If the statistic is true – that 80 per cent of start-ups fail – it’s probably worth asking the question – why? The answer is more complex than the usual ones of poor product-market fit, disastrous cash flows, high levels of competition, or a team imploding under the stress of it all.
Dig deeper and you’ll see that the underlying cause is less about poor fortune – or poor planning – but a lack of basic skills.
As far back as the eighties Sir John Whitmore and Tim Gallwey, the coaching duo behind The Inner Game of Leadership and GROWME programmes, were emphasising self-awareness and performance through inner confidence. Today, those principles still hold true and can be summarised in seven words, all beginning with the letter C, without which even the brightest start-ups and SMEs are destined to fail.
The first is Confidence. Not arrogance, but just enough to pitch to customers, partners, and investors, and to be able to pivot strategies and overcome rejections. Without it, you will hesitate to launch products or shy away from taking risks.
Then there’s Collaboration – the act of building diverse teams that communicate freely and openly, and support one another, avoiding silos, egos, and top talent leaving.
‘Add Creativity for innovation, Communication for sharing your vision clearly, Curiosity for gaining insights about the market, and Compassion for employee wellness for a complete course’
And think in terms of Competitiveness: to be faster than your competitors, Courage to make the pivots, have those tough conversations, and even pull the plug on a products that are not working, and Commitment to the long haul, showing up every day, iterating continuously, and adhering to your vision.
Then there’s Candour, and by that I mean transparency and the ability to deliver honest feedback and not sugar-coat problems and finally, the secret to momentum that is Consistency, the sort that builds trust and momentum.
Are there more?
Perhaps add Creativity for innovation, Communication for sharing your vision clearly, Curiosity for gaining insights about the market, and Compassion for employee wellness – and you have a complete course.
These Cs are not soft; they are battle tested.
Sir John Whitmore is commonly referred to as the guru, the founder of business coaching. His team only worked with the boardrooms of the blue-chip organisations across the globe. But in my opinion, every owner needs to know the secrets to success. They’re not secrets, they just start with the 7Cs.
