The Many Hats of a Startup CEO

There is something so glamorous yet so wrong about being a CEO of a startup, aged under 30, no previous CEO experience.

I often refer to it as the Chief ‘Execution’ Officer. My role consists of wearing many hats, and often ones no one told you you’d be wearing. But I’ve learned that hats, for the most part, suit me. Here’s some of the key roles you’ll play and a snapshot of things I’ve been lucky enough to learn along the way.

There are some great books written that definitely are worth the read, like Start up CEO, Zero to One and The Lean Startup. But for now, here’s a snapshot of some of my personal core learnings along the way:

CFO

I put this first. It was the one thing I didn’t understand the most and it was the one thing I initially had the least confidence in. Give it a couple of months, the more you talk about it and immerse yourself in it, you’ll get it. Even if you aren’t a Mary from finance (trust me, I’m really not).

Understanding the definitions of revenue vs profit, break-even point, forecasting, operating expenses, cost per acquisition, lifetime value is crucial. Huh? Essentially, how will your business make money and continue to make money? Will your business make money? (ask that first).

Understand your target market, projections, your company goals and put that together within a spreadsheet. There are some good templates here.

When you’re raising, it’s something investors want to see and know that you know and truly understand.

Janitor

Roll up your sleeves and get ready to change the toilet rolls, and order extra toilet paper. Who Gives a Crap is a great brand to stock. Seriously, you will clean toilets. And go through toilet rolls like no ones business (or at least notice it).

The average person spends 92 days on the toilet — you do the math.

Growth Hacker

When you talk about your business, people want to know your plan. Your plan to dominate, the world and beyond. Together, Zia and I talk about the growth of AFTR, then execute. How will your business disrupt? How can it be profitable? How will your brand be known? Why will people use your product? How will you get your customers to use your product? Think about it all.

Amongst other things, we’ve created a VIP list for users to sign up. And are forging relationships with partners as part of our growth strategy. Always think of innovative ways that you can target your audience and grow that audience, get repeat usage, business, customers and keep people engaged.

Reading Growth Hacking 101 is a good place to start.

User Experience

Once you have the base of your design for your MVP, always review the UX, and test it amongst others to see if there are some fundamental changes and updates you can make to your user’s experience the best it can be.

It is essential to understand your users, what they like, what they need, how they want to experience products. Our approach is simple, clean UX that enables our customers to get what they want — faster and with no hassle. AFTR has two user audiences to consider — consumer and the business. We need to ensure they both get the simple, convenient journey through AFTR.

Here are 10 steps to creating engaging user experience.

Support the hacker

Know a little bit of code. At least if you don’t know how to write it, understand the basis of it. I obviously am not the coding Co-Founder, but it’s great to have an understanding of how the product is built. Understand the language you want your product built in and why it is best to be built in that way. Again, know the market penetration on the devices you want to be present.

Have complete confidence in your tech team. Well, anyone you work with for that matter. Have faith, trust and great open relationship with them.

With access to so many free tools and reasonably priced courses available through General Assembly or Lynda, you should be sorted to have some basic knowledge on your product and it’s technical infrastructure. Also, the best way to learn about tech and the dev that goes into it, is to immerse yourself directly in it. Go to meet ups, have geeky conversations, and ask questions. I drive Ryan crazy sometimes.

Editor

If your start up is planning to look for funding, planning on applying to accelerators and just generally wanting to create content to get your brand out there, you’ll need to know video editing basics. iMovie is pretty simple, even thought I get laughed at every time I tell my editor friends I used iMovie. But hey, I’ve found some tips and tracks to iMovie here.

Shrink

Even before I was part of AFTR, I still used to run a deli system at my old agency. People would come take a number, tell me their problem and I’d try help them solve it in one way or another. Now, as a Co-Founder of my own business, this extends beyond people who work within your immediate team. Be prepared to be a shrink and solve anyone and everyones problems. Randoms on the train always seem to tell me their shit. We workshop it, it hopefully leads them on a path to make a good decision.

You’ll find yourself wanting to solve not just your business challenges, but the roadblocks caused by partner companies or others that you meet along the way that can hinder your business. Learning that you can’t solve everything is a great place to start. I’m still not there yet.

Presenter

Be prepared for the sweaty palms, red face, nervous toilet runs pre- presentation. But don’t get used to it, it all passes. The more presentations, pitches, meetings you do, the better you get at it. Practice is key, seriously. I was always one to leave my assignment until 2 hours before it was due, but over the years, I’ve learnt. Give yourself time, and practice. Others notice how prepared you are for presentations. Always frame with a story.

Some key tips to presenting here.

Validation

Where to start?

1. Write out every possible thing to do your idea (no matter how silly or smart you think it is).
2. Research, research, research your concept.
3. Adapt, evolve again. Keep on evolving.
4. Validate your idea initially amongst networks. Tell your friends casually over dinner, gauge their reactions. Use online tools to validate amongst a larger audience.
5. Refine you concept/ model and establish a solid business plan.
6. Actually validate it amongst your target audience — tools like Leanstartup validation board, and Quickmvp can be great.

… Then start to think about injecting cash into it. Make the most of feedback, all feedback. Take some of it with a pinch of salt. Offer something to others in return for their guidance and time. The world does go round.

A brand, yourself

The age old thing people keep telling me. You, yourself have to be a brand as well as the brand you’re fostering and promoting. I spoke about it a little in my last piece.

My brand: just being TT. Rolling with the motions each day brings — the good, the bad, the funny, the tears, the lessons. Oh, the so many lessons of running a start up. You are who you are and if you let that shine, whether a janitor, shrink, CEO, hacker or all of them, that’s the best you can give to the world and yourself.

Deli numbers can be found in inner Melbourne (if you know where I reside). Currently calling number 88 this week. Was that thinly sliced or thick?