Entrepreneurship is the lifeblood of the American economy and many other growing global economies.
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Why the CORE in COREageous?
Entrepreneurship is the lifeblood of the American economy and many other growing global economies. It is a harrowing roller coaster ride to success. Entrepreneurship is a treacherous and grueling test of a founder’s mental and physical core. You will read why, I believe, it takes more than passion, commitment, knowledge and courage to be an entrepreneur – it takes CORE.
Core is a familiar buzzword in the fitness world; a strong core is the mark of a strong, healthy body. As a former martial arts instructor, competitive athlete and opera singer, I know the value of a strong physical and cognitive core. Yoga, Pilates and most every competitive sport focuses on exercises to strengthen your physical core – a group of muscles consisting of the transverse abdominus, latissimi dorsi, the obliques and muscles of the pelvic floor. Your physical core is where all movement originates; it’s the source of your stability. These core muscle groups keep your body stable and balanced. Without a strong physical core your mobility is limited − you are unsteady, weak and prone to injury.
If you understand the power of the physical core you can easily grasp the notion of a cognitive core – the four abilities essential for a founder’s success. They are:
- emotional control
- focus and follow-through
- competent communication
- Shark readiness (the ability to pitch effectively to investors and customers).
I come from a long line of entrepreneurs. My experience as an entrepreneur, intrapreneur and executive functioning coach prepared me to help others become COREageous!
This is why I created the Core Four coaching program for entrepreneurs. In 2014, there was a resurgence of entrepreneurship. TV shows like Shark Tank and The Profit, spawned an over-exuberance in entrepreneurship marked by impulsive investments and poorly executed plans. The failure rate for new startups was 70%! As an avid believer in entrepreneurship and being one myself, I was appalled at this statistic and driven to find out WHY. Most startups fail because they run out of cash. WHY was that? My research showed that dysfunctional teams, lack of focus and poor communication with customers were the top reasons why startups go broke.
Being an avid supporter of entrepreneurship, and equipped with the clinical skills needed to coach self-starters, my goal was to reduce the startup failure rate to single digits. Another advantage was my expertise in ADHD, a condition common to entrepreneurs. The word got around and failed founders and “wantrepreneurs” began to calling for help. These very bright, creative and intuitive inventives attributed their companies’ downfall to two or more personal weaknesses in the following areas (all related to the core skills mentioned above):
- self-leadership skills
- emotional control
- focus and concentration
- having to play many roles in the company at once
- getting things done well and on time
- presentation skills
- communication skills.
I explored the connection between the startup failure rate and the above deficiencies. And, indeed, I found a strong connection between them. Most new businesses fail (run out of cash, lose prize employees, fail to get funding, etc) largely because of the founder’s core deficiencies. As Nick Woodman, the founder of GoPro claims, “It’s (your business) a product of your creation and the team’s execution, so businesses don’t fail, the people who are running a business fail.” Hence, my Core Four Coaching program was born! Several weeks and months (not years!) of Core Four coaching helped my “wantrepreneurs” become successful entrepreneurs.
Just as the ability to walk, run or bike depends on the strength of one’s physical core, the ability to succeed and endure the grueling, but exciting world of entrepreneurship depends on the strength and stability of a founder’s four core skills and routines.”