Fred Wilson recounts an experienced venture capitalist’s explanation to him  of  “What a CEO Does

A CEO does only three things. Sets the overall vision and strategy of the company and communicates it to all stakeholders. Recruits, hires, and retains the very best talent for the company. Makes sure there is always enough cash in the bank.

I think this works just as well for bootstrapping teams relying on organic growth as a venture backed firm:

  • Strategy/Focus
  • Team/Talent
  • Cash/Profit

Of these the strategy defines the goals and talent and cash are constraints that need to be managed.  Talent and financial capital have to be assessed in the context of the firm’s objectives.