How Startups Crash & Burn! ⛔🔥with Candice Cook, Attorney & Chief Strategy Officer
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Hey, It's Alex!
🍵 Here's Your Weekly Tea
I ride HARD for women-identifying entrepreneurs. Periodt. I love you enough to keep it , always. So I say this with soooo much love… STOP WAITING UNTIL YOU’RE READY! Last week I had a convo with a founder about funding. I was willing to make an intro on their behalf BUT they resisted. They were more focused on their idea of what ready looked like instead of taking the conversation. Here’s the problem - we get in our feelings when we see “mediocre” bros snatching up opportunities. Here's the harsh pill to swallow... That bro may be mediocre but he didn’t wait until he thought he was “ready”. Instead, he shoot his shot and he got it because WE didn’t show up. I see the “ready illusion” at an exponentially higher rate in women than men. I get it... A. We’ve been socialized in perfection and B. Perfectionism messes with our mindset making us think we're not good enough as we are, where we are. It's a sh!tty cycle.
So it's up to us to help each other out. Here's some homework…
This week, identify 1 thing you’ve been “waiting to be ready for” in your business and explore how to get it done.
Give yourself a deadline.
Reach out to 3 founder friends and let them know. #AccountabilityIsEverythang
It’s ok to be scared but you’re going to be scared whether you wait or not. So show up for yourself and see what’s on the other side. Shoot your shot, queen! <3
Let's get into your weekly briefing!
💸 HERE'S YOUR TRACTION BRIEFING
Founder: Candice Cook | Company: RadicalMedia | Location: New York, NY
Receipts: Candice Smith is a groundbreaking business attorney and trademark strategist for helping to change the way businesses and entrepreneurs operate. She has a professional range that includes dealing with high-profile matters and crisis management.
Here's your traction playbook...
How Did The Crisis Start?
Lack of Ownership & Accountability - Continuous lack of ownership and accountability from startup founders and those in the ecosystem led to the crisis. We've gotten so accustomed to seeing people win by going against the book that when it's our turn, we replicate the process creating a negative culture that becomes entrenched in the system. We now have more and more people willing to go against their values and beliefs as long as they can achieve their bottom line.
What Have The Outcomes Been?
Failing Companies - Because of this, companies continue to crash and burn. Although founders and CEOs have freedom to execute, this freedom should not be mistaken for a lack of accountability. As Candice Cook says in the podcast, "Climbing in a silo will climb you into a mistake for your business." Independent decision-making will have you pivoting when you don't need to. It will have you making decisions that don't reflect your consumers needs and wants.
What Can Be Done?
Form An Advisory Board - "The first thing that is the most important for a founder is to know exactly who their board of advisors are. Not necessarily their board in terms of investors but who are the people who are serving as almost guardrails as this baby comes to fruition." Candice Cook. Who are your advisors? Who are you sharing business decisions with? As much we are experts in our field, there is still so much more we can learn and from various perspectives. A diverse board is a board made up of people from different walks of life, different stages in business and different upbringings. Diversity will be your company's strength.
Support Candice in Scaling Impact: Follow Candice on twitter at candicesc1 and on Instagram at candicesc1of1 to learn more about her and what she does.
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Startup Leaders: Here's How To Form An Advisory Board: Here is the complete guide to forming and managing an advisory board.
6 Things To Check When A Startup's Accountability Decline: Accountability is often overlooked when assessing productivity - but it affects every facet of your company. Here are 6 things to look out for when you feel it slipping in your organization.
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