What does it take to be a … no, a good CEO? There’s no shortage of advice there. Some say that working on soft skills to better connect your team on a deeper level. But the reality of the matter is that every business, every team, and every CEO is different. While some of the challenges are common, the nuances of those challenges can vary astronomically.
Forbes recently gave some advice that the great CEOs we all know and most admire have at least one of two invaluable Technology skills : financial prowess and technical knowledge. It seems financially wise is a bit of an exaggeration, but we rarely hear advice that encourages CEOs with Technology skills,
Knowing the law, everything else is recommendation
Take Elon Musk as an example. According to the staff, he was a challenge to work with. He demanded that unless the mission is truly against the laws of physics, there is no reason why he should hear that it cannot be done. It was this line of thinking that led to his most notable development at the end of the year, Neuralink, an implantable brain that allows people to control computers and other devices with just their brains. Not to mention all of his other impressive, famous projects.
Excerpt posted on Twitter by Elon Musk
Excerpt posted on Twitter by Elon Musk
Jeff Bezos, Steve Jobs, Bill Gates, etc. all share a human skill shortage that has been replaced by excellent technology. Now, that doesn’t mean you should forget about learning human skills. In fact, quite the opposite, as having them could help you outdo the Giants in the industry if you can find the right balance.
But, in this technological age, the technical knowledge in a leader is the rule. Underdeveloped technical skills can be the difference between being a good CEO and a great CEO. So, take Musk’s advice and make sure you know the law as everything else is really just recommendations for Technology skills
Get the tech skills you need
How can you effectively manage your tech team if you have a minimal understanding of what they’re saying? If you’ve ever thought during a technical meeting that they seem to be speaking a different language but hope that your team leaders are grasping everything, you may be fooling yourself as information technology skill
No, it’s not a matter of you having to do it yourself if you want to. Instead, it’s about understanding issues at a deeper level to better guide your team. Of course, with the wide range of available, trying to keep up can be a little tricky.
Acquiring these skills does not necessarily mean you need to go back to college for some degrees. Coding training Technology skills programs are growing in popularity in part thanks to their flexible schedules for busy professionals and much less costly than degree programs.
Bootcamps also has the added benefit of being highly focused on one topic to help you get the skills you need faster and get back into focus on building your business. Depending on the industry you’re in, you might acquire the necessary tech skills you need through the data science bootcamp, web design bootcamp or one of the many other bootcamps that cater to other niches.
Think of your business as a game of chess. To get the final number, you need to have a deep understanding of the importance of each piece, how it moves on the board and strategically plan all while predicting the opponent’s moves. Combining leadership with more technical skills can help you plan your moves better and faster than you don’t know how each part correlates with the others such as information technology skill.
Finance and legal
When CB Insights analyzed the reasons why startups fail in 2018, they discovered that the second most common cause was running out of money.
In other words, startups tend to run out of money.
Either they don’t start making money fast enough or can’t attract more capital, but the results are the same.
And this is not the only way that finance can be an overlooked issue.
First, you need to understand that it may take a while before you can start drawing on any salary from your startup. Are you ready for this? Is your team ready for this?
Many startup owners also fail to accurately predict their costs. For example, paying someone’s salary isn’t just about salary. You also have to think about buying the right software for things like accounting, HR, etc. Technology skills and this can also increase.
Financing can be complicated.
Unfortunately, the legal stuff can be even more complicated, and many startup owners aren’t really equipped to deal with these.
To start, incorporate the company when it makes the most sense and get it right. There are also countless ways to work out stock options, especially if new investors emerge. In the European Union, you also have to worry about GDPR and how it affects data collection and analysis.
And this is just scratching the surface for technology skills
Usually, you should talk to a certain advisor – financial, legal. They can save you a world of trouble down the line.
Understand your market
I mentioned running out of money is the second most common reason startups fail and you might be wondering what was the first. Well, it’s really a very simple thing – no market needed. Or, in the sense of no boot – nobody wants a product.
This is perhaps the most difficult to predict – whether someone will be willing to pay for your product or service or information technology skill
It can be difficult to accurately assess your idea, its feasibility, and the vulnerability you think exists in the marketplace .
You have to be as separate and objective as possible here, reducing your excitement with what you consider to be the best idea ever.
Talk to more people than just your friends and family (people who are on your side). Choose the brains of people who already have experience with successful new products or at least those who understand business by technology skills.
Think about other ways to do market research. Learn more about how companies in your industry have been successful (people love to talk about their successes). Check out these free market data sources for young startups. Review online survey companies and their poll services.
Market research is difficult to do. Very difficult. However, ignoring it is the easiest way to boot failure.
Technology skills is very important that the Founder and CEO need to practice.
Lead generation is not an overnight process. It takes time to find leads and nurture them until leads to sales. Sometimes, you’ll meet with leads who are further down the buyer’s journey and other times, there are those who just aren’t ready to seal the deal.
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