When the biotech company Theranos started making headlines for all the wrong reasons (namely, for over-hyping its products and results), it became a learning experience for entrepreneurs around the world. Susan Young with Ragan’s PR Daily interviewed me about my thoughts on the company’s demise. As a business coach, I’ve seen a lot, and the biggest mistake I’ve seen from Theranos is that they marketed themselves like they were perfect. They were worth $9 billion at their peak, but no company is perfect—and all consumers want to see some room for improvement.
I’ve always found that startups do best when they admit their weaknesses. Still, I think there’s a chance they can recover but it will take a huge marketing overhaul. They’re in damage control mode now, but that doesn’t mean they’ll automatically own up to their mistakes. If I were advising them, I’d encourage some humility and modesty during this turning point.
There’s no such thing as a perfect company, and that’s a lesson that’s critical to learn, no matter where you or your business are in the journey.
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