4 Lessons for CEOs in the eCommerce Space

It takes a specific mindset combined with true grit to command any company, let alone one in the fast-moving world of eCommerce. Today more than ever, CEOs of online store builders like Shopify, Adobe and website hosting companies like the WooCommerce hosting company feel tremendous pressure to perform. Add that to the factors that all CEOs face – the influence of media exposure, the ever-growing need for transparency and the demand for flexibility when faced with constantly changing market trends – and it’s pretty obvious that CEOs have their work cut out for them.

In fact, studies show that up to 70% of top executives fail within the first 18 months of accepting a c-suite position. In light of this staggering statistic, many CEOs are beginning to rethink and reform how they are conducting business.

There is perhaps no better way to improve upon business prowess in the eCommerce industry than by looking to other leaders. After all, highly prominent executives have “been there, done that” and possess a wealth of experiences that executives of all levels can learn. Here are a few tips and lessons from top-notch executives to help you improve your CEO game.

The Art of Failing Gracefully

As a top executive, you might think that failure isn’t an option. In truth, failure happens all the time. What’s important about failure is how CEOs handle the challenges as well as how they learn from various mistakes made on the job.

According to Michelle Peluso, CEO of a billion-dollar lifestyle and design company, Gilt Groupe, failing gracefully is about being humble enough to learn and not being too hard on yourself. Peluso goes on to say that if you haven’t made a misstep on the job at some point – then you’re not making progress. She says it’s important for CEOs to step out of their comfort zone. It’s far better to innovate and make a mistake than stay stagnant without making progress forward.

Recognising Responsibility

Ecommerce masterminds remind themselves that with great power comes great responsibility. If you are a CEO of any company in this space–be it an established company like WooCommerce or the latest startup–it’s important to understand you are a steward for millions of companies who sell things online and helping them run their shops smoothly. This is one among many examples of how CEOs are ultimately responsible for not only their company and its employees, but also their customers, clients and their businesses as well.

You don’t only have to look to CEOs in the tech world; leaders such as Jeffrey Immelt, the CEO of General Electric, use the gravity of responsibility in their profession to produce better results for their company’s clients. Immelt says, “I think the CEO has to be the moral leader of the company…it’s about performance with integrity.”

The Importance of Self-Talk

Top executives are constantly communicating with staff, clients and partners. It might seem like there is never a moment away from smartphones or computer screens. This is a mistake, according to Daniel Lubetzky, CEO and founder of KIND snack company. Lubetzky may not be leading a company of software developers and sysadmins, but his words are just as valuable. He says self-talk is just as powerful in decision-making processes as communicating with others. Lubetzky goes on to say that it’s important to talk to yourself because it gives your mind the space to analyse.

Furthermore, self-talk can help CEOs combat the analysis paralysis syndrome because it’s a healthy and effective way to process thoughts. Lastly, Lubetzky says that self-talk is a powerful way to connect with yourself, your vision and gain perspective in a more profound way. This, in turn, results in better leadership and can render innovative thinking for CEOs.

Patience Is a Virtue (Even for CEOs)

As a CEO, you’re probably familiar with the hustle-bustle, busy corporate scene. Very often, mammoth decisions need to be made quickly in order to secure the right deal or land the right opportunity. However, if you’re pushing for negotiations, or aggressively pursuing a deal – that might be your worst mistake.

According to Bob Iger, the CEO of Disney, patience is a key attribute for any executive. Disney has adapted with the times and risen as a leader in the streaming space. Iger explains that it’s great to have ambitions, and gaining control over what can be controlled is necessary as a CEO. However, in some situations, putting in the work and being patient while anticipating results from your efforts is the better part of valour. Igor encourages professionals to recognise some things are beyond control and waiting patiently while playing the long-game for success is more prudent than pushing for results.

The Last Word on Taking Tips From the Pros

If you are a top executive, you deal with extreme responsibilities. You may think the weight of the world is upon your shoulders. That can be a very lonely existence. Thankfully, there are high-level executives who have been in your shoes. Therefore, improve your CEO game by learning from seasoned executives who have experience in both success and failure.