By Tonika Bruce, CEO of Lead Nicely. She helps startups, nonprofits and leaders win with unique and innovative marketing and business strategies.
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From changes in operational thinking to entrepreneurship-driven strategies, here is why prioritizing entrepreneur hires at the highest level of the organization might be a game changer.
In the business world, C-suite is a term used to describe high-ranking executives who are considered the most powerful and influential within an organization. Consequently, they are at the helm of decision-making and strategizing.
Designations and titles, however, vary depending on the organization and industry. A healthcare company may need a chief medical officer, while a product development company may need a chief innovation officer. Today, we continue to witness the evolution of C-Suite titles to fit the changing demands of the markets.
One such is the evolution of the CIO from an IT operator to more of a business strategist. Jessica Tan exemplifies this transition during her tenure at Ping An, where she was appointed to drive innovation from a financial conglomerate to a technology company. Tan, who joined the company as CIO, was later appointed to innovate under the title of Co-CEO and executive director.
Tan became the chief entrepreneur at Ping An, developing a solid portfolio—among them, one of the most successful healthcare platforms, Good Doctor.
The founder and chairman of Ping An, Peter Ma, wasn’t just looking for a C-suite employee but an entrepreneur. He saw the need for innovation in the organization if the company was to survive the digital disruption. In this case, Jessica Tan was the ideal candidate, having been a partner at McKinsey, where she worked for over 10 years.
Why Hiring A Chief Entrepreneur Will Elevate The Business
Following a traditional structure where innovation or R&D department heads report to a vice president isn’t enough for companies seeking reinvention and innovation. Hiring an entrepreneur at the C-Suite level can bring in a needed dose of entrepreneurial leadership. Here are the reasons why.
They thrive in uncertainty.
Typically, entrepreneurial leaders excel at creative thinking, but non-entrepreneurial leaders do as well. The distinguishing factor is creativity in the face of uncertainty, often motivated by untried possibilities. Jessica Tan stepped into the role with a vision of what a finance and insurance company could be in the face of digital transformation. Then went ahead to bring it to life from a blank page.
Like Tan, entrepreneurial leaders seem to thrive where there’s an unexplored market, a product waiting to be unleashed, or where there’s potential but no road map. These are breeding grounds that give them the space to innovate.
They possess an ownership mentality.
The concept of entrepreneurship goes hand in hand with ownership and responsibility. In an interesting comparison to artists, entrepreneurs enjoy bringing ideas to life—products or services—and seeing them to completion. This ownership spirit is the driving force behind the entrepreneurial leader’s need to own projects and initiatives.
Entrepreneurial leaders can thrive on the energy and excitement of their ventures coming to life. Rather than be stuck in an office, they might jump right where the action is—feeling every step as they move a new idea beyond its inception into a mature tangible product. Steve Jobs was involved in the development process and decision-making of every Apple product long after the successful launch of the first product. He would be the first to hold the prototypes and to test and digest their capabilities.
They influence the company culture.
According to Zety, adaptability ranks in the top four qualities recruiters look for in potential hires.
I find that creating a culture of innovation and achievement requires an entrepreneurial corporate culture. One where employees are empowered to make decisions independently and with ample opportunities for professional growth. Having entrepreneurs in C-Suite leadership roles can motivate teams to find and leverage professional and organizational growth opportunities.
Such an approach can ensure that individuals are driven not just by processes or procedures but by a deep-seated sense of personal ownership, which naturally leads to innovative thinking.
Hiring The Right Candidate
The first step to any successful hiring is beginning with a template of the current needs a company is looking to fill. Not every company may be looking to innovate or pivot its product, but it’s vital to know the pressing leadership needs a top-tier executive is coming in to address. If the company needs a C-suite entrepreneurial leader, these are a few helpful pointers for recruitment.
Move beyond experience and credentials.
Years of experience and graduate certificates are all common in a pool of C-suite position applicants, so you must dig deeper. Consider what roles and achievements they have in their past roles. Dive into their online presence for interviews or articles that feature them and look for reviews, achievements and awards they have obtained.
Look into their choices.
Explore their choices. Are there moments they have made unconventional or less mainstream ones? Simple choices like living in a diverse neighborhood or taking on challenging and groundbreaking projects can demonstrate an entrepreneurial spirit.
Maintain openness and an active stance in interviews.
Safe answers do not resonate with an entrepreneurial leader. They will be open to asking daring questions as well as driving the interview conversation.
Ask scenario questions.
Since the distinguishing factor between an entrepreneurial leader and other candidates is not much about papers, asking them simulation or scenario questions will reveal their thinking processes.
Thought-provoking questions probe how they think outside the box, for instance:
• Would you rather…
• What would you do differently…
• Assume you are…
Essentially, look for someone who shares similar values and vision but is still open-minded enough to synthesize different opinions.
The Key Takeaway
While a move like this may be disruptive initially, businesses can benefit from a leader who previously started their own companies. However, successful hires begin with a company understanding its needs. Not all organizational challenges may need an entrepreneurial take. Like Peter Ma, hiring managers must consider the leadership challenge they seek to solve by hiring an entrepreneur at the C-suite level.
