Are we mistaking storytelling for strategy, valuation for value, and hype for hard work? Is the result a business culture drunk on narrative but increasingly starving for fundamentals?
The Gospel of Growth
I think we may have turned business into religion — complete with prophets, disciples, miracles, and martyrdom.
In 2017 I wrote The Demise Of Leadership Jerks and our Unicorn Culture. Here is a quote:
"The list of bad actors and ridiculous stories seems to be getting longer. You can't make some of this stuff up. There’s the founder of Juicero, for example, who positioned himself as the “Steve Jobs” of juice launching a $699 microprocessor-enabled appliance that could press packets of chopped fruits and vegetables."
That was 8 years ago and have things changed that much ? Some "modern" CEO's are still not really building a company so much; too often, they’re preaching. “Visionary Founder” “Disruptor” “Moonshots.” These could be the new catechisms of the Church of Hype.
And like any belief system gone too far, this one demands faith long after the facts have stopped cooperating.
The Unicorn Illusion
The startup world is the loudest sermon in this new religion.
Once upon a time, a unicorn meant something: a company that achieved a billion-dollar valuation and had a business that worked.
Now? It often means a company that’s really good at telling stories and burning other people’s money.
“When capital was free, mediocrity could masquerade as magic.”
Let’s look at the math:
More than 98% of startups fail.
Less than .1% ever hit unicorn status.
Bain & Company reports that fewer than 1% of unicorns generate over $1 billion in real revenue or cash flow.
CB Insights (2023) found over 150 unicorns that have already lost that title through markdowns or collapse.
The truth: for every glittering “success story,” there’s a large grave yard of silent failures. For every founder on a magazine cover, hundreds are quietly shuttering companies.
The Real Problem: Inflation
This isn’t about killing ambition — it’s about confronting inflation. Many businesses make a difference everyday after-all. This is about separating bullshit from reality.
Valuation inflation. Expectation inflation. Ego inflation.
For a decade, cheap capital blurred the line between brilliance and bravado. Investors subsidized bad habits and called them innovation. But now that money is starting to cost something again, gravity has returned.
And gravity is undefeated.
“The higher you build your myth, the harder your balance sheet hits the ground.”
Builders vs. Believers
The companies — and leaders — that survive are the ones that never stopped doing the work.
They measure success by cash flow, not clout. They obsess over margins and their people, not their private jets. They build teams, not cults.
They don’t pray to the altar of hype. They show up every day and build. You know what else they do ? They value other people and listen more, learn more, and lean into humility.
Maybe the right question isn’t “How do I become a unicorn?” or “How do I 10x my valuation?” Maybe it’s: “How do I build something that matters, endures, and actually works?”
Because whether you’re running a startup, a mid-market company, or a global enterprise, the fundamentals haven’t changed — they’ve just gone out of style.
As 2026 Approaches Here Is A Modest Proposal
Replace ego with execution.
Replace growth at all costs with sustainable performance.
Replace egocentric leadership with competent grounded management.
This isn’t a contest of who can shout the loudest — it’s a marathon for those who can deliver the longest.
“Attention isn’t achievement. Hype isn’t heritage. You either build something that really works sustainably, or you don’t.”
Every unicorn, influencer, and over-funded founder is proof of what happens when we mistake attention for achievement and the past for the future.
Maybe its time to leave the Church of Hype — and start building more like non-believers again.
Author’s Note
The mythology of modern business has done its job: it inspired a generation to dream big. But now, as markets harden and gravity returns, the next generation of leaders must do more than dream — more importantly they must execute for the long-term.
Real leadership isn’t about just being seen. It’s about building something that really lasts.
What do you think?