Reminiscent of its .com flopping predecessors, Nasty Gal filed for bankruptcy late last year after raising tens of millions in venture capital. It was a fantastic fall from grace for the company. Yet the brand of its founder Sophia Amoruso lives on - through her best selling book, a popular podcast, and a new Netflix TV series.
This divergence between company and founder success can teach entrepreneurial CEOs some important lessons:
- A company is not its founder - and must take on an identity all its own in order to be sustainable
- There is no substitute for good, old fashioned business practices
- Growth needs to be properly managed in order to be sustainable
COO’s can help an entrepreneurial CEO grow the right way - and stay out of bankruptcy court!