As an investor, I’ve talked with hundreds of CEOs over the years and can tell you that most of those executives have agreed on one thing: it’s a very solitary position.
Why?
For starters, everyone from board members and the executive team, to employees and customers, view the CEO as the ultimate go-to decision maker in a company. Plus, at the expansion-stage, companies are constantly adding more people, which naturally puts a toll on the organizational approaches for managing them — all of which is typically left to the CEO to sort it out.
Talk about being singled out.
As if that weren’t enough, the pressure only increases as a company continues to scale. Throughout that process, the company typically continues to differentiate its products, as well as the methodologies and processes they use for product, customer, and company development. And guess who’s largely responsible for dealing with (and overseeing) all of those things? Yup. The CEO.
The problem, of course, is that most early-stage CEOs are founders who may or may not be experts in all of these areas. Yet, those CEOs still need to wrap their heads around everything to ensure that all of the pieces fit together.
Want to be CEO? Success or Failure is on Your Shoulders
In short, the success or failure of a growing company ultimately lies squarely on a CEO’s shoulders. Sure, the CEO can’t do everything, and their success is reliant on their team executing. But the CEO is the leader — the one person expected to establish the kind of vision, culture, and purpose that breeds high-level execution.
No pressure.
Image Source: U.S. National Guard
The bottom line is that the expansion stage is a difficult time in a company’s development. In fact, it’s probably the most difficult time. Of course, on the outside, many CEOs may put on a confident face to their board, employees, and customers. They may even come across as superheroes. But on the inside, these executives often feel a sense of loneliness — on an island that requires them to put difficulties and distractions out of their mind so they can focus on achieving their most important short-term goals.
The good news is that it doesn’t have to be this way.
If You’re a Lonely CEO What Can You Do About It?
There are many things that CEOs can do to address this sense of loneliness — and these things will not only make you happier, they’ll also allow you to be better at your job.
Here are just a few suggestions:
- Getting one or two great senior management partners. Some CEOs create their companies with one or two great co-founders who possess unique skills and experiences. When this happens, a deep trust can emerge between the co-founders that ultimately creates a really solid core for a young company. It also helps to spread the most important challenges out across a couple of people. If you don’t currently have partners, it is not too late. Consider the skills that you most need in the company at this point and find a person who both fills the gap and has the experience, character, and chemistry that would make a great partner for you.
- Recruit one or two people who could serve as partners/mentors to your board. CEOs who have one or two board members who can serve as deep sounding boards, provide some mentorship/partnership help, and help to unite the company’s board tend to have better experiences, better board meetings, and better companies. As with a senior management partner, a board partner/mentor needs to have the right skills, experience, character, and chemistry to make a good partner for you.
- Find an outside mentor or two. Similar in nature to finding a person to fill a board seat, finding someone who is willing to be an unofficial or official senior advisor can be very helpful. There is also a growing group of “executive coaches” and I have heard some great feedback from a number of CEOs who have benefited greatly from their advice. Again, experience, skill, and chemistry are really important for success.
- Join a group of other CEOs who you can connect with and learn from. Many CEOs view this activity as a luxury, but the CEOs I have spoken with who are actively involved with a group of their peers convey a greater sense of confidence. The group I hear mentioned most is the Young Presidents Organization, but there are a lot of local CEO groups in every city that are worth checking out. I have also heard examples of CEOs having success connecting in online forums in places like ExpertCEO or LinkedIn groups.
- Find the right venture capital partner. Venture capitalists come in all shapes, sizes, personalities, characters, backgrounds, and skills. If you raise capital, try to find a VC with the right experience, skill, character, and chemistry who can serve a dual purpose: capitalizing your company and being a true partner to you and your team.
If you are a lonely CEO, don’t assume you’re alone. Consider the list above and implement the points that best align with the context of your position. Then, set a goal for doing at least one of them and dedicate some time to exploring the possibilities. Also, let your team, board, investors, and network know about your goal so that they can open their networks to you and provide some help.
Being CEO doesn’t have to feel like you’re the quarterback of a football team with no receivers, no running backs, and no coaches telling you what to do. Ultimately, if you assemble the right team around you, you’ll find your job much easier and more fulfilling.
Are you a startup or expansion-stage CEO? Do you ever feel like the weight of the world is on your shoulders? Share your thoughts below and I’ll chime in with some other tips for overcoming your unique situation.
