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The Most Powerful Skill You Need to Succeed in the C-Suite

Demetri Argyropoulos Avant Global CEO and Founder

Whether you’re CEO of a multi-billion-dollar brand, or a start-up working towards Series A, there is one thing every executive has in common; you want to get to the next level and expand your customer base. Unfortunately, for most companies, it can be extremely challenging to keep up with change.

At the speed of light, corporate cultures are transforming and innovative technologies call for new leadership skills.

The upside is, regardless of how fast the world moves around you there’s one thing that will always stay the same, the most important skill you need to master to prosper in business.

Visionary entrepreneur Demetri Argyropoulos is well-known from New York to Silicon Valley as the king of connections.

His investment firm, Avant Global, has generated over $10 billion in revenue for clients and created strategic relationships for the world’s wealthiest, including Bill and Melinda Gates, Lady Gaga and Bill Clinton.

 

Argyropoulos was an early investor in Twitter, RedBull and DocuSign, and his Venture Capital fund, AG Venture Capital & Investments, has seeded over 50 diverse start-ups.

 

Argyropoulos credits his success to one invaluable skill…Networking.

 

C-Suite TV Correspondent Nicole Sawyer caught up with Demetri to talk about the most powerful skill you need to master to succeed in the C-Suite, and the biggest mistakes executives make when trying to build a strategic relationship.

 

Nicole Sawyer: What is the most powerful skill to have at the C-Suite Level?
Demetri Argyropoulos: The ability to bring value to your clients and your team. Typically, this value is brought forth through introducing and fostering unique relationships. All businesses and CEOs, despite how powerful they may be, depend on access to strategic relationships. These strategic relationships should monetize the company’s ecosystem, strengthen its platform and give a competitive edge over others with sustainable differentiation in the marketplace.

 

Sawyer: What personality traits do successful C-Suite Leaders have in common?
Argyropoulos: The most important trait we all have in common is the ability to know what the market wants before it actually happens. This comes from an innate understanding of one’s customers or clients. From there, you must be able to make decisions quickly, execute that vision, while staying one step ahead of the rest. All great CEOs are forecasters and firefighters.

 

Sawyer: When it comes to managing your own career, how do you prepare yourself to reach the next level?
Argyropoulos: I always have my ultimate end goal in mind. If you understand your end-game, you are able to manifest that into a reality. I always measure progress against this end goal and quantify it along the way with revenue, timelines and objectives.

 

Sawyer: How do you know who the right connections are for different types businesses?
Argyropoulos: The key here is to understand the objective at hand – what are you trying to accomplish? What is the client trying to achieve? Once you understand that objective, you need to dig deeper to understand the context. This is done through research and by understanding the current behavior at hand to figure out the next important introduction to make. And always remember, relationships only work if there’s equal or greater value on both sides.

 

Sawyer: You’ve worked with anyone from Bill Clinton to T-Boone Pickens, what is the secret to get their attention and maintain a business relationships with well-known people who are in high demand?
Argyropoulos: When you bring value to a relationship, even if it’s the busiest CEO on the planet, he or she will still make time for you. However, following-up is key, especially for those who are extremely busy. Most people don’t follow-up, which in business, can lead to distrust. You have to always do what you say you are going to do. It’s that simple.

 

Demetri Argyropoulos, Avant Global Founder with client T-Boone Pickens, Chairman and CEO of Hedge Fund BP Capital.

 

Sawyer: Where do business leaders fail when trying to create a relationship?
Argyropoulos: Oftentimes, their approach may be too aggressive and their message may not be clear enough.

 

Every successful relationship and every failed relationship is a consequence of one thing: how well, or poorly, you communicate. Clear communication is important to set from the beginning.

 

Put yourself in the other person’s shoes and ask the question, “Why do I want to work with this person?” Again the answer comes down to the value you can bring. Deliver value and these problems go away.

 

Sawyer: What are some of the biggest mistakes people make when following up?
Argyropoulos: They’re not entirely truthful. Be impeccable with your word. Just do what you say you’re actually going to do. This is so important when building trust in an influential relationship and so few actually do it.

 

Sawyer: What’s your advice for dealing with people you don’t like? Difficult people ?
Argyropoulos: Try not to. Seriously. I have a no a-hole rule. I’ve fired billionaire clients before because it just wasn’t worth it. At the end of the day, a billionaire is not better than someone starting out, and vice versa. You have to always respect others and the unique qualities and differences we all have.

 

Sawyer: If your personality is more of an introvert and networking doesn’t come natural to you? How can an individual make connections if they really don’t like talking to people?
Argyropoulos: For starters, that’s where companies like ours, Avant Global, come in handy. Sometimes we partner with, or get hired by executives who are not very social so we help to manage new relationships and introduce them to the businesses they need to get in front of. Let’s be clear, we’re not a social firm! But for those who are more introverted, we simply want them to be the best at what they excel at and we’ll do the rest. We can’t all be great at everything.

 

Sawyer: What’s one example of a major acquisition Avant Global made that transformed its valuation and what can business leaders learn from this example?
Argyropoulos: In the case of Owl Biomedical, we took its technology that had been developed and in existence for ten years and formed a new company with this technology in mind and capitalized on it. We sold it to a multi-billion dollar medical device company in Germany called Miltenyi.

 

From this example, business leaders can learn that if you know how to assemble the pieces of a company/deal: IP, human capital, and usually a combination of both, you then have all the key pieces … it becomes about execution and creating value to the market.

 

Sawyer: Your investment portfolio includes more than 50 diverse startups. What sectors are you watching to find value now?
Argyropoulos: We want someone who is ahead of the curve in terms of where the market is heading- who is that next big game changer? Right now we like the sectors of machine learning, data science and big data for startups. We’re also always looking for disruptive investments in high-growth companies in tech, energy, real estate and consumer products.

 

Sawyer: What qualities do successful entrepreneurs have that make them stand out from the herd?
Argyropoulos: All successful entrepreneurs are tenacious and never give up. Stay focused on your mission with your goal in mind. Successful entrepreneurs also aren’t afraid to fail because they have the ability to see things others may not. It’s okay to have bumps along the way, but that fresh perspective is what’s going to set you apart.

 

Sawyer: What advice do you have for a startup to break down barriers when approaching a well-known brand about a strategic partnership?
Argyropoulos: It’s a great time to be a startup. We’ve never seen so many large corporations working with startups. I’d advise a startup to think about how its technology could actually benefit the large brand it’s approaching. Many big companies realize that if they don’t change quickly with the times, and evolve, their number may be up. Startups should appeal to the larger brands to evolve with them.

 

Sawyer: You run a very successful VC Fund, what’s the best way for an entrepreneur to network with you if they are seeking funding?
Argyropoulos: Think to yourself “Why would Demetri and the Avant team want to meet with me? How can I bring value to their firm?” If you can clearly answer those questions, you’re already ahead of the curve.

 

Thanks for reading! We’d love to hear from you. Like us on Facebook, Follow on Twitter @NSawyerTV and comment below.

 

Categories
Best Practices Growth Management Personal Development

CEO pov: 5 Insights for Leading Change

The not-too-distant past rewarded CEOs for stable predictability. But as most of us experience, “Market transparency, labor mobility, global capital flows, and instantaneous communications have blown the comfortable, predictable scenario to smithereens.” (10 Principles of Change Management, Harvard Business Review).
The only thing that’s predictable today is that more change is coming. Whether it’s in the form of a re-org, a change in product, strategy, leadership, or a merger/acquisition, the best leaders know how to effectively manage themselves in order to keep people motivated and engaged, re-build or reshape company culture and set a new course.

Similar to individuals, companies that struggle with these types of changes knock themselves out of the market. We see it all the time.

While many factors contribute to how well a company maneuvers change, success heavily depends on how executives prioritize its people and communication in the process. How open, transparent and frequent executives decide to communicate is a solid predictor of how successful the change will be.

During the last CEO Forum, I had the privilege of asking Steve Singh, CEO of Concur, Jean Thompson, CEO of Seattle’s Chocolates and Stan Pavlovsky, president of Allrecipes.com what was most important to them as they maneuvered change.

For context,
• SAP acquired Concur for $8.3 billion in 2014

• Jean Thompson became the majority owner and CEO of Seattle Chocolates in 2002

• Stan Pavlovsky became the new President of the world’s largest food brand, Allrecipes.com, a year after Meredith Corp. purchased it for $175 million in 2013

Here are my top 5 takeaways from the conversation:

1. Create Success. The role of the leader is to create opportunities for others to be successful.

2. Talk Less. Really listen, get feedback and have empathy. Change is hard for most people.

3. Pause. Take time to celebrate the success the team and company is having.

4. Decide. Don’t’ be afraid to make a decision. You can likely fix the bad ones, but being indecisive is the worst thing you can possibly do.

5. Be Bold. Go create the world you want, and empower those around you to do the same.
I’d love to hear your perspective: What’s your best advice on leading change?

Teri Citterman coaches first-time CEOs, seasoned CEOs and high performers. Her latest book “From the CEO’s Perspective” provides a peek into the thinking of some of today’s top CEOs from companies like Alaska Airlines, JP Morgan Chase and Gravity Payments. She is a regular contributor to Forbes, a sought-after speaker and thought cultivator/founder of “From the CEO’s Perspective” leadership forum.

Categories
Growth Human Resources Management Personal Development Women In Business

Knowing What Great Leaders Do and Doing What Great Leaders Do Are Two Different Things

The other day I heard a leader speak to his team of fifty. He was sharing that he wants his managers to walk the floor and identify ways to improve processes and procedures and to identify a person who should be acknowledged for giving their all to the job.

After his talk a group went to lunch and he invited me along. He shared with us about his desire to grow his managers and encourage them to lead. He shared about his speech. One of his friends laughed and asked, “when was the last time you walked the floor and told someone ‘good job”? I know it wasn’t lately” The whole table laughed.

Sometimes leaders talk a good talk but don’t walk the walk. When you don’t walk the walk your reputation is diminished, people don’t trust you and even your friends know when you are just giving lip service.

To be a great leader who has influence, impact and the ability to inspire others cultivate the following:

Have Integrity – Do what you say you will do. If you can’t do it say so. If you don’t know something, say that. Integrity is about follow through and commitment. This is especially true for those who follow you. They are watching you and they know the person you are by how you follow through.

Model The Behavior You Want Others To Have – if you want an enthusiastic, energized workforce set an example. If you want helpful, customer focused culture you have to emulate that in everything you do. That also means that you find teaching moments to share how you would do it and people can model you. Think about how you greet people in the morning, are you inquisitive, are you sincere? It is okay if that isn’t your style, just don’t demand that from others. You are the one who sets the standards of behavior. If you can’t behave in a certain way then shift your vision of what you want or move on.

Standards – This is so important and so often missed. Missed because you, as the leader, take it for granted. You have standards for yourself, have you ever written those standards down? Have you shared your standards of behavior to your new hires, your executive team, even to your family? Too often leaders assume that others know, that others have the same standards. They don’t. Every single person comes from a unique, distinct and diverse background compared to you, including your children. They have different perspectives of the same event, location, or person than you. It is normal. That is why it is critical that you write down your standards, your values and be clear about them.

I have a friend who is a local politician with a great career ahead of her. When we worked together we worked through these three key components. It became such a strong foundation for her new career in politics that she had two works of art commissioned that reflected her standards and values. They hang in her office. Her core team has her value statements and standards on a card on their desks. Her meetings with her executive team start with reading her standards and values so that everyone is on board, with clarity and focus.

Everyone can be a leader. It takes focused action to be a great leader.

Categories
Marketing Personal Development Women In Business

NETWORKING with Friends and Acquaintances

When was the last time you became a tourist in your own town or city? Unless you have had visitors it probably was a while ago. We don’t see our town in the same light as a tourist would. We downplay it and often forget it is special. Have your ever noticed that we see the sights of our hometown only when someone comes to visit? It is only when someone from out of town comes to stay that we break out the walking shoes and show with pride the sites and sounds that make our area special and unique. We point out the areas of interest, and often times we ask ourselves – why don’t we do this more often? Why do we wait until someone new comes to visit to show the strengths of our town?

Sharing ourselves

Sharing who we are and our accomplishments is a similar experience. We don’t share them with our everyday acquaintances or friends, because they know us. Just as we take our town for granted we also take our friends, colleagues and ourselves for granted. We are so used to each other that we forget to share our accomplishments, dreams and goals. We also forget to ask about their accomplishments, dreams, and goals.

At a professional function recently, a group of professionals were sitting together and relaxing. They knew each other for several years and several of them were quite good friends, speaking often on the phone and through e-mail. I sat down listened to their joking and laughter. It was evident that they enjoyed each other’s company.

I asked them about their networking practices and how they networked. Many shared that it wasn’t their strong suit. They didn’t like introducing themselves to new people, they felt more comfortable among themselves. They didn’t feel comfortable, “selling themselves or bragging”. It was then that I knew that the art of networking was being lost among this most talented, friendly group. I offered to share techniques that would reap immediate benefits right then and there — and now with you — here and now.

Networking Defined

The term networking comes from fishing. A fisherwoman casts her net into the ocean. It spreads over a wide area. After time she reels the net in. As she reels the net in she catches many fish, often many different types of fish. She may be after tuna, but her net has caught shrimp, cod and other varieties. Some she will throw back in the water, (dolphin for instance) because ethically she knows it’s the right thing to do. Some she will keep for herself. The rest she will give to the others, usually her friends and relationships she respects, who specialize in the various other fish. Networking is the same thing. You throw out your net, sharing what you do and what you are looking for into your ocean of relationships. After a time, you reel your net in, by following up and keeping in contact. Your net will bring in various bits of information. You will toss some, keep some and share some. Who will you share them with? Friends and business relationships, you respect, who specialize in the various other fields.

4 steps to creating an effective network

As I began to share this definition with this group of professional friends, I asked if it was all right if I do a process with them about networking. They agreed. I went around the table and asked them to share their name, what they do, how they do it and what they hope to have in five years. As we went around the table it was intriguing to find out the various specializations that these professionals had. What was more exciting, funny and revealing was the response from the listeners. Each time a member presented we would hear from someone – “I didn’t know that, my company is looking for….” Or “Can I recommend you for this consulting project? We’ve been looking for someone for the last year and you’re perfect”. Here was a group of women who communicate regularly, but didn’t know exactly what each did on a daily basis. They didn’t know the passion that each person had about a particular project.

Two important revelations occurred. One was a sense of relief among the group because they are often called on to recommend someone, but they felt that they didn’t know anyone. Yet in a matter of minutes they had seven experts that they could easily recommend. It was a revelation that they had access to the high caliber people in their own circle of friends. The second was that several of the woman had their own consulting companies and without even a sales pitch, were being recommended for a project that was their forte. It was revealing to everyone that business is built on trust, recommendations and referrals – and that they had easy access to all three.

How can you do this right now? You can start by following the following four steps. Creating, Casting, Reeling and Sharing. It is a process, and in the beginning it requires determination, persistence and practice. Remember that you are among friends and acquaintances, people who support you and want you to succeed. Don’t be afraid – your among friends – go fishing!

Creating the Net

In order to create your net you should have three things. 1) A clear short description for what you do. Your elevator speech. Can you describe what you do in the time of a typical elevator ride? If not develop a short, concise “elevator speech”. 2) A goal you want to achieve in your professional career. Have you defined where you want to be in the next five years? What position would you like to hold? Do you know what you need to get there? (We will be discussing all of these net creation techniques in future articles). 3) A willingness to help others get what they want. You need to be open to listening to what others are saying. What are they looking for? Do you have anyone in your group of friends, family and associates who can help?

Casting the Net

When you are at your next professional meeting, or at a family gathering with cousins or your next “girlfriend” get together, cast your net. Share this article with them. Practice your elevator speech. Tell them what you are looking for and ask them to think if they know any leads. Ask about their “elevator speech.” What are they looking for and search your own mind for connections?

Reeling It in

Two weeks later, or a few days later look through your database. You will find that you may have a couple of people who could help one of your professional colleagues. As you are surfing the Net you will come across an article that would be helpful to another Colleague, who was part of your “casting Group”. Before you know it, you may receive a phone call from one of the members of your “casting group”, she has a lead for you. You share your excitement about the information you’ve found that will help the others. Of course, that information was always there, you just didn’t know who could use it.

Sharing With Friends and Associates

Later you’re on the phone with Sonia, your professional colleague and dear friend, and share what you have found. Remind her to look through her database for any connections. The more you begin to look, listen and share the more opportunities come your way. People want to he
lp people they like. They want to help you.

From Sharing Your Town to Sharing Yourself

The awareness and sense of pride we get when we see our community from a tourist’s perspective is what we feel when we share our accomplishments, goals and skills with others. Just as a visitor feels enthusiasm for your community, a colleague feels the same way about your accomplishments, skills and goals. They know how hard it is to get where you are. They understand the challenges. They know what you stand for since they have been friends with you for awhile and they like how you are, (they wouldn’t stay in contact if they didn’t). Those are all pluses for both of you. She will refer you and you will refer her. That’s what networking is all about!