The CEO, chief executive officer, is the backbone of the company. He or she is the reason for the success of the organisation and the people working in it. But it is not easy to become a CEO; there are years of hard work involved in it. The people spend their entire life to work for the organisation so that they can achieve the heights of success. But the position of CEO is full of responsibilities, and once you have become a CEO, you can run from those responsibilities, or you cannot ignore any. And the position has its advantages also. It is just not like a slice of cake, but it involves certain risks also. You must know how to be an entrepreneur in 10 easy steps.
In this article, we will discuss the advantages and disadvantages of becoming a CEO.
ADVANTAGES OF BECOMING A CEO
- Authority of decision-making
CEO is always free to take the decisions with his own will. He has the complete control over the functioning of the organisation, and without his permission, no decision can be made as his acceptance plays a major role. All the financial matters are first discussed with the CEO, and then they are undertaken. Even the strategic planning of the organisation is according to the command of the CEO. People can also consider the leadership of various leaders so that they can have the freedom to take the decisions.
- High status
The title of the CEO comes with the high status. It benefits you with the best status CEO can enjoy. You also get the authority and the power to make the major decisions in the organisation. You also get the respect and honour of the employees working in the organisation.
- Enhanced knowledge
A CEO has complete knowledge about all the affairs of the company. He knows about all the trades and dealings of the company. And everyone has to inform him about the market situations and the current updates in the economy. You will have a vast knowledge of the sense of being I the company. This level of well-being is not experienced by the rest of the other employees of the company.
- Capability to earn
Being a CEO also increases your earning power and make you have high packages with a lot of other benefits. The CEO is the highest paid employee even in the small firms or units. They also get the special bonus of travelling and many other also as per their performance. It makes them get greater incentives and increase their potential to earn more with their contribution by working on their overall performance.
- Other perks and benefits
There are certain other benefits that are offered to the cons, and they also get many perks which majorly includes the share of the overall profits of the company, compensation of the other expenses and benefits with the entertainment accounts. The CEO also have the freedom of using the property of the organisation, and sometimes they are also offered cars to raise their status. They lure a financially secured life after the retirement.
Thus, these are the benefits that are not available to any other employee working in the organisation.
DISADVANTAGES OF A BEING CEO
Though the cons enjoy a good life, everything has its disadvantages which are discussed below:
- Lots of hard work
It is not that easy to become CEO; it involves a lot of hard work. The CEO has to spend many sleepless nights so that he or she can achieve the target they have set. You have to take the roles and responsibilities of the company very seriously. There should be a feeling of belongingness with the company you are working with. Only then, you can you would be able to get a way out to become a good and successful CEO. The CEOs have to avoid their personal life, family functions, enjoyment part to attain the success.
After reaching height, everyone will be working under you. It is a great feeling, but to an extent, it will arise the feeling of loneliness in you. You will feel that you have nobody to discuss the problems with or with whom you can share your worries. The employees would only be waiting for your command. Some will appreciate you, and some will not. Thus, it is not the just the happiness that comes with success, but there is a dark part also.
- Making mistakes
You will make mistakes because it is natural to commit mistakes. It would not always be a favourable situation for you, and it might be unintentional, that you would not be able to hire the great talent. There may be the situations when you feel like throwing some people directly out of the organisation, but all you could do is to be calm and kind.
- Not a win-win situation always
You have to accept that it will not always be a win-win situation for you. There would be the time when you had made a mistake and felt a bad situation due to that. And it can also be the possibility that the customers would comment something bad about you on the social networking websites. You have to deal with all those situations.
In the end, we can say that there are pros and cons of everything but to deal with all sorts of situations smartly is the real management.