It is an established fact that 90% of startups fail in the long run. So what is it that causes the remaining 10% to fight all odds and emerge as industry leaders, turn into unicorn or maybe feature in the list of top 500? Many attribute the success of a company to key factors like customer orientation, good work culture and presence of a strong and influential leadership. But are these factors really pivotal for a business to flourish? Let’s dig deeper.
In any business, customer is touted as the eventual boss of the company having the power to make or break the company simply by his choice. If the customer chooses a brand on company for service, it rises and if he chooses its competitor, it falls. Studies show a strong correlation between customer orientation and business progression. However, these studies which are based on sending questionnaires to senior executives of the company also reveal that when a company is flourishing, its managers tout it as “customer favorite” while the managers for the poor performing companies seek otherwise.
Same is the case observed in case of working environment or work culture. Employees find themselves happy, motivated and progressive when the company is in fast mode. While if the company is going through rough phase, the same employees feel dejected and demotivated.
Now comes the question of leadership. There is no denying the fact that company’s success and failures are attributed to its leaders be it Steve Jobs for Apple or Bill Gates for Microsoft. But, looking closely its none of a collaborative team effort requiring and efficient and capable support staff as well.