Being CEO for the first time

I hit a book by chance called Why CEOs Fail. It lists eleven reasons why CEOs fail. These are:

1. Arrogance— you think 'Only I am right and others are wrong'.
2. Melodrama— you need to be the center of attention.
3. Volatility— you're moody.
4. Excessive Caution— you procrastinate decisions, decide slow for fear of going wrong.
5. Habitual Distrust— rather than the big sky, you just see clouds - focus on shortcomings
6. Aloofness — you're disengaged and disconnected.
7. Mischievousness—Do no follow rules yourselves, as if you are above them.
8. Eccentricity— trying/ arguing to be different, just for the sake of it.
9. Passive Resistance— Saying things, which you don't believe in.
10. Perfectionism— fussy about getting little things right and go wrong on larger /important things.
11. Eagerness to Please— make everyone happy and be most popular.

As I read these, I can think of various moments when these are true to me.

As our company has evolved (and may be grown) and as I can see the impact of various decisions, I think am overcoming these weaknesses. Still, a CEO need to constantly work to avoid these reasons of failure. Other areas I need to work and improve:

1. Hire only best, even if it means hiring slow. But fire quick ( An get rid of non performers).
2. Spend less, be frugal. A lean organisation is like a lean waistline (I think Sriram Sherapolo said that).
3. Listen more and to many. But still decide fast. Speed of execution makes all the difference.
4. Never fall short of cash. Cash is oxygen to start ups.

I also see, that I could avoid many of mistakes by being open to our investors, customers and employees. They helped me decide better, faster.

I also increasingly feel the importance of very effective internal communication with other founders, key executives and investors. I hope I will elaborate this sooner.