There’s something they don’t tell you when you start a business: mindset is everything. And I didn’t have the right mindset necessary to run a business when I first got started. In fact, I went along for years before I finally figured out what I was doing wrong.
Instead of forging ahead in business with a CEO mindset, I held myself back with a full-fledged employee mindset. And it was awful.
The good news is that when I discovered what the problem was, I was able to take steps to transform my mindset and become more aware of my thought patterns. I broke free from the employee mindset and stepped into the CEO mindset (keeping the employee mindset around for action items.)
So the question is: Are you holding yourself back with an employee mindset or are you forging ahead with a CEO mindset? Let’s take a look at each mindset and see how it plays out in business.
What’s the CEO Mindset?
The CEO mindset is exactly what it sounds like – it’s the thought patterns, beliefs, and behaviors that most CEOs possess. Take a few minutes to think about CEOs as a collective group. What traits, beliefs, and behaviors do they display?
When I think of CEOs, certain traits and practices come to mind. Things like strategic decision-making, allowing events to unfold before rushing into something, and listening to and asking for feedback all surface.
However, there’s one that stands out more from the crowd than the others. And this is the quality that’s most evident in the CEO Mindset. I believe the biggest factor in the CEO Mindset is the ability to see the big picture.
This is what really separates employees from CEOs. An employee is down in the trenches, where her view is obstructed. She usually can’t see past the end of her job. She knows that it benefits the company, but she doesn’t always see where the company is headed.
The CEO, on the other hand, knows exactly where the company is headed because she’s steering the ship. She has the ability to see the big picture and make long-term decisions that affect the whole organization.
So the CEO Mindset is about taking time out of your everyday business (and there are a lot of them) to take a step back and look at the long-term direction of your business. It’s about looking at the big picture and know what you’re working towards.
The CEO Mindset is very much about creating a direction and a path for your business. And while this isn’t exactly at odds with an employee mindset, having an employee mindset can make things a little more difficult.
“A CEO knows exactly where the company is headed because she’s steering the ship.”
What’s the Employee Mindset?
The employee mindset is all about focusing on the here and now, which isn’t necessarily a bad thing. However, if you allow the employee mindset to be the driving force behind your business, you may end up with a slew of short-term plans and no business direction.
The employee mindset is really useful to have when it’s time to get down to business. If you have a client project that you need to finish or everyday business tasks that need to get done, putting on your employee cap and knocking those off your to-do list is fine. But be careful to always surface from your employee mindset.
Unlike the CEO mindset, the employee mindset doesn’t see very far. It excels most in making short-term plans and getting things done. It’s the action mindset, but action without long-term direction doesn’t do very well.
I remember another online entrepreneur asking what my 6-month plan was for my business. I “ummed” and “uhhed” my way through my answer, which was basically “book more clients”.
After our coffee chat was over, I realized – with great embarrassment – that I had no 6-month plan for my business. I had my head down and focused so much on my tasks that I didn’t take time to step into the CEO mindset and actually give my business a direction.
I was so stuck in the employee mindset that I had no idea where I wanted to be 6 months from that day.
“If you allow the employee mindset to be the driving force behind your business, you may end up with a slew of short-term plans and no business direction.”
The Dangers of the Employee Mindset
And that leads me to the dangers that are inherent in the employee mindset. If you spend too long in the employee mindset, you risk drifting along in your business with no real direction or sense of purpose.
You’ll be just like a ship without a rudder, being blown about on the sea until you blow into a port, whether or not you want to.
These are the people who wake up one day and think “My goodness, what have I done with my life?” They were so focused on the short-term that they forgot to ask “How will this affect me in the long term?”
Think about it – what would happen to Coca-Cola if their CEO stepped down, and they replaced him with an employee at one of their many factories? The only thing is that this employee-turned-CEO, never left his job at the factory. His job responsibilities never changed.
He’s CEO of Coca-Cola and there he is on the factory floor, focusing on meeting that day’s goals, not worrying about the future of the company. I’m guess that it wouldn’t take long for the company to start falling apart, or at least lose momentum.
So while employee mindset is an important part of your business, especially if you haven’t yet hired a VA or another contractor to help out, it’s important not to allow the employee mindset to be your only mindset.
How to Move from an Employee Mindset to a CEO Mindset
The journey from an Employee Mindset to a CEO Mindset isn’t always an instant one. In fact, I can almost guarantee that it won’t be.
However, there are some steps you can take to begin to experience the CEO mindset for yourself and to bring that more into your business, especially when you begin to make long-term plans.
Set Aside Time to Plan
This may sound incredibly simple, but it’s critical that you don’t skip this step, especially if you think you’re too busy to plan (like I did). You need to clear time in your calendar to plan and look at the long-term direction of your business.
If you’re using a planner, write down exactly when you’ll be planning. If you’re on Google Calendar, block off that time and mark yourself as busy. This is incredibly important to the success and health of your business.
And the good news is that there is no right and wrong frequency when it comes to these planning/check-in sessions. You can do monthly, bi-weekly, or weekly sessions where you look at what you’ve done, what you have coming up, and how that supports your long-term goals.
Ask “How Does This Help My Long-Term Goals?”
There are so many opportunities and activities that you can do to market yourself online and to grow your business. However, not all of them are aligned with your long-term goal.
So before you take on a new project or create a new stream of income, ask how that will help you reach your long-term goal. If the answer is it won’t, then shelve that idea and come back to it another time.
Utilize the Strengths of Each Mindset
The real key is to be able to balance both mindsets and use each when you need to. If you realize that you’re drifting in your business, it’s time to put on the CEO cap and lay down some long-term plans.
On the other hand, if you realize that all you’ve done is planned and not followed through with them, then grab your employee cap. It’s time to get down to business.
Do you find that you have an employee mindset or a CEO mindset? Let us know in the comments below! While you’re at it, be sure to give us a follow on Bloglovin’ to keep up with all of our latest posts!
Samsung CEO embarrassed by the Galaxy Fold fiasco, he “pushed it through before it was ready”
The Samsung Galaxy Fold is perpetually coming soon. The Korean company issues a new press release or has an exec do an interview every few weeks reiterating in vague language that the launch is still on, and it will happen sooner rather than later. But time keeps passing and the Fold is still nowhere to be seen in stores.
Samsung co-CEO DJ Koh has now told The Independent that he admits he “missed something on the foldable phone”, but the company is in the process of recovery. At the moment more than 2,000 prototypes are being extensively tested so that no new issues will arise.
DJ Koh, Samsung Electronics co-CEO
Koh earnestly confesses that “it was embarrassing. I pushed it through before it was ready”. He didn’t go into more detail – like whether Huawei announcing the Mate X had anything to do with the rushing of the Fold to the market, but we can of course infer that. Then again, seeing what happened to the Fold, Huawei has also decided to push back the release of the Mate X by around three months, which should be coming in September.
Koh is adamant that the Galaxy Fold hasn’t been canceled and will indeed launch… at some point. He didn’t reveal a specific release date, only saying it will be out “in due course.” “Give us a bit more time,” he continued. “The last couple of weeks I think we defined all of the issues and all of the problems we couldn’t find [before sending to reviewers].”
Russian Gamer Brothers Are the Newest Hidden Billionaires
Russian-born Igor and Dmitry Bukhman are seeking growth to challenge Tencent and Activision.
Almost two decades ago, in a remote Russian city best known for its butter and linen, two brothers shared a bedroom and a Pentium 100-powered computer they used to code their first game.
Wall Street wants a piece of what they’ve built since.
Playrix has met with some of the biggest banks “and visited their skyscrapers,” said Dmitry Bukhman, 34, citing meetings with dealmakers at Goldman Sachs Group Inc. and Bank of America Corp. For now, though, “we are focused on growing the business.”
He and Igor Bukhman, 37, are the brains behind Playrix Holding Ltd., the creator of popular games similar to Candy Crush, including Fishdom and Gardenscapes, with more than 30 million daily users from China to the U.S. and annual sales of $1.2 billion, according to Newzoo. That makes the company one of the top 10 iOS and Google Play app developers by revenue, data from researcher AppAnnie show, putting Playrix in the same league as Tencent Holdings Ltd., NetEase Inc. and Activision Blizzard Inc.
Today, each brother is worth about $1.4 billion, according to the Bloomberg Billionaires Index. They haven’t previously appeared in a global wealth ranking.
Their road to riches started in 2001 in the city of Vologda, almost 300 miles (483 kilometers) north of Moscow, where Igor learned from a university professor that he could sell software online. He decided to try with Dmitry, who was still in high school at the time.
“We had no experience, no business understanding whatsoever—everything we could imagine was writing games,” Igor said.
The U.S. is Playrix’s biggest market, followed by China and Japan, the brothers said in a recent interview in Tel Aviv, where they spend some of their time. The two remotely manage about 1,100 employees, including personnel at its Ireland headquarters and developers in Russia, Ukraine and Belarus.
“For $3 billion we won’t sell”
The brothers’ first product was a game akin to Xonix in which players must use a cursor to open pieces of a hidden picture before being struck by flying balls. They wrote it during a summer break and generated $60 in the first month and later $100 a month, about half of the average salary in Vologda.
“We thought, ‘If one game makes $100, we can write several dozen of them and make a lot of money,”’ Igor said.
Their second game, featuring an animated character designed by an outsourced artist, brought in $200 a month. Their copycat of Tetris brought in $700 a month, but the brothers shut that down after learning that the game was protected by a license. In 2004, when the business reached $10,000 of monthly revenue, they registered a legal entity, rented space for an office in the basement of a book warehouse and hired other staff to accelerate production.
In the early years, they sold casual games through sites such as majorgeeks.com or download.com, before moving to bigger platforms like Yahoo! and AOL. Then, within the past decade, games started moving first to Facebook and then smartphones. Many of them were available for free, with users paying only for certain in-game features.
Playrix makes most of its money from in-app purchases and the brothers mostly shun advertising, which detracts from the user experience. Ads generate less than 3 percent of revenue, Dmitry said.
“It was a major challenge for us to switch to developing free-to-play games—that’s totally different DNA,” Dmitry said. “Free-to-play games aren’t games that you develop, release and move on to making another one. They are services that need to be supported constantly as users are waiting for regular updates.”
Playrix succeeded in this transition, achieving worldwide recognition over the past three years with Gardenscapes and its sequel, Homescapes, a new variety of match-3 puzzle in which a player completes rows of at least three elements to pass levels and progress through an animated storyline—in this case, helping a butler named Austin renovate a house with a garden.
“Austin engages in dialog with you, you help him to select ways to decorate the mansion, you dive into the history of this character and become related with him,” Dmitry said. “This genre variety we introduced—match-3 with meta game—became very successful, and other companies started copying us.”
“Playrix is certainly responsible for the first major innovation in the match-3 genre since King Digital Entertainment Plc seemingly had the market locked down with Candy Crush,” said Newzoo analyst Tom Wijman. “Playrix managed to add a layer of complexity and ‘meta game’ to the match-3 genre without driving away casual mobile players.”
The company employs several full-time script writers who work on Austin’s dialog, and it’s always improving the games, Dmitry said.
“It’s like apps, like Spotify—people can use them for years,” he said. “More and more people are getting accustomed that it’s perfectly normal. Why not pay $5 to get pleasure from playing a game on a smartphone rather than watching videos or listening to music?”
While Playrix hasn’t introduced a new title since 2017, the company recently acquired several gaming studios to expand into new genres, Igor said, declining to disclose which studios until it releases games developed by them later this year.
Successful titles attract whales. Activision Blizzard acquired King Digital in 2015 for $5.9 billion, and a year later Tencent led investors in an $8.6 billion deal to acquire a majority stake in “Clash of Clans” maker Supercell Oy.
Could Playrix be next? In February, the Information reported that it could be sold for $3 billion, citing Chinese firms iDreamSky Technology Holdings and FunPlus Game Co. as potential suitors.
The brothers dismissed the report.
“For $3 billion we won’t sell,” Dmitry said with a smile, while acknowledging that Playrix had been discussing strategic options as recently as last year, noting its meetings with Wall Street banks.
Their goal, for now, is to become a “top-tier gaming company,” that rivals Activision Blizzard and Electronic Arts in the West, and NetEase Inc. and Tencent in China, Igor said.
“We want to grow as big as they are, using developer talent from our region—the former USSR and Eastern Europe,” he said.
There’s no magic number that would compel the Bukhmans to sell the company, because they say money is secondary to doing what they love.
“Some may think that when you have a lot of money, everything becomes different and more interesting, you start doing different things,” Dmitry said. “But no. We just keep working.”
Boeing working on software update to boost safety, says CEO
Boeing’s Chief Executive Officer (CEO) Dennis Muilenburg said the aircraft manufacturer is taking actions to ensure the safety of its 737 Max jets in the wake of two crashes that killed 346 people.
In an open letter addressed to airlines, passengers and the aviation community, Muilenburg said Boeing will soon release a software update and offer related pilot training for the 737 Max to “address concerns” that arose in the aftermath of October’s Lion Air flight that plunged into the Java Sea, killing 189.The planes’ new flight-control software is suspected of playing a role in the crashes.
Muilenburg said Boeing representatives are supporting investigation into the cause of last week’s crash of an Ethiopian Airlines Max 8 that killed 157.The United States and many other countries have grounded the Max 8s and larger Max 9s as Boeing faces the challenge of proving the jets are safe to fly amid suspicions that faulty sensors and software contributed to the two crashes in less than five months.
The letter reads: “We know lives depend on the work we do, and our teams embrace that responsibility with a deep sense of commitment every day.
“Our purpose at Boeing is to bring family, friends and loved ones together with our commercial airplanes—safely.
“The tragic losses of Ethiopian Airlines Flight 302 and Lion Air Flight 610 affect us all, uniting people and nations in shared grief for all those in mourning.
“Our hearts are heavy, and we continue to extend our deepest sympathies to the loved ones of the passengers and crew on board.
“On safety measures, he said: “Safety is at the core of who we are at Boeing and ensuring safe and reliable travel on our airplanes is an enduring value and our absolute commitment to everyone.
“This overarching focus on safety spans and binds together our entire global aerospace industry and communities.
“We’re united with our airline customers, international regulators and government authorities in our efforts to support the most recent investigation, understand the facts of what happened and help prevent future tragedies.
“Based on facts from the Lion Air Flight 610 accident and emerging data as it becomes available from the Ethiopian Airlines Flight 302 accident, we’re taking actions to fully ensure the safety of the 737 MAX. We also understand and regret the challenges for our customers and the flying public caused by the fleet’s grounding.
“Work is progressing thoroughly and rapidly to learn more about the Ethiopian Airlines accident and understand the information from the airplane’s cockpit voice and flight data recorders.
“Our team is on-site with investigators to support the investigation and provide technical expertise. The Ethiopia Accident Investigation Bureau will determine when and how it’s appropriate to release additional details.
“Boeing has been in the business of aviation safety for more than 100 years and we’ll continue providing the best products, training and support to our global airline customers and pilots.
“This is an ongoing and relentless commitment to make safe airplanes even safer. Soon we’ll release a software update and related pilot training for the 737 MAX that will address concerns discovered in the aftermath of the Lion Air Flight 610 accident.
“We’ve been working in full cooperation with the U.S. Federal Aviation Administration, the Department of Transportation and the National Transportation Safety Board on all issues relating to both the Lion Air and the Ethiopian Airlines accidents since the Lion Air accident occurred in October last year.
“Our entire team is devoted to the quality and safety of the aircraft we design, produce and support. I’ve dedicated my entire career to Boeing, working shoulder to shoulder with our amazing people and customers for more than three decades, and I personally share their deep sense of commitment.
“Recently, I spent time with our team members at our 737 production facility in Renton, Wash., and once again saw first-hand the pride our people feel in their work and the pain we’re all experiencing in light of these tragedies.
“The importance of our work demands the utmost integrity and excellence—that’s what I see in our team, and we’ll never rest in pursuit of it.
“Our mission is to connect people and nations, protect freedom, explore our world and the vastness of space, and inspire the next generation of aerospace dreamers and doers—and we’ll fulfill that mission only by upholding and living our values. That’s what safety means to us.
“Together, we’ll keep working to earn and keep the trust people have placed in Boeing.”
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