I am 22 years old. Finished my bachelors degree and now started a small scale business. I strongly believe that one day I will grow high and make international expansion. My parents asks me to stop my experiments and to join in an environment when I can enhance my business management skills. But I hate to work under someone. I truly don't know whether I can manage my company or not but I have a strong determination. Well, in case if I feel that I am not the correct person can I hire a CEO to manage my company? is it correct to have a CEO who has experience and knowledge to work under me where I don't know both experience and knowledge. Well, what kind of qualities should I check while appointing a new CEO.
Thanks for your question man. I've been there for sure. Unfortunate for many start-up entrepreneurs is that they usually can't hire the staff they need and end up filling a lot of roles themselves. In the beginning, I suggest you hire conservatively. Right now you don't need to waste money on a staff, unless you're already working 80 hours per week and still don't get everything done.
Ron is right about leading. You're the leader, but it definitely doesn't mean that you can't hire somebody with more experience than you in the long run.
Henry Ford, during a trial in which he was being accused of ignorance, is quoted as famously saying:
"If I should really WANT to answer the foolish question you have just asked, or any of the other questions you have been asking me, let me remind you that I have a row of electric push-buttons on my desk, and by pushing the right button, I can summon to my aid men who can answer ANY question I desire to ask concerning the business to which I am devoting most of my efforts. Now, will you kindly tell me, WHY I should clutter up my mind with general knowledge, for the purpose of being able to answer questions, when I have men around me who can supply any knowledge I require?"
Sure, hire people that are smarter than you, but don't let them lead you. You're job is to use their knowledge to make something bigger than both of you.
Those two sentences do not mix well. CEO's tend to lead, not be lead. You have to think about what you want and what works for you. Don't shut your parents out, but definitely make it clear to them (if you so choose) that you will make the decisions, not them.
Many parents are like that. They want stability for their kids, nothing too crazy. Don't blame them. Maybe if you start something small, or organize something, they will see that you have the character to actually do things and they may leave you alone.
For you, my recommendation is to follow your dreams. You are only 22 for gods sake, even if your business doesn't work out, you'll have a whole life to recover. Check out this site where you can read stories about real life entrepreneurs and how they did it: mixergy.com
As for the CEO thing, forget about it. Hire a COO, someone in charge of operations, but you stay as CEO.