Navigating the CEO Journey: Insights from Milena Berry
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Understanding the Importance of Numbers
In the role of a CEO, proficiency with numbers is crucial. It's essential not only to comprehend key metrics such as P&L, unit economics, and COGS but also to find enjoyment in working with data. While I occasionally find myself delaying engagement with numerical tasks, grasping these concepts is vital for steering a business effectively. If you don't relish spreadsheets, it's wise to partner with someone who does.
As part of our series "Five Lessons I Wish I'd Learned Before Becoming a CEO," we had the opportunity to speak with Milena Berry, the Co-Founder and CEO of PowerToFly.
Milena Berry is the visionary behind PowerToFly, the swiftly expanding platform dedicated to fostering economic equity by upskilling underrepresented talent for prominent roles. Her mission is to collaborate with top brands to deliver a range of diversity solutions through the PowerToFly platform.
Could you share an interesting experience since you began leading your company?
Since our launch in 2014, we've embraced a remote-first model, which led to unique interactions with clients when COVID-19 emerged. While we were accustomed to remote work, many companies were not. It was intriguing to witness their transition to this new norm. We quickly adapted our in-person events to virtual formats, becoming pioneers in this shift. We assured our corporate clients that they would still achieve strong recruiting ROI, emphasizing the importance of addressing their hiring needs.
The biggest challenge was convincing companies to embrace this change. Many were reluctant, hoping the pandemic would be a temporary setback. I had to assert that remote work was here to stay and that we could guide them through this transition successfully.
Lessons from Humorous Mistakes
Can you recount a humorous mistake from your early days and the lesson you learned from it?
In the initial stages of PowerToFly, I was presenting to investors from home. My toddler, then just two and a half, needed my attention and began banging on the door, creating quite a commotion. I continued presenting, thinking the investors wouldn't notice. After the call, I asked a colleague if they had heard my child, to which she replied, "Oh, yes."
Initially, I felt embarrassed, but I later embraced it as part of my identity as a working mom. This experience taught me the importance of authenticity. Balancing professionalism with motherhood is an ongoing challenge for me, but I recognize that it's a journey of growth.
The Role of Mentorship
Is there someone you are particularly grateful to for helping you reach your current position?
I moved to New York City from Europe in 2001 to study at NYU's Interactive Telecommunications Program. Red Burns, a pioneering figure in technology education, played a significant role in my journey. When I faced financial difficulties in my second year, she arranged a scholarship for me, allowing me to complete my degree. Her passing in 2013 solidified my commitment to support others, which ultimately led to the founding of PowerToFly.
Leadership Challenges
Can you share a challenging decision you've had to make as a leader?
One of the most difficult aspects of being a CEO is letting go of an employee, whether due to performance issues or layoffs. Forming strong connections in the workplace makes this responsibility particularly heavy.
The Role of the CEO
How would you define the role of an executive compared to other leadership positions?
The CEO's role varies from company to company, but fundamentally, it's about people. It involves assembling the right team for the right strategy and executing that plan. A significant portion of my time—approximately 75%—is dedicated to ensuring the team understands our direction and feels integral to our mission.
Debunking CEO Myths
What misconceptions would you like to clarify about being a CEO?
As a CEO, I often reflect on our past while considering our future trajectory. My role is akin to using a rearview mirror and a corner mirror, allowing me to anticipate challenges that may not be visible to the rest of the team. I must stay attuned to market trends and adjust our strategy accordingly. For instance, as early as 2022, I sensed a potential market slowdown and began preparing my team for necessary adjustments.
Adapting to Change
What is the most notable difference between your current role and your initial expectations?
The nature of my job has evolved dramatically. Initially, I was deeply involved in various operational aspects, but as we've grown, I've delegated many responsibilities to executive leadership, allowing me to focus on overarching company strategy.
Executive Traits
Do you believe everyone is suited to be an executive? What traits contribute to success in this role?
While talent is universally distributed, opportunity is not. Aspiring executives should evaluate their motivations and readiness to commit to the demands of the role. The executive position requires 24/7 dedication and the ability to be available for crucial decisions, as illustrated by the recent Silicon Valley Bank situation.
Creating a Positive Work Culture
What advice do you have for fostering a positive workplace culture?
A healthy work culture thrives on vulnerability. At PowerToFly, we prioritize this trait during our hiring process. We also host mixers to encourage social interaction beyond work discussions, fostering personal connections among team members.
Using Success for Good
How have you leveraged your success to benefit others?
I believe in using my success to create opportunities for others. A fulfilling job can significantly impact someone's life. Additionally, I actively mentor startup founders and serve on boards to share my knowledge and experience.
Five Lessons from My Journey
What are the five key lessons you wish you had known before becoming a CEO?
- Hire a Great Team: Delegating responsibilities to experts has been one of my best decisions.
- Set the Culture: Your behavior establishes the company culture—lead by example.
- Embrace Diversity: Diverse teams are powerful and lead to greater innovation.
- Know Your Numbers: A CEO must be comfortable with data; if numbers aren’t your strength, collaborate with someone who excels at them.
- Recognize Your Boss: Even as a CEO, you report to a board that holds you accountable.
Life Lesson Quote
What quote has inspired you in your journey?
My father once told me, "Allah loves the brave." This advice encouraged me to pursue my passion for a startup job over a more stable corporate position, guiding me to trust my instincts in making significant life choices.
A Dream Breakfast Guest
Is there someone you would love to have a meal with?
I would cherish the opportunity to have breakfast with Michelle Obama—perhaps I could convince her to run for office!
Thank you for your valuable insights and the time you've dedicated to sharing your experiences!