When Entrepreneurs Need to be CEOs
- Posted by admin
- 15 October 2013
It takes many types of people to create an economy filled with thriving businesses, innovative products and the services that people truly need. As such, more and more entrepreneurs are donning the mantle of CEOs in order to ensure that their business ideas are successful from the point of incorporation forward.
Entrepreneur vs. CEO
An entrepreneur is someone who has a great business idea and has either not yet registered his or her company or whose company has recently finished the registration process. These individuals must be able to handle a wide variety of problems in order to propel their businesses forward, but they may not make for the best CEOs. A CEO, on the other hand, short for the Chief Executive Officer of a company, is an individual who is responsible for developing the talent, building the team, and coaching the various departments and employees that drive the business. In some cases, an entrepreneur needs to be able to assume the role of the CEO in order to enjoy success after start up.
Qualities of an Entrepreneur
A successful entrepreneur is always someone who understands the need for a product or service among the general populace and then applies his or her knowledge in order to ensure that the product or service is delivered. These individuals are natural risk-takers, and this is implicit in the job description since the formation of their companies depends on it. An entrepreneur is someone who will go to great lengths to make sure that his or her idea is realized in the registration of a company dedicated to solving a problem.
Qualities of a CEO
Conversely, a CEO is someone who is responsible for managing a business long after its incorporation. These individuals must have not only the same creative mind as the entrepreneur, but also the ability to effectively manage others in such a way that their businesses ultimately realize success and continue to grow well into the future. These individuals were likely entrepreneurs at some point, but they have outgrown the need to fulfill their own goals and have instead worked to maintain the overall reputation of their companies.
How and Why Entrepreneurs Don the CEO Mantle
It is known that the entrepreneur is mostly driven by his or her own ideas; this individual is passionate about an idea and is more likely to act on a whim than any CEO. However, when times are tough, the entrepreneur may be forced to don the mantle of the CEO in order to help these businesses survive. Thousands of businesses fail each and every year, so it only makes sense that companies are interested in CEOs that are more apt to take action when things start to go awry. This is why more and more companies across Singapore and even all over the world are looking to hire entrepreneurs to fill their CEO positions. The fresh perspective is often all that is necessary to revive a failing company.
It is also important to consider that many of the entrepreneurs who are hired to help manage a business after its incorporation have experience in the realm of management. Whether they have been through the registration of their own businesses or even dabbled in other areas, this experience is the key to the overall success of any company.