Being the CEO of a startup is a highly diverse responsibility.
When someone thinks of the term, CEO, they mostly envision a jet-setting, suit-adorning, individual who exudes power and confidence and whose word is the final one. But if you ask the CEO of any startup if that image, made popular by television and movies, is accurate, they’ll probably tell you that it is anything but precise.
The business world has turned highly entrepreneurial, world-over. Over the past few years, hundreds of startups are established globally every day, with the number only increasing with advancements in every sector. For each startup that is established, a new CEO is born. But these startup CEOs do not always adhere to the ages-old image of a CEO. Each one varies in his or her own style. But they all move beyond the traditional idea of a CEO. They are not limited to the macro decisions and important meetings. Instead, they are involved at varied stages in the working of the startup. In fact, startup CEOs have a highly diversified responsibility which requires them to fulfill the following roles.
Investment and Finance Manager
Investment is one of the primary concerns of a startup, followed closely by maintenance of cash flow to allow smooth operations. Investment does not simply mean the obtaining of funding. It extends to the maintenance of relationships with stakeholders, funders, investors, and all those individuals who have invested in the startup. Finance management includes all activities implemented to ensure positive cash flow, positive funding rounds, optimum application of funds, and overall financial resource allocation. Maintaining positive relationships with investors aids the financial standing of the startup, and also helps expansion through a positive reputation in investor circles.
Corporate and Strategy Manager
Strategy is the backbone of growth, but only if effectively planned and implemented. A CEO is pivotal in strategy development at both, day-to-day operations level and from a bigger picture point of view. This means that a CEO is responsible to identify the short and long term goals, as well as design the strategy that can help his team achieve both. This covers the functions of branding, marketing, finance, and growth, among others. It also includes corporate strategy which refers to the strategy necessary from an external point of view. Mergers, partnerships, acquisitions, and other such elements constitute the corporate management function and can be pivotal in taking your startup in the desired direction. As CEO, it becomes imperative to remain vigilant and proactive at all stages of corporate and strategy management.
Product Manager
The product or service you provide lies at the core of your business and its potential success. Furthermore, startups operate in a world riddled with cutthroat competition. In such an event, as CEO, it becomes your duty to ensure that your product is constantly updated, and continues to meet the needs of the target customer. Additions, updates, and more fall under the purview of your combined role of CEO and Product Manager. One of the primary responsibilities in this role is to ensure that your team is always on board and on the same page as you regarding product vision and growth plans.
Human Resource Manager
People make up one of the most important assets of a company. This is especially true in a startup where you tend to have fewer team members, and each person’s input is highly valuable to overall operations and growth. Furthermore, startup teams tend to be close-knit, highly dependent on one another, and cross-functional. As a result, choosing the right people is pivotal. As CEO, this task will fall upon you to a great extent. It won’t just be the final interview rounds that you take; you may be involved in selecting from a host of resumes and profiles you receive too. The main reason for this is because you know the team you’ve already hired, and you know who will work with them best. But hiring is not the only responsibility on you as a Human Resource Manager. You also have to be a cheerleader to keep your team’s spirits boosted, a guide to help deal with ambiguity inherent in the startup atmosphere, a coach to help people learn new skills that enable them to fulfill their roles better, and a boss who takes the tough decisions when no one else can make them. People management and the development of great teams is pivotal to the success of your startup and, as a result, is an integral part of your role as CEO.
Every Executive Imaginable
As CEO at a startup, there will be times where you have to undertake daily operations that may not necessarily be managerial in nature. Right from salesman to dealing with daily crises, and from customer service executive to handling disgruntled customers on social media — you will have to do it all. Not only will this help you get a better understanding of all aspects of your startup and its ongoing functioning, it will also help you lead by example.
These are the five roles you will find yourself fulfilling as CEO of a startup. The best part about such a varied role is that it will always keep you learning something new — a habit that the greatest businesspersons of the world highly recommend and credit as their cause of success. It may seem overwhelming at times; but all you need to do is tap into the passion that motivates you every day to do what you do, and then nothing can hold you back.
It can be difficult to juggle so many responsibilities. Luckily, Oddup provides the startup CEO with insight and discerning intelligence into areas of your business that can be used as feedback to scale up your business. Oddup can also help you build an investor pitch through the Oddup Score and other metrics which give your startup greater exposure to investors and also provides you with better insight into the sector landscape for more informed decisions.
Get insights on startup culture, investment, and ICOs — visit Oddup for more information.
