Leading in 2024: Top 3 Priorities for (Pre)Seed Stage CEOs

As we usher in 2024, the energy and ambition from our holiday planning sessions are ready to be implemented. For fellow (Pre)Seed stage CEOs, here are the top three areas I'm prioritising this year, which might resonate with your journey, too.

Preparing for change: Chicago Bulls and the Michael Jordan Mistake

In 1998, the Chicago Bulls' management made a big mistake.?

Intent on transitioning from the Michael Jordan era, they revamped their entire team, dismissing key players and the head coach who had been instrumental in their success. Unfortunately, this drastic change didn't yield the expected results because, over two decades now, the Bulls have yet to recapture their former glory. This example illustrates the risks inherent in significant organisational changes.

In contrast, startups often embody flexibility and adaptability. In their early stages, startups frequently experience numerous iterations and pivots. These terms encapsulate the essence of change necessary for a young company's growth. However, this rapid evolution can be double-edged. Without adequate preparation, abrupt changes can critically destabilise an organisation, sometimes irreversibly.

As a CEO, your focus should be on balancing the need for change with the stability of your organisation; that means Investing in robust communication, efficient internal processes, and the right people is crucial. This ensures that the company is equipped to maximise success and mitigate risks when a new direction is taken. The lesson here is clear: Change is essential, but it must be managed thoughtfully and strategically to foster long-term success.

Communication: The Cornerstone of Leadership

Effective communication, encompassing internal dialogues and external interactions with customers, partners, or investors, is pivotal for CEOs.?

Realising your grand vision for 2024 hinges on your ability to articulate your ideas, intentions, and expectations. Remember, your team, stakeholders, and partners are not mind readers. They rely on your clear, concise, and compelling communication to understand and execute your vision.

A common pitfall for many leaders is the failure to recognise and address their own communication shortcomings, whether in writing or speaking. This year, make a conscious effort to assess and hone your communication skills. Acknowledge areas needing improvement and actively seek resources and strategies to enhance these skills.

For a start, consider exploring insightful resources such as Carmine Gallo's "Talk Like TED." This book offers valuable guidance on crafting messages that resonate and inspire, a skill invaluable for any leader aiming to make a significant impact in 2024 and beyond.

By prioritising and improving your communication abilities, you lay a strong foundation for the successful realisation of your objectives and a prosperous year ahead.

Strategic Talent Acquisition: Hire A Players

For CEOs, particularly in the pre-seed startup phase, mastering the art of hiring is not just an option—it's a necessity. In 2024, with the business landscape becoming increasingly competitive, the emphasis on acquiring the right talent has never been more critical. Creating a hiring process that consistently identifies and attracts top-tier talent, or 'A players', is essential.

The stakes in early-stage startups are exceptionally high. Every team member's contribution is magnified, and the cost of mis-hires can be substantial. In an environment where being conscious of the runway—the length of time before a company runs out of cash—is paramount, the wrong hiring decision can have significant, even catastrophic, consequences. It can drain resources, dilute the team's focus, and ultimately jeopardise the company's survival.

Therefore, as a CEO, investing time and resources in developing a nuanced hiring strategy is imperative. This strategy should focus on assessing technical skills and experience and aligning candidates with the company's culture and long-term vision. A rigorous yet empathetic approach to hiring can be the difference between merely surviving and thriving in the competitive market in 2024. What is a Nuanced Hiring Strategy? It's a hiring strategy that focuses on developing a well-rounded recruitment process. It begins with identifying the core values and vision of your company, ensuring that the hiring strategy aligns with the organization's long-term goals and principles. The strategy also emphasizes creating a detailed candidate persona that goes beyond technical skills to include traits like adaptability, creativity, and teamwork, aligning with the company's culture.?

Your interview process should be structured and standardized, incorporating both technical and cultural assessments and using scenario-based questions to evaluate candidates' problem-solving and decision-making skills.?

Thanks, Omoyeni O for contributing