Avoiding mistakes a first-time CEO could make
This list was compiled by Edwin Miller based on his own experience. Miller is a four-time CEO and has transformed companies in both good and bad economic times, and is also the author of 9Lenses Insight to Action.
This list of mistakes is very helpful for first-time CEOs, and some of it is applicable to young leaders too. If only I had a list like this much earlier! It would have helped me avoid pitfalls or prepared me to better tackle them.
I managed to simplify Miller’s list to present it here. Here are the top mistakes a first-time CEO is likely to make:
❌ Did not build a culture of accountability across the company from the get go.
❌ Failed to listen more and should have talked less.
❌ Did not intentionally build trust with key stakeholders in the first three months of the job.
❌ Over-promised and set unrealistic expectations in the early days.
❌ Made changes before having understanding of the market and gaining the trust of the people.
❌ Drove change too quickly without understanding how much change the business could withstand.
❌ Failed to work with key stakeholders and employees to establish a true vision and strategy.
❌ Complained to the board and others about past problems instead of talking about solutions.
❌ Failed to drive business strategy and the plan to operationalise it.
❌ Hired without having the right understanding of the need of the people, process and technology.
❌ Failed to focus on strategic opportunities that will move the needle.
❌ Failed to eliminate unproductive pieces of the business.
❌ Over-hired sales and marketing without a proven sales model.
❌ Too hands-on in execution instead of creating systems to improve the execution.
❌ Status over Service. Allowed the ego of being CEO get in the way of being a leader with a servant’s heart.
❌ Stopped working on becoming a better leader and human-being.
❌ Became antsy and reactive under pressure.
❌ Lost balance in life as a CEO. Neglected to exercise other areas like social, spirit, body, and mind.
❌ Being the Hero. Failed to accept that one cannot possibly “save the world” ie. have all the answers. No investor or board member expects that of any CEO.
❌ Failed to have strong mentors who can speak directly into the CEO’s life; to provide insight and accountability.
❌ Spent too much time on numbers and data, instead of being with the staff and customers.
❌ Failed to practise “whole” brain thinking. Either too right brained or too left brained.
❌ Added pressure instead of value. Too hard on the people as the expectations for success were very high.
Any other mistakes you’ve seen (or have made yourself) that you can add to this list? Let’s discuss them. ●