The Number One Reason Businesses Fail
I’ve never named a company after myself. (Nor have I been close - “Davidson Gift Co.” was never in the running when it came to naming Batch.)
Why not? Because I want the businesses I start to succeed.
Working your first or last name into your business title doesn’t mean you’re definitely on the fast track to failure, but it can cement the big reason I think entrepreneurs don’t create long-lasting value:
They confuse economics with egonomics.
Some people start businesses because they hate their current job. Others want to be in control. For some it’s pride, others a deep social mission, and still more the quest for riches. Regardless of the motivation of why you start, the temptation to make your baby all about you grows as the business does.
And yes, I said “baby.” For two reasons:
Your business can feel like that - you created it, you named it, you’re taking care of it, and you’ll be pissed when someone says it’s ugly.
Like many parents of Millennials and Gen-Zers today, you’ll also be too involved in your business’s life, in danger of not letting it grow on its own.
A relentless focus on economics is the only thing that will help your business grow. Ego-driven entrepreneurs take note: your company doesn’t need more of you. It needs more (or better) sound management. A focus on the operating model. A commitment to excellence at every level.
So take your picture off the book cover. Change the name of the company. Be willing to share the stage, the spotlight, and the success.
Otherwise, get in line applying for a job working at a company that’s doing quite well and not named after the founder.
Less you; more them.
