I have had this seemingly innocuous voice whispering in my head, “I am good at what I do, I am an expert in my field, but I am not CEO material.”
When I pay attention to it, I realise its not at all innocuous. It’s quite a powerful limiting belief.
But why have I felt this way?
We have been fed a hearty diet of stereo typical business leaders in media and movies – Harvey Specter in Suits, Don Draper in Mad Men, Maranda Priestly in Devil Wears Prada, the list goes on. (Start up and entrepreneur stereotypes are another league altogether and for another blog post).
So for most of us, who are busy dealing with unglamorous realities of everyday business, it’s easy to erroneously believe that we have to be “a particular type” to be the CEO.
But what if we found out that a real-life CEO is no more intelligent, human and prone to mistakes than us? That we have almost the same chance of rising and succeeding at the top job than any of the other contenders, provided we are willing to put in the work needed?
Elena Botelho and Kim Powell found out just that in their research and have busted many myths about what makes a successful CEO in their book, “The CEO Next Door.”
“The CEO Next Door” is a playbook for
- knowing and developing skills needed to succeed as a CEO
- charting the way to the top
- navigating CEO roles and responsibilities successfully
This post highlights some myths that Elena and Kim have busted, through their research based on 17000 assessments of 2700 CEOs and field experiments, about what it takes to become a successful CEO.
Myth 1: Only Ivy leaguers get the top job
Reality: Kim and Elena carried out 17000 executive assessments and field experiments. They found that only 7% of the CEOs they analysed graduated from Ivy League colleges. Ivy League graduates are more prevalent among the ranks of fortune 500 CEOs, but outside of that small set of the largest companies, they saw a much broader range of educational backgrounds and pedigrees.
Myth 2: To become a CEO you need a flawless resume
Reality: 45% of the CEO candidates had at least one major career blowup that ended a job or was extremely costly to the business. Yet more than 78% of them ultimately won the top job. What set successful CEOs apart was not their lack of mistakes but how they handled setbacks when they did occur.
Myth 3: CEOs were destined for greatness from an early age
Reality: 70% of the CEOs Elena and Kim interviewed didn’t set out to become CEOs early in life. Only when they came within reach of the C-Suite – typically after 15+ years of experience – did they start to feel that maybe they could achieve and thrive in the role.
Myth 4: Great CEOs excel in any situation. They are capable of handling any situation.
Reality: Great CEOs are very thoughtful about identifying the roles and context where they can be successful. They have the self-discipline to turn down the wrong job even when it comes with a CEO title.
” You had the power all along, my dear.”
– L. Frank Baum, The Wonderful Wizard of Oz
Myth 5: To become a CEO you need to check every box
Reality: Even the best performing CEOs have 3 – 6 key development areas when they get the job. Those who succeed quickly surround themselves with the right teams to complement their skills and experience.
Myth 6: Successful CEOs have a larger-than-life personality with exceptional charisma and confidence.
Reality: Over 1/3rd of CEOs on Elena and Kim’s study described themselves as “introverted.” In their samples, the self-described introverts were even slightly more likely to exceed boards’ expectations. High confidence more than doubles the chances of being chosen as CEO but provides no advantage in performance on the job.
Now, I bet you would ask, so what exactly is needed to become and succeed as a CEO? How do I know where I stand? Stay tuned for the next post.
In the meantime, you can take a 5-minutes free assessment on https://ceogenome.com to know how you fare on the required CEO skills.
Resources to explore:
- Find a coach to guide you on your CEO Journey
- The CEO Next Door – New York Times Bestseller by Elena Botelho, Kim Powell and Tahl Raz
- 18 Things All Leaders Must Do – Former Mckinsey Senior Partner Michael Boricki shares a weekly checklist for leaders. Subscribe here to watch.
Bridge to leadership 