Diary of a (retired) CEO
Not everyone aspires to be a CEO. In fact, some shy away from it, well aware of the immense responsibilities and time investment it demands. For others, it's a path that many dream about without fully grasping the weight it carries.
Carol Miu, a retired gaming industry leader, looks back at her journey with no regrets. While the role was undeniably time-consuming and challenging, she views it as a rare privilege that few ever experience. To quote Mishka, it's a 'high risk, high reward' kind of job.
As the former CEO of PeopleFun, Carol led the company to remarkable success, overseeing a threefold increase in annual revenue from 2018 to 2021, reaching a staggering $300 million. Her guidance was instrumental in building and nurturing a team of talented professionals, including product managers, data analysts, and user researchers.
Miska couldn't resist the opportunity to engage in a discussion with Carol about her career journey – believe it or not, she is currently pursuing an astrophysics degree at the University of Washington.
On the podcast, they delve into what it's like being a female CEO, achieving work-life balance, industry trends, and the wisdom Carol has amassed on her thrilling journey through the gaming industry.
Don't let this chance slip by – dive into the full podcast below. But if you're short on time, I've got a quick summary of some of the key points waiting for you just below this
Is it tougher to be a female CEO than a male CEO?
Mishka dives straight into this question, prompting Carol to discuss the distinct challenges faced by female CEOs.
The statistics paint a clear picture—only a small percentage of CEOs are female, with an even smaller fraction identifying as Asian female CEOs.
If you want a short answer - yes, it is tougher. Here are a few the reasons why:
The Power of Networks
Networking challenges are a significant aspect of Carol's experience as a female CEO. While male CEOs often benefit from extensive networks of peers who provide insights and support, female CEOs face a more disconnected landscape. With fewer women in top leadership roles, they have limited access to fellow female CEOs, resulting in feelings of isolation and heightened challenges.
To find a piece of comfort and peer support, Carol actively sought out other female CEOs. However, her efforts revealed that such peers were not readily available within her circle. In some cases, she had to turn to her male counterparts, for insights on handling specific situations, highlighting the ongoing isolation faced by female CEOs.
This experience underscores the importance of fostering a supportive network and camaraderie among female CEOs. These networks could play a pivotal role in overcoming the unique challenges women in leadership roles encounter, contributing to a more inclusive and diverse future in executive leadership.
Authenticity and Communication Styles
Carol touches on how her gender can influence her approach to problem-solving and decision-making. Female CEOs may bring different perspectives and solutions to the table, which can be both refreshing and effective. However, these differences can sometimes be misunderstood due to the limited exposure to diverse leadership styles.
She gives an example of how the divergence in communication styles can be misunderstood. When female CEOs express excitement or enthusiasm, their animated nature can unintentionally be interpreted as anger. The rarity of representation means that people may lack the experience of mapping these unique communication styles to corresponding emotions.
"Have you spent hours and hours watching female CEOs talk and being able to map a style of communication to an emotion? We don't have it. You know, it's very new.”
This is a challenge that female leaders are navigating in uncharted territory.
Unrealistic Expectations & Breaking Free from Stereotypes
Mishka points out an unfair expectation imposed on women leaders – the preconceived notions of how they should behave, sound, and act.
Carol counters this notion by emphasising that these expectations aren't solely tied to gender but often extend to leadership styles. She acknowledges that even some male leaders who deviate from the stereotypical "alpha leader" image face similar challenges. The key is to step beyond preconceived notions and focus on effective leadership and business growth.
Building on the idea of effective leadership, I'd like to share the part with you where Carol discusses how she handles her team's mistakes while skillfully navigating the fine line between assertive decision-making and team empowerment.
Balancing Between Creativity and Productivity
First and foremost, Carol emphasises the importance of distinguishing between different types of mistakes. Not all errors are created equal, and their cost varies significantly.
High-cost mistakes demand immediate intervention. In such cases, Carol would engage her team in a narrative storytelling approach. She would carefully explain how their decision could potentially go awry, drawing from past experiences and highlighting the substantial downsides. This approach often prompted her team to reconsider their choices and return with more promising alternatives.
Conversely, low-cost mistakes sometimes serve as valuable learning experiences. Carol acknowledges that stifling creativity by imposing an iron-fisted approach and prohibiting all errors can erode trust within the team. She encourages a degree of experimentation and curiosity, allowing team members to try new approaches, especially when the cost of failure is minimal. This approach fosters a culture of exploration and a scientific mindset, where every failure becomes a source of valuable learning.
To make informed decisions about which path to take, Carol emphasises the importance of being data-informed. If historical data suggests that a particular approach consistently leads to failure and financial loss, it's prudent to avoid repeating those mistakes. On the other hand, if a lower-cost experiment presents an opportunity for growth and learning, it's worth pursuing, provided it aligns with the overall product strategy.
Maintaining a balance between assertive decision-making and team autonomy can be challenging. Mishka reflects on his own experiences, highlighting the struggle to find the right equilibrium between being overly authoritative and excessively permissive. Both extremes can hinder the creative process and effective decision-making.
Carol and Mishka concur that the key lies in setting clear rules for decision-making. Establishing a framework that outlines responsibilities and accountability helps create a structured yet flexible environment. Furthermore, storytelling plays a crucial role in conveying the CEO's role in the decision-making process. It's not about being right; it's about taking responsibility for investments and outcomes.
Additionally, Carol emphasises the importance of her role in admitting when she's wrong. Demonstrating vulnerability as a CEO can foster a psychologically safe workplace where constructive feedback is welcomed. By being open about her mistakes and decisions, Carol sets an example for her team, encouraging candour, collaboration, and continuous improvement.
“If nobody is criticising you and the way you're handling things, you have to come out and say, 'Oh, well, I decided this, and look at the result. It actually turned out not well. So that was the wrong decision.' Or to come in and say, 'Oh, well, during that conversation, I might have been a little bit too quick to make a judgement.' Or even to excuse yourself in the heat of the moment when someone is talking, and you're debating, and you just say, 'I'm sorry, I just interrupted you in the middle of a sentence.' It helps, right? It helps everyone understand what the desired behaviours are, and that nobody is above them.”
In summary, Carol's approach to balancing creativity and a product-focused mindset involves carefully assessing the cost of mistakes, promoting experimentation and learning, and creating an environment where team members feel comfortable providing feedback and admitting their own errors. This dynamic approach encourages innovation and growth while maintaining a strong product strategy.
How to maintain a work life balance, especially as a CEO?
Carol openly admits that achieving a perfect work-life balance was a struggle while she was a CEO. She describes herself as a workaholic, a trait she doesn't consider a virtue. For her, work was more than just a job—it was how she channelled her restless energy and stayed focused. But, let's face it, this all-out commitment to work often meant giving up some important parts of her life.
As Carol reflects on her past, she recognises that her workaholic tendencies translated into long hours at the office. Sometimes, she would find herself immersed in work for an astonishing 18 to 21 hours straight. While this dedication fueled her productivity, it also left her feeling disconnected from her personal life, including her family.
Carol's decision to step back from her CEO role wasn't sudden, it was influenced by several factors. She noticed diminishing returns, suggesting her approach might not be sustainable in the long run. Plus, personal experiences served as wake-up calls that prompted her to reassess her priorities. One striking moment was realising she had spent less than half of her young son's time with him – that really hit home.
Shifting her CEO responsibilities was a big turning point for Carol. She's a firm believer in the power of delegating tasks to the right people at the right moments. This way, a company can thrive as it grows, calling for varying leadership skills as it progresses.
Throughout her career, Carol emphasises the significance of retaining passionate and high-performing team members due to their potential to drive results. However, she also recognises the need for adaptability, acknowledging that there may be instances when employees do not align with the company's evolving needs, necessitating adjustments.
Delving into the personal aspect of being a mother and a CEO, Carol makes it clear that her choices were not dictated by societal gender norms or external expectations. Instead, her decisions were deeply rooted in her own life experiences, growing up with a mother who was the sole earner in the family. Her desire to create a different family dynamic played a pivotal role in shaping her priorities.
In wrapping up this blog post, I'd like to impart the invaluable wisdom generously shared by Carol, particularly directed towards aspiring future leaders and entrepreneurs in the gaming industry.
Tips for Aspiring Game Industry CEOs
Stepping into the role of a CEO is a unique opportunity, and Carol Miu shares invaluable advice for those aiming to reach the pinnacle of leadership. Here are some key takeaways:
Start Small, Stay Skilled: Carol advises future CEOs to keep their teams small and work closely with the most skilled and trusted individuals for as long as possible before scaling up. Rapid scaling without a solid foundation can lead to organisational issues. Planning and structure are key.
Embrace Failure: Successful startup CEOs aren't tied to a single idea; they're open to experimenting and failing often. Carol encourages future leaders not to fear failure but to see it as a crucial step in the journey to success.
Patience and Authenticity: When dealing with people, patience is essential. Be an authentic leader, but also understand that multiple perspectives exist. The reality is subjective, and maintaining open communication lines can bridge gaps in understanding.
Embrace Constructive Feedback: Be open to constructive feedback, even when it stings. Developing a growth mindset and actively listening to criticism can lead to personal and professional growth.
Navigating Debates: As a CEO, it's vital to navigate debates effectively. Don't jump into debates too soon; allow them to unfold naturally. When faced with polarised views, remember that the best solution often lies in the middle ground. Carol emphasises the importance of helping teams explore the full spectrum of solutions before making decisions.
High Risk, High Reward: Being a CEO is a challenging and rewarding endeavour. It's a mountaintop worth striving for, even if the journey is tough. Carol and Mishka agree that it's a job that offers unparalleled learning opportunities.
As I wrap up this exploration of Carol's CEO path, it’s good to conclude with the fact that the path to success is rarely linear. It involves embracing failure, authenticity, and diverse perspectives. The lessons she shares—about maintaining work-life balance, embracing constructive feedback, and navigating debates—resonate not only with aspiring CEOs but with anyone striving for excellence in their careers.
Carol's insights go beyond the gaming industry; they offer timeless wisdom for leaders in any field. Her journey teaches us that leadership is not just about reaching the top but about making a meaningful impact and creating a more inclusive, diverse, and supportive environment for everyone.
