As a Co-founder and COO at StealthEnomics, I couldn’t imagine launching a small business today without the aid of a business coach or advisor. Even now, when a client tells me “I can’t afford a coach!” My advice is to shut down the business. In today’s hyper-competitive marketplace an executive or entrepreneur who doesn’t leverage the insights of a coach or business advisor can count on these predictable results: Significant loss or failure.
Bloomberg reports that 8 out of 10 entrepreneurs who start businesses fail within the first 18 months and the SBA notes there about 595,000 businesses closing each year. Question: if you were in the care of a surgeon who said that 8 out of 10 of my patients die in 18 months… would you trust him with your life? Then why are so many of the so-called experts, institutions, and other entities within our startup ecosystem so complacent or anchored in the status quo while our startups tread down paths to a fatal business ending?
- Institutions (academic, religious, financial, and military) slowly change (if it all) and are averse to promoting risk. Entrepreneurs embrace risk. Our purposes are incongruent.
- It’s easy to market and pimp ignorance without penalty for perpetrators.
- There’s an absence of dialogue centered around holistically building custom business systems for startup scalability.
When the Wall Street Journal reported 3 out 4 venture-backed companies fail I recoiled in horror, “got woke” and shared my insights with a colleague, Joey Price, CEO at Jumpstart HR, (who is also a member of the Forbes Coaches Council) as a guest on his Business, Life, & Coffee podcast where we discussed the reality that within today’s small business ecosystem “Cash Can’t Save Your Startup.” Here are 3 things to re-evaluate