It’s tough being a CEO or business leader. Sure, you hold much of the power in the organization, and what you say ultimately goes. There’s power in that! There’s freedom! Yet the sober reality is that the numbers for long-term success are not working in your favor.
Here’s a revealing snapshot that’s hard to ignore.
· Two in five CEOs fail in their first 18th months on the job, according to a study published by the Harvard Business Review.
· One-third of Fortune 500 CEOs endure fewer than three years at the helm.
· The majority of start-up businesses fail within five years, according to the Small Business Administration; two-thirds will disappear just a decade after founding.
This prevalence of failure is not due to a lack of effort. For example, billions of dollars are poured annually into rolling out the latest and greatest technology, working with consultants to trim costs and boost profits, and training the workforce so they stay cutting-edge. Yet the failure rates of CEO’s and business owners isn’t changing. The news of CEO missteps, corporate oversights, and declines in profit still abound. Why? The truth is that many of these initiatives and practices overlook the main influencer of the business’s success: the executive how many CEOs and business owners are tuning into the areas where they themselves are currently weak?