It takes an extremely unique personality to be a successful CEO in Frontier Markets. I’ve used these traits to be successful (at least in my view!). The thing is, Frontier Markets have unique set of opportunities and risks that CEO’s need to appreciate as compared to developed regions.
So, continuing in providing advice which I hope someone finds helpful, including advice to succeed for Hiring Managers, Talent Development Managers and Head of HR, I humbly offer my top 4 suggestions for CEO’s to succeed in Frontier Markets.
1. Be Adaptable
First of all a leader in Frontier Markets has to be adaptable. A key characteristic of these markets is the environment is so fluid that what makes sense today, does not have to make sense tomorrow. Everyday is different. Leaders need to be agile, anticipate and adapt to different circumstances. Government policies change regularly, security situations can cause lack of access to large swaths of customers in the blink of an eye and currency fluctuations can render your imported goods inventory worthless in weeks.
A great example in this regard is the Telecom sector in Pakistan. In addition to all the industry challenges the telecom sector in Pakistan for example is also subject to frequent and rapidly changing regulatory requirements due to the security risks associated with the sector. I have been working recently extensively Irfan Khan the visionary CMO of Telenor who is acutely aware of these changes and is already anticipating how the business will develop over the next few years. He’s building capabilities today to address this future.
2. Networking
Most things in Frontier Markets happen not because of what you can do but from who you know. Getting things done is more personality driven rather than process or systems driven. Getting clearance to import products is linked to who you know, resolving a catastrophic new regulations is linked to who you know, getting the right talent in the organisation is linked to who you know, getting licenses is linked to who you know. You must have the right contacts and keep developing your network.
My networking hero is the CEO of ICI Pakistan, Asif Jooma. He is out there all the time, social events, corporate events, government events, Asif is present. You name it and he has got a contact that he can approach creating tremendous opportunities for the business he is leading.
3. Imagination
People get excited and engage if you can paint an exciting and enticing picture of the future you want to create. One of the characteristics of frontier markets is that everything is possible (this is different everything being easy!). Leaders who understand this have the ability to imagine a bold future and are able to translate how to get there. They’re the ones who are truly able to capture the growth potential that Frontier Markets offer.
Ian Donald is the example for me for someone who is able to capture the imagination of the people that he is leading. Whether it was in Pakistan, Equatorial Africa or now in South Africa he is able to connect how his company can make an impact on the wider community that resonates with people. I had the honor of facilitating a session with Ian’s team in South Africa. Although the company was under operational pressures he was constantly re-iterating that they would and need to come out of these short term issues in order for the team to be able to focus on contributing to the South African society. Immense!
4. Will Power
Whether you call it will power, perseverance or grit you need a huge dose of it to succeed in frontier markets. They will test your will power to the limit. As much as everything is possible, everything can go wrong. In order for you to stay the course you have to be obsessed, intense and willing to sacrifice other things in order to make it work. Working in frontier markets is not for the faint hearted, succeeding in frontier markets is only for the strong willed.
Amr Reda, ex-CEO of Lafarge Pakistan is for me an example of a person with a tremendous will power. And although people with this amount of drive can be tough bosses and demanding for their teams. But like in Amr’s case, CEOs with this amount of drive and will power are often expecting even more from themselves . Living apart from his family, due to the security situation in Pakistan, he spend 20 out of 24 hours driving the business forward turning around the company in record time and increasing the value for which eventually the company was being sold to Bestway.
Some time ago I wrote about the Do’s and Don’t for a Newly Appointed CEO’s in Asia in which I shared a couple of suggestions for a new CEO’s to make a a great start. So whether you’re just starting off or are already a successful CEO in Frontier Markets, you simply have to appreciate the value they have to offer, stay up to date on the newest trends and brave on!