But letting your new status get to your head could quickly signal your downfall.
"When you're the CEO or the chairman, the air gets very thin at the top," Jonathan M. Tisch, co-chairman of the board of the Loews Corporation and chairman of its subsidiary Loews Hotels & Resorts, tells the New York Times' Adam Bryant.
That means you don't always think clearly when you're in a position of power - which can sometimes blind your better judgement.
When making big decisions, for instance, Tisch warns against rushing into anything and advises taking the time to pull all the facts together and ask the team for their input.
Also, he says, people will oftentimes tell you what they think you should hear rather than the truth.
"As you become more competent in your abilities, you start to be able to parse out what's fact from fiction and then press somebody to say, 'Are you telling me this because it's what you believe in, or because you think it's what I want to hear?' That only comes from experience," he says.