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How Can Startups Plan For Succession?
Fremont: When Apple founder Steve Jobs decided to move on, he named Tim Cook as the CEO, and handed over the reins of the company too. These days many other companies are seeing a change at the top. These companies have a procedure and written rules, which helps in the succession planning. Due to their sheer size, they have a lot of people under them to choose the next leader. But when it comes to startups, it is a totally different ball game. How can startups ensure that they choose the right person to sail the company?
Identifying The Potential Torchbearer
When you are looking at a person to lead the company in your absence, you have to make sure that you stay away from the latter and focus on those who can be trained to become exceptional leaders. A startup will have a mix of people: some who are good in taking initiatives, some who are exceptional in people management, and many who fall in between. Leaders are not born, they are made, but of course it is what is inbuilt in you, that decides whether you will be a good leader or a great leader. You can train and push a person to take more initiatives, but the people you should be aware of, are those who are bad in managing people. The only way to choose the right person is by talking to your subordinates, as sometimes even the performance reviews might be tinted.
