Remember when you were a teenager looking for your first job, but nobody would give you a chance because you didn’t have any experience? You got past that hurdle—and if being a CEO is your goal, you can get past the (very similar) hurdles again. When corporations are hiring CEOs, they want someone who’s been there, done that before. You’re not going to go from Marketing Manager to CEO of a Fortune 500 company overnight. Just like when you were 16, you needed to work your way up the ranks, take some subpar pay (if any at all), and move slowly from smaller ponds to bigger ones.
There are two common ways newbie CEOs get that title: They found a company, accept a CEO offer from a tiny business with limited cash (or both.) Do you think you have what it takes to start your own company, or do you simply not want to? Don’t push it. Few people are successful founders, but that doesn’t mean you can’t ride a startup’s coattails into CEO territory. Many savvy founders realize they have the stuff to start a company, but not to lead it. That’s where you come in.
Thank You, Sir. May I Have Another?
Many startups are one-man/one-woman shows, are deeply in debt, and will consider it a grand success if they’re still operating in six months. One of the biggest factors the founder(s) look for when hiring a CEO? Sometimes it's simply whether you’re willing to accept up to two years of making no money or very little money. These “terrible twos” is when you and the company will be researching, figuring out your market, creating products/services, chasing seed money, putting together a team, and testing services while wooing customers. There’s a big chance you’ll put in a lot of work and make no money (and not even have a job at the end of it.) Of course, we're talking very early startup here.
A lot of people aren’t up for this. Strangely enough, these same people who say "no" to such offers are happy to invest $30,000 in a startup to get angel investor status. Instead, they could take a $30,000 salary and potentially become the CEO of the biggest startup around. If successful, that could lead to stock options and the career of their dreams. The people most likely to take a chance on that limited CEO salary are often Millennials who still have remnants of idealism. This can work out for everyone, but don’t forget about the underdog set: Potential CEOs who are a little older, a little more experienced, and a little better networked.
Remember: If you want to be a CEO, there are no age requirements.
The Dirty Thirty CEO
Of course, you can become a CEO of a startup in your 40s, 50s, 60s or beyond. However, the most overlooked CEOs who may be most successful are often in their 30s or early 40s. They experienced success in corporate America, and may even have a background in the startup culture from their 20s. However, they gave it up for more security. After all, they may have kids to nurture or a mortgage to maintain. These are often ideal startup CEOs, and they’re actually in a prime place to do it.
Potential CEOs in this age range (and place in their life) should re-consider and focus on a startup “fixer upper.” It will give you the skills to tackle a meatier role in the future and it’s an excellent test of your patience, skills, and simply to see if this is what you really want. You’ll gain exposure to broad experiences and learn to grow venture capital relationships. As CEO, you have power over exit timing, and if you choose a fixer upper, you might be able to negotiate for better compensation.
Is becoming the CEO of a startup, regardless of age, a risk? Of course. But successful startups have always been steeped in risk, but there is success to be had at any age or stage in life.