Examining the Social Roots of Startup Failures
Turn off your laptop, leave your desk and interact with people face-to-face
Hey! Today is Tuesday, which means it’s time for a newsletter.
Strategic thinkers are not lonely philosophers. Moreover, leaders lacking communication skills may lead a company to failure.
In 2016 I quit my CEO job to launch a consulting startup. I knew that I was an expert in business strategy, and I was sure that I could help many companies thrive. But finding and retaining the first customers was a nightmare.
And now I understand why. Unfortunately, I fell victim to a common mistake many startup founders make.
But first, some sad statistics
The statistics around startup success don’t make the best reading:
9 out of 10 startups fail
7.5 out of 10 venture-backed startups fail
2 out of 10 new businesses fail in the first year of operations.
Only 1% of startups become unicorn firms like Uber, Airbnb, Slack, Stripe, and Docker.
The success percentage for first-time fo…