Need To Know For The CEO

Episode #3

John Straw
Leader and Entrepreneur

John Straw is a renowned entrepreneur, investor, and advisor who has founded and led numerous companies, achieving several successful exits. With years of experience, John brings a wealth of knowledge and a unique perspective to the world of business. His relentless energy and passion for innovation have made him a sought-after advisor and a formidable force in the industry.

A Diverse Career Path

John’s career is a blend of corporate and startup experiences, giving him a 360-degree view of the business landscape. He has served as a CEO for major corporations, worked with startups, and advised other CEOs through his role with McKinsey. This diverse background has equipped John with the skills to navigate and succeed in various business environments.

"I've worked with corporates, I've done the startup thing, and I've done the investment thing. I've got a 360-degree view in my 65 years."

From Opportunist to CEO

John started his first company at the age of twenty, driven by an innate sense of opportunism. He emphasizes the distinction between entrepreneurs and managers, acknowledging that the skills required for starting a business are different from those needed to run one successfully.

"I am an entrepreneur. I never set out to be a CEO. I am not a natural manager."

Learning from Successes and Failures

John’s journey includes significant highs and lows. His first company, dealing in computer parts, was successful until it was derailed by the economic fallout of Black Wednesday in 1992, leading to personal bankruptcy. However, John bounced back by identifying new opportunities, such as the early potential of search engines, which led to another successful venture.

"From ashes rises the Phoenix. You're always on the lookout for the next opportunity."

The Power of Strategic Thinking

A pivotal moment in John’s career was his realization of the importance of strategic thinking. By subscribing to The Economist and immersing himself in understanding the convergence of technology and economics, John transitioned from being a tactical opportunist to a strategic thinker.

"I realized that I didn't know anything about the big picture, so I started reading The Economist to develop a strategic mindset."

The Importance of Sales Skills

John believes that the success of B2B businesses often hinges on strong sales skills. He notes that many founders focus on product development but lack the ability to sell effectively. John’s own success has been partly due to his ability to animate people around opportunities and close deals.

"Founders of B2B businesses often assume that if they build a better product, the market will come. But without sales skills, they won't get beyond the early adopters."

Valuable Advice and Mentorship

Throughout his career, John has benefited from the guidance of mentors. One piece of advice that has stuck with him is to “say what you do and do what you say,” emphasizing the importance of aligning communications with his own actions.

"The best piece of advice I ever had was to say what you do and do what you say."

Overcoming Imposter Syndrome

John has also dealt with imposter syndrome, particularly during his time at Thomas Cook. He found a unique way to build his confidence by keeping a record of his achievements and reviewing them regularly.

"Whenever something good happened that I was responsible for, I took a screenshot and saved it in a folder to look back on and remind myself of my successes."

Embracing AI and Emerging Technologies

John is a thought leader in the field of AI and has been ahead of the curve in recognizing its potential impact on various industries. He advises small to medium-sized businesses to focus on prompt engineering and to form working groups to explore how AI can enhance their operations.

"Form a working group to explore how AI can be used to exploit new markets and increase productivity."

The Future of Business and AI

John sees a future where AI plays a crucial role in every aspect of business. He emphasizes the need for businesses to prepare for this shift and to leverage AI to stay competitive.

"AI is accelerating beyond an exponential rate, and businesses need to be ready to integrate it into their operations."

Building Strong Relationships

John believes in the importance of building strong relationships and maintaining a human touch in business interactions. He recalls how personal connections and face-to-face meetings have been instrumental in closing significant deals.

"You can't replace the value of personal relationships in business. AI can't take someone to lunch or build the same level of trust."