Are You Cut Out to be an Entrepreneur CEO?

Posted on May 6th, 2016

I had the opportunity to travel to San Diego recently and attend CO-OP THINK 16. One of the speakers was Gary Vaynerchuk, who spoke about a lot of subjects (it was a question and answer presentation), including what it takes to be an entrepreneur CEO.

Starting a business isn’t right for everyone, and becoming a CEO doesn’t work out for all people who start businesses. Before you move forward with your plans for a business, it’s a good idea to stop and think about whether or not you are prepared, and decide if you have what it takes to be an entrepreneur CEO.

Hard Work

The first thing to understand about running your own business is that it’s hard work. When you see an “overnight success,” the reality is that it was likely preceded by years of hard work.

Running a business is hard work, and it’s something that many people don’t fully appreciate until they are in the mix. Even freelancing can be hard work. No one else is going to make money for me, and I worked hard to build my reputation as a freelancer and to find clients for my business.

However, even with the hard work put in, and with how much I love freelancing and my lifestyle, I’m not sure that I am cut out to be an entrepreneur CEO. There’s more to it than just hard work, as Vaynerchuk pointed out.

Responsibility

An entrepreneur CEO has a lot of responsibility. In corporate America, Vaynerchuk pointed out, CEOs can move from position to position. Not only that, but many have golden parachutes that protect them when they make poor decisions. In many cases the company goes on with a different CEO.

When you’re an entrepreneur CEO, it’s different. “Being a CEO is hard if it’s your business,” Vaynerchuk says. “In my own business, if I do something wrong, the business goes out of business.”

You need to be ready to take responsibility for your business and its outcomes if you plan to be an entrepreneur CEO.

Empathy

Vaynerchuk talked about empathy as well. In order to be an effective CEO, you need to have empathy. You need to understand your employees as well as your customers. Vaynerchuk said that he tries to foster a culture where employees know that he will listen to them, and where his employees know that they will be recognized and rewarded for moving forward. “Reward people for things that can’t be measured or sold historically,” he said.

Developing emotional intelligence can take you a long way as an entrepreneur CEO. You need to be able to work with people, inspire people, and empower them to help your business grow.

There’s a difference between doing what I do as a freelancer running a one-person business, and being an entrepreneur CEO. As you start your own business, think about your future and your goals, and figure out how you want to proceed. And realize that if you want to be the CEO, it takes a lot.

Miranda Marquit

Miranda Marquit

I'm Miranda and I'm a freelance financial journalist and money expert. My specialties are investing, small business/entrepreneurship and personal finance. The journey to business success and financial freedom is best undertaken with fellow travelers.

About Due

Due makes it easier to retire on your terms. We give you a realistic view on exactly where you’re at financially so when you retire you know how much money you’ll get each month. Get started today.

Due Fact-Checking Standards and Processes

To ensure we’re putting out the highest content standards, we sought out the help of certified financial experts and accredited individuals to verify our advice. We also rely on them for the most up to date information and data to make sure our in-depth research has the facts right, for today… Not yesterday. Our financial expert review board allows our readers to not only trust the information they are reading but to act on it as well. Most of our authors are CFP (Certified Financial Planners) or CRPC (Chartered Retirement Planning Counselor) certified and all have college degrees. Learn more about annuities, retirement advice and take the correct steps towards financial freedom and knowing exactly where you stand today. Learn everything about our top-notch financial expert reviews below… Learn More