While academic qualifications, technical capacity and experience can land one a job as CEO, these attributes distinguish successful CEOs from qualifying CEOs
By Francis Fondo
The success factors of a Chief Executive officer of an organisation elicit many questions in the minds of people who wish to rise to that level at some point. When we think about iconic figures and larger than life visionary people such as the late Steve Jobs of Apple Inc. and such tough characters as Jack Welch formerly of General Electric, we give up and internalise the negative feeling that we shall never be CEOs. There is a debate about the success factors of CEOs.
Are the traits of successful CEOs genetic?
Does one have to be born into the kind of family that has you playing golf or chess at teenage in order to aspire to be CEO someday? Many of the retired successful CEOs in Kenya such as Manu Chandaria, Martin Oduor Otieno and Wilfred Kiboro, did not become CEOs by virtue of family backgrounds. So, family background does not automatically gift anyone to become a CEO later in life. Of course family businesses do quite often pass business leadership to family members but this does not guarantee success. In fact having a family member inheriting the top job has sometimes resulted in a decline in fortunes, forcing the recruitment of an outsider to come and steer the ship.
Some people feel like rank outsiders and underdogs when they think of the CEO position because it is too demanding in terms of academic qualifications, technical capacity and experience. The sheer weight of responsibilities being in charge of a business empire in these turbulent economic times sends shivers down the spines of some high potential managers. Some myths have also been peddled around that the best CEOs come from well-known University colleges. Whilst education, technical skills and experience are essential success factors, they are not the silver bullet to becoming a successful CEO.
Contrary to common belief that CEOs should be flawless perfectionists, research has shown that what sets successful CEOs apart is not their lack of mistakes but how they dust themselves up after failure and learn from setbacks to upgrade their leadership skills and deliver strong performances in future appointments.
Distinguishing traits
Adam Bryant in his book-The corner office and Elena Botelho and Kim Powell in their book-The CEO Next Door offer six qualities that differentiate high performing CEOs. The first is decisiveness- the ability to make decisions with speed and conviction. The business world is dominated by uncertainties. How the CEO will adapt to changes taking place in the internal and the external environment will determine his long term success. The ability to thrive in conditions of relentless discomfort is of essence as well as charting new paths before being compelled to do so because there is no choice. Approaches that have worked in the past need to be discarded and skills that one lacks need to be acquired in order to cope with the future.
Thirdly, to succeed as a CEO, one needs passionate curiosity. It is important to be constantly curious about what is happening in the world, and what is likely to happen in the future. Although CEOs are paid to have all the answers, their greatest task in the business is asking the right questions, a skill that begins with passionate curiosity. Recognise that you do not have the answer to everything and that is the reason why various professional are hired to work under you.
Embracing simplicity is the fourth quality of a successful CEO. Long winding power point presentations to audiences are not helpful as they portray you as unsure of what you are doing. Have an internal locus of control and stay optimistic in the face of challenges.
The fifth success factor of a CEO is consistent reliability. Studies have shown that leaders who are known to be reliable are fifteen times more likely to be high performers and their chances of being engaged as a CEO are double those of everyone else. Practising radical personal accountabilities, setting realistic expectations and embracing personal consistency are the pillars of reliability. Following through commitments, measuring and making progress give a lot of motivation to the workforce. This earns one the right to hold others accountable.
Interdependence
As CEO you need to build relationships to influence stakeholders to drive results. Despite the power and the high position of authority, successful CEOs are almost entirely dependent upon the actions of others for their success. Interdependence-not independence wins the leadership game. The CEO needs to break down barriers and make people around him feel comfortable. This entails being open and sharing critical information about the business, whether early warning signals or business opportunities for growth and obtaining feedback.
In conclusion, although the above qualities are collectively indispensable for a CEO to succeed, it is always important to remember that leadership is not about being ‘’nice’’. Being too nice can lead to disappointing results. Successful CEOs engage with others for impact not affinity.
Dr. Francis Kalama Fondo is a member of KIM (MKIM), ICPAK and ICSPK. francisfondo@gmail.com
