diversify.  It’s worked for Dennis & other legendary entrepreneurs like Richard Branson.  Don’t put all your eggs in one basket.  Launch products that compete with each other so that you own the whole market – think about it for a minute – strangling your baby in order to grow your business is more common than you might at first realise.  This virtue is tricky.  Other business gurus tell you that laser like focus is key to success.  Which of them is right?  What I can tell you is that things change (terrifyingly quickly) all the time and in business you need to be ahead of that curve and ready to adapt.  When your business is in start up phase you need to focus with all your heart and soul but when things start to get easier and money is flowing in, start a few new baskets.  Felix claims it was his 20th basket that made him super rich...see number 1 above – persistence!

·         Listen and Learn.  The last of our virtues.  Felix says that listening comes in at number 3 after self-belief and persistence for the entrepreneur.  If you’re not listening you’re not learning and if you’re not learning it’s time to get out of the kitchen & let someone else do the cooking.  I’m fortunate enough in my position to meet a lot of people.  Not as many as Felix Dennis of course but as many as I can keep up with.  I love to meet people and listen to their stories and help them kick around opportunities they may be considering.  I enjoy it and I also get business benefit as sometimes it keeps me in touch with what’s going on in obscure corners of my industry.  Time is a precious resource but spend some of it listening to others who present themselves to you – you’ll be amazed at the things you find out.

I’d like to add another quick virtue of my own – be as generous as you can be with your time and with your advice to others – make sure you put something back – karma is important too.  That’s the end of the book review.  As I said at the start of blog No 1 – it’s not your usual business book & indeed it annoyed me immensely the first time I read it a couple of years ago.  It’s worth a read if you’re interested in becoming rich as there are a few nuggets of advice in there.  Having said that – I predict that most people will find Felix’s advice distinctly unpalatable and they will decide their comfortable existence rules ok for now!

As always – interested in your comments and thoughts.  I’m in southern California on holiday this week so expect a few blogs in the next week or so on far more frivolous subjects...

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So you wanna be a startup CEO...5 qualities you absolutely need

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Being a startup CEO seems to be an attractive occupation right now and one that the press & certainly Hollywood makes look pretty easy as well as fairly glamorous.  I thought I’d write a blog about my own views on the necessary qualities people need to make it through to the other side.  Please note that being the CEO of a startup requires a different set of qualities to being CEO of a mature & established business and indeed, that sort of experience may well be a hindrance in a startup environment.  Also it’s no accident that the photo of Paul & me above shows us in a casino setting – there’s a lot of luck at play as well – so don’t feel too bad if your startup is one of the 50% or so that fail in the first year.   

I’ve seen other bloggers make great long lists of these, but having kicked this round with Paul in the week, I’ve distilled mine down to 5 main qualities:

1.       RESILIENCE – this is the big one.  It’s also a quality you should look for in a business partner or in your team members as you recruit them.  The official definition of resilience is an ability to bounce back into shape.  In reality in a work setting it means being able to continue functioning & making sensible decisions in the face of adversity – which could be a one off event (like a disaster) or longer term (like always being tired from working 16 hour days consistently).  As part of this quality I would include not bleating about how miserable you are & making your colleagues feel bad as well – there’s nothing worse than that.  Resilience is what you need when the 10th bank you’ve spoken to that week won’t lend you money & you don’t have enough to cover payroll right now, it’s the quality that makes you get up at 3am to go & catch a plane to London even though you only finished work at 10pm last night, it’s what makes you sit down & start working on another response to tender when you’ve just had a rejection letter in from something you thought was a dead cert.  In summary, this is the quality that keeps you going & you either have it or you don’t – so be honest with yourself.  At the end of the day, having the stamina & energy required to make a new company a success should not be overlooked.  The amount of sheer hard graft is savage & impossible to communicate to anyone that hasn’t been there.

2.       READING PEOPLE AND SITUATIONS – you need to be naturally good at this and it’s the quality that stops others from pulling the wool over your eyes.  First up you need to have a gut feel about how things are going for the company – you should be able to just tell, a bit like second sight.  You also need a natural ability to read your markets and know what products are right, when to launch them, etc.  Other times you use this is in appraising ideas (which you do on an hourly basis in a startup) and rapidly sorting them into good & bad, negotiating, making decisions (most of the time with a serious lack of information), recruiting people, choosing partners and so on.

3.       OPTIMISM & POSITIVITY – if you don’t have this alongside being the keeper of your original vision, don’t expect anyone else to believe in your company and that goes for both team members & people outside.  I don’t mean blind belief but I do mean being confident and using a bit of spin when you need to.  By that, I don’t mean lying to your team about stuff – it’s more about protecting them from many of the stresses that they don’t need to know about as they have no ability to influence the outcome & it will only distract everyone.  You need to be able to absorb all of this burden and put a smile on your face and your best foot forward at all times.

4.       RISK – I’m unsure if this is a quality or not but being a startup CEO and being risk-averse do not walk along hand in hand.  You will borrow large sums of money, you will guarantee those loans against whatever tangible assets you own, you will take major decisions without any of the information you need never mind would like, you will fail at stuff over & over again.  If you are unable to compartmentalise & shut these things away in a place where you don’t think about them – you aren’t cut out for this life.  It will make you ill & paralyse you with fear.

5.       LEADERSHIP & VISION – your team needs to look up to you & your customers & other stakeholders will hopefully admire you & what you’ve achieved.  You need to keep the team on track, communicating the shared vision to them over & over again so that no-one ever loses sight of where you’re going, you need to be able to pull off what I call “Take my hand & walk with me into the abyss” when you only have half the story yourself and you need to be able to keep it real – no-one wants to work for a CEO that never does any work themselves.

I hope this helps any of you that are thinking about going down this route yourselves.  It’s hard work & unrelenting being in or heading up a startup but it’s also deeply satisfying and a lot of fun.  Paul & I are lucky that there are two of us.  We’ll both be at UK Gov Camp (#ukgc11) on 22 Jan and will be running a workshop on this sort of topic for anyone that would like to debate it some more.  Always interested in hearing your views so post your comments up below.