26 Jun Think Like A Publicly-Traded Company CEO (Part 1)
The paradigms of the hemp business are changing all over the world, and there is a lot of opportunity here for entrepreneurs to make their mark on the world. Look at some of the most successful CEOs, and you will notice that all of them became an icon in their industry due to change. Not change in themselves, but change around them, which they championed and were appropriately rewarded. Whether it’s John D. Rockefeller and the new world of railroads and distribution, Henry Ford and automobiles, Bill Gates and personal computers, Steve Jobs and smart phones, or Mark Zuckerberg and social media. Hemp is the next big thing, and the world is just waiting for someone to come along and become a winner!
“If you want to win like these CEOs, you need to think like them.”
If you want to win like these CEOs, you need to think like them. The IPOs that will eventually happen in the hemp industry are going to make a lot of people very prosperous.
If you want to be one of these individuals, then thinking like them is the ideal purpose.
I have conducted over 150 interviews with industry insiders, leaders, private equity players, venture capitalists, hedge fund managers, accredited investors and CEOs, and I have collected a lot of insights and wisdom from them. I wanted to compile the most important knowledge that I’ve learned from these interviewees and present it, but it is going to take more than one article to do that. Without further ado, here’s the first part of Think Like a Publicly-Traded Company CEO.
Think like a startup in a growing industry
You are in an exciting industry which is evolving right in front of us. You need to take cues from other business leaders that steered their business towards success in similar circumstances – the best examples of this right now are tech businesses. The first lesson is that you have to take risks. Look at some of the biggest tech businesses and you’ll see that they took huge gambles. Calculated risks, but risks nonetheless.
“If you want to be a successful enterprise for a long time, you need to target an audience that will be your customers for at least a decade.”
Understand your audience
If you want to be a successful enterprise for a long time, you need to target an audience that will be your customers for at least a decade. There is a very good reason that most tech businesses target Millennials – because Millennials are going to become loyal customers for many years to come. Look at how they live and how they shop, and then model your business accordingly within their behavior. Dominate your market by getting ahead of your competition when you target the teen and young twenties market.
Collaborate, consolidate, and compete!
This is a new industry, which means that there are many areas where you will need to collaborate with your competition. Remember, proper infrastructure and legislation is necessary for the industry, and it is going to require the whole industry working together to succeed. You also need to look at other smaller businesses that you can acquire or merge with to further your reach; and most importantly, obtain new knowledge and strategies.
Lastly, you will need to keep a close eye on your competitors and make sure that you are constantly evolving – with or without them.
Remember – this is business, and you will have to think like a proper business professional if you truly want to succeed like the ones that I’ve interviewed. You are a pioneer because you’re investing in a budding industry, but that doesn’t mean that you shouldn’t listen to the masters of the past. Good business sense is good business sense, no matter what industry you happen to be working in.
Join us in part 2 for further exploration of a Publicly-Traded CEOs mindset and how you can use it to win.
About the Author: Carlo Desierto is a serial entrepreneur with over a decade of experience in business startups. He has founded, built intrinsic value, and sold several companies in which he sits as an adviser for the Board of Directors. Carlo has interviewed over 200+ entrepreneurs and published mini-biographies for new digital media channels relating to entrepreneurship, health, self-help, futurology, and the green industry.