Co-CEO's Urgency Nearly Destroyed $100 Million Company

A former co-CEO of a $100 million company has detailed how an overwhelming sense of urgency, often lauded as a positive business trait, nearly led to the company's demise. The executive, who has a long career marked by mistakes, identifies urgency as the driving force behind his most damaging decisions. The belief that an opportunity must be seized immediately, often phrased as 'striking while the iron is hot,' frequently resulted in poorly conceived actions and subsequent failures. This phenomenon is often encouraged in business environments because it promotes action, which feels productive, in contrast to deliberation, which can be perceived as slow and unengaging. However, the author argues that this manufactured urgency often leads to the execution of incorrect strategies.

This cautionary tale is exemplified by a specific incident in 2007 when the author's company, KP Media, based in Kyiv, Ukraine, devised a strategy to dominate the Ukrainian-language media market. At the time, the market lacked significant competition, and research indicated substantial unmet demand, presenting what appeared to be a rare, generational opportunity. Despite these favorable conditions, the venture proved catastrophic and nearly destroyed the company. KP Media was founded in 1995 by Jed Sunden, who was 25 years old and from Brooklyn, New York. Sunden initially financed the company's inception with $8,000 from his credit card, starting with the Kyiv Post. The company experienced uneven growth for its initial five to six years, mirroring the economic conditions of Ukraine at the time. By 2004, when the author joined, KP Media had evolved into a substantial enterprise employing approximately 200 individuals. The political climate in Ukraine was shifting, and the company's Russian-language newsweekly, Korrespondent, became a significant indicator of these changes. The Orange Revolution spurred record foreign investment into Ukraine and fostered a renewed appreciation for a free press. Consequently, both Ukrainian citizens and advertisers sought accurate and objective news sources, a demand that KP Media's publications met effectively, leading to significant growth in both print and online sectors. This success attracted considerable investor interest, culminating in the company going public in 2007.