Three Important Success Factors for a Start-up
|1.||Lack of innovation||3|
3. Poor leadership
Thomas Cook financial debt grew over the years and the leaders of the company did not address it. After almost collapsing in 2011 company seemed to be improving when in 2013 Thomas Cook was able to repay £425 million to its shareholders. However, in 2018 UK’s tour operator giant was worth £2 billion and the debt was outstanding, and it was too late (Pratley, 2019). This only indicates to a poor leadership because the managers of the company were aware of the debt. Thus, knowing that they needed an action plan. My suggestion is to adapt ethical leadership in which moral responsibility is at its core. It is the ability to manage one-self and its actions. Hence, allowing to make the right decision that will benefit the organization and inspire people (Langlois, 2011). In addition, personality plays huge part of the leadership. Characteristics such as integrity, enthusiasm, self-confidence, trustworthiness, toughness, modesty and ability to empathize will contribute to effective leadership (Adair, 2010).
I strongly believe that innovation, funding and effective leadership model will lead any company to its success. Those are skills and they can be developed or improved with a great amount of determination.
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