Weekly Business Insights from Top Ten Business Magazines | Week 324
Entrepreneurship Section | 2
Extractive summaries and key takeaways from the articles curated from TOP TEN BUSINESS MAGAZINES to promote informed business decision-making | Since September 2017 | Week 324 | November 24-30 2023
More Than 90% of Startups Don’t Make It. This CEO Reveals What It Takes to Not Only Survive — But Thrive.
By Molly Matthews | Entrepreneur Magazine | November 29, 2023
Extractive Summary of the Article | Listen
From startup to market maturity, there’s much to learn about scaling a business and your career. The harsh reality is that over 90% of startups don’t make it, and nearly 20% fail within the first year. As CEO of a leading SaaS company, the author get a lot of questions about what it takes to grow a company while also learning to scale as a leader. According to her, on paper, she certainly did advance from a senior manager to CEO in a matter of just six years. Yet the reality is that she had been preparing for a C-suite role for years. From owning her own consulting practice to leading a growing nonprofit organization, she have been investing in professional learning and leadership at every stop, paving the way to her role as CEO. Along the way, she has learned a few things about what it takes to reach the top — and spoiler alert, they’re all things you can do, too. These are:
- Invest in mentorship and coaching. A mentor recognizes your potential and encourages you to reach that potential. Find a mentor who will champion your interests and can act as a good sounding board as you continue to evolve in your career. A good mentor supports and guides you through the ups, downs and everything in between and gives you the nudge you need to accomplish things you didn’t think were possible. Establishing a relationship with a coach is also immensely valuable. A coach can help you develop skills in specialized areas, offer valuable feedback and challenge you to consider different perspectives.
- Fail fast. Taking risks can be terrifying, but to elevate your career, it is necessary to learn how to take calculated risks and embrace failure. Get comfortable with being uncomfortable. If (and when) you do fail, the important thing is to be able to pick yourself back up, learn from the failure, move forward fast and improve for next time.
- Invest in tools that can help you scale. Operating with a constrained budget is not fun in the early years and often dictates what investments you can make — especially when it comes to corporate tooling. However, one of the best investments you can make is in software and technology that will have a long-term impact on your business and customers.
- Have a continuous improvement mindset. No one ever has all the answers – not even the CEO. The path to successful leadership is filled with curiosity and continuous learning. Ask questions, don’t be afraid to admit you don’t know something, and relentlessly pursue knowledge and truth.
- Do the work. There is no substitute for doing the work. In a world where AI is at our fingertips, and outsourcing is normalized — there is no replacement for digging in and problem-solving in an authentic way. Simply put, successful leaders aren’t successful because of luck. They are successful because they have put in the time and energy and have prioritized hard work and professional growth. What are you doing outside the standard nine-to-five to help you grow as a leader? Are you spending some of your nights and weekends on passion projects that are helping propel you forward in your career? Are you initiating time with leaders or influencers in your industry?
- The last piece of advice the author think she would give to anyone climbing the ladder of success is to love what you do. A large part of success comes from finding clear purpose and meaning in your work. When your mind and heart are connected to what you do, this fuels you to come to work each day to do great things.
2 key takeaways from the article
- From startup to market maturity, there’s much to learn about scaling a business and your career. The harsh reality is that over 90% of startups don’t make it, and nearly 20% fail within the first year. As CEO of a leading SaaS company, the author get a lot of questions about what it takes to grow a company while also learning to scale as a leader.
- Along the way of becoming CEO, she has learned a few things about what it takes to reach the top — and spoiler alert, they’re all things you can do, too. These are: Invest in mentorship and coaching. If (and when) you do fail, pick yourself back up, learn from the failure, move forward fast and improve for next time. Invest in tools that can help you scale. Have a continuous improvement mindset. Do the work. And love what you do.
(Copyright lies with the publisher)
Topics: Entrepreneurship, Startup, Scaling, Mentorship, Hardwork