• Home
  • Latest
  • Fortune 500
  • Finance
  • Tech
  • Leadership
  • Lifestyle
  • Rankings
  • Multimedia

Trendingnow

1

Despite having a $165 million net worth, Scarlett Johansson says work-life balance doesn’t exist—and the first step to success is admitting that

2

The Bezos family just donated $100 million to help achieve one of Mayor Zohran Mamdani’s top campaign promises

3

Current price of oil as of May 15, 2026

1

Despite having a $165 million net worth, Scarlett Johansson says work-life balance doesn’t exist—and the first step to success is admitting that

2

The Bezos family just donated $100 million to help achieve one of Mayor Zohran Mamdani’s top campaign promises

3

Current price of oil as of May 15, 2026
Entrepreneurs

After the Theranos Mess, Can We Finally Quit Idolizing Entrepreneurs?

By
Steve Tobak
Steve Tobak
Down Arrow Button Icon
By
Steve Tobak
Steve Tobak
Down Arrow Button Icon
May 27, 2016, 9:00 AM ET
Squawk Box - Season 20
SQUAWK BOX -- Elizabeth Holmes, Theranos CEO and the world's youngest self-made female billionaire, in an interview on September 29, 2015 -- (Photo by: David Orrell/CNBC/NBCU Photo Bank via Getty Images)CNBC NBCU Photo Bank via Getty Images

IDOLIZE verb : to worship as a god; to love or admire to excess

We have a tendency to idolize our heroes. That’s nothing new. Whether it’s in politics, business, sports or entertainment, we hoist those we admire up on impossibly high pedestals, and when they fail to meet our lofty expectations, we don’t hesitate to knock them right off. It’s a long way down.

This wasn’t a problem back in the days when stars were few and far between, but in the modern era of an insatiable 24/7 social media circus, we’re obsessing over icons – entrepreneurial ones, in particular – at a frantic rate. And I’m not at all sure we can tell the genuine ones from the fake ones – or that we even care anymore.

While the fanatical zeal with with which we build up and knock down the objects of our adulation may be a boon for the media, it doesn’t benefit the rest of us one bit. Rather, this idol-worshipping culture is teaching a generation of up-and-comers that the prize of business is fleeting fame, not long-term success.

Take Theranos CEO Elizabeth Holmes. The Silicon Valley startup emerged from a decade in stealth mode with a whopping $9 billion valuation, a monster deal with pharmacy giant Walgreens, and bold claims of a breakthrough that could deliver close to real-time diagnostics from a few drops of blood.

Never mind that Theranos’ technology had never been vetted by the investors who ponied up $750 million or published in peer-reviewed biomedical journals. Holmes had a way about her, a reality distortion field not unlike that of a certain Apple co-founder, which made scrutiny seem superfluous. And she was hailed as an instant entrepreneurial icon by a gushing media.

Related: 5 Industries That Are Actually Ripe for Disruption

Holmes’ stunning visage appeared on the cover of Forbes and Fortune. Inc. flat out called her “The next Steve Jobs.” The seductive story of a 19-year-old Stanford dropout with the vision and passion to change the world appeared everywhere from the New Yorker to the New York Times. She was interviewed by Charlie Rose, awarded an honorary doctorate from Pepperdine and named to the Harvard Medical School Board of Fellows.

Of course, you’d have to be living under a rock with no Wi-Fi to have missed what happened next. John Carreyrou, a two-time Pulitzer Prize-winning investigative reporter from the Wall Street Journal burst Holmes’ pristine bubble with a front page expose and a series of damning reports that shredded Theranos’ veil of secrecy.

Federal regulators descended on the company’s labs and found serious issues with its methods, its personnel and the accuracy of its test results. Theranos has since voided two-years and tens of thousands of blood tests taken from its proprietary Edison tester. Its California lab may lose its federal license and Holmes faces a potential two-year ban from the industry.

 

Of course, the same publications that fawned all over Holmes and her marvelous unicorn two years ago have taken a decidedly different position now. One in particular caught my attention.

On Monday, the Washington Post ran an op-ed called “Theranos teaches Silicon Valley a hard lesson about accountability” in which Yale professor Jeffrey Sonnenfeld and Stanford fellow Vivek Wadhwa skewer Theranos, Holmes, the company’s board and Silicon Valley for chronic lapses in corporate governance:

‘Silicon Valley often thinks that it can live by a different set of rules than corporate America … Yes, we need to allow entrepreneurs to take risks and break some rules so that they can do their magic. But these rules cannot be ethical ones. The lines on ethics are usually clear as they were with Theranos and there can be no compromise.’

These noble academics then sought to impart a lesson in how to avoid this sort of thing in the future. “Question the over-hyped founders,” they write. “Theranos’s CEO notoriously chased testimonial media appearances self-aggrandizing promotional materials and strutted before cheering and unquestioning audiences of wannabe disrupters at TED-talks.”

Related: Tesla and Theranos Are Pushing the Limits of Silicon Valley’s Hype Machine

But here’s the thing. Before all this nasty stuff came out about Theranos, among the myriad of fluff pieces from back in 2014 was a San Jose Mercury News article called “Meet Elizabeth Holmes, Silicon Valley’s latest phenom,” which included the following:

‘She may be the female Mark Zuckerberg that Silicon Valley has been waiting for,’ said Vivek Wadhwa, a professor and researcher at Stanford and Duke and a lecturer on entrepreneurship. ‘She started when she was young, defied the odds and built a great technology, and is doing good for the world.’

Yes, that is the same Vivek Wadhwa who coauthored the Washington Post piece. Not only do we aggrandize entrepreneurs who simply look and act the part and claim moral outrage when they fail to deliver the goods, some of us even have the stones to have it both ways. Hypocrisy at its best.

The point is this. Entrepreneurs deserve tons of credit for putting their bucks and their butts on the line, but idolizing them – even the real ones – is foolish. You can’t copy and paste what makes them unique. It simply doesn’t work that way. If you want to do great work, you have to be your own genuine self and create your own path. Real entrepreneurs don’t follow. They lead.

The world doesn’t need more of them. The world needs more of you.

About the Author
By Steve Tobak
See full bioRight Arrow Button Icon

Latest in

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025

Most Popular

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Fortune Secondary Logo
Rankings
  • 100 Best Companies
  • Fortune 500
  • Global 500
  • Fortune 500 Europe
  • Most Powerful Women
  • World's Most Admired Companies
  • See All Rankings
  • Lists Calendar
Sections
  • Finance
  • Fortune Crypto
  • Features
  • Leadership
  • Health
  • Commentary
  • Success
  • Retail
  • Mpw
  • Tech
  • Lifestyle
  • CEO Initiative
  • Asia
  • Politics
  • Conferences
  • Europe
  • Newsletters
  • Personal Finance
  • Environment
  • Magazine
  • Education
Customer Support
  • Frequently Asked Questions
  • Customer Service Portal
  • Privacy Policy
  • Terms Of Use
  • Single Issues For Purchase
  • International Print
Commercial Services
  • Advertising
  • Fortune Brand Studio
  • Fortune Analytics
  • Fortune Conferences
  • Business Development
  • Group Subscriptions
About Us
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • Facebook icon
  • Twitter icon
  • LinkedIn icon
  • Instagram icon
  • Pinterest icon

Latest in

tarot
AICulture
We talked to 12 tarot card readers who are using AI. They split in 2 camps, with big implications for the technology
By Ziv Epstein, Farnaz Jahanbakhsh, Vana Goblot and The ConversationMay 16, 2026
41 minutes ago
trump
PoliticsElections
Trump voter remorse is almost entirely concentrated in the swing voters who gave him a shot in 2024
By Tatishe Nteta, Adam Eichen, Jesse Rhodes and The ConversationMay 16, 2026
50 minutes ago
yale
LawColleges and Universities
DOJ accuses Yale of discriminating against Asian, white students with ‘race-based admissions program’
By Dave Collins and The Associated PressMay 16, 2026
1 hour ago
hoeg
HealthFDA
RFK ally confirms she was fired by FDA: ‘I learned so much and leave with no regrets’
By Matthew Perrone and The Associated PressMay 16, 2026
1 hour ago
lirr
EconomyRailroads
Spring Hamptons traffic nightmare as Long Island Rail Road workers go on strike
By Philip Marcelo, Nick Lichtenberg and The Associated PressMay 16, 2026
1 hour ago
delivery
Retailecommerce
Walmart’s upper hand over Amazon in the $1 trillion e-commerce race: 90% of Americans live within 10 miles of a superstore
By Anne D'Innocenzio and The Associated PressMay 16, 2026
1 hour ago

Most Popular

Despite having a $165 million net worth, Scarlett Johansson says work-life balance doesn’t exist—and the first step to success is admitting that
Success
Despite having a $165 million net worth, Scarlett Johansson says work-life balance doesn’t exist—and the first step to success is admitting that
By Preston ForeMay 13, 2026
3 days ago
The Bezos family just donated $100 million to help achieve one of Mayor Zohran Mamdani’s top campaign promises
Politics
The Bezos family just donated $100 million to help achieve one of Mayor Zohran Mamdani’s top campaign promises
By Jake AngeloMay 12, 2026
4 days ago
Current price of oil as of May 15, 2026
Personal Finance
Current price of oil as of May 15, 2026
By Joseph HostetlerMay 15, 2026
1 day ago
Nearly 50,000 Lake Tahoe residents have to find a new power source after their energy source looks to redirect lines to data centers
Travel & Leisure
Nearly 50,000 Lake Tahoe residents have to find a new power source after their energy source looks to redirect lines to data centers
By Catherina GioinoMay 12, 2026
4 days ago
The airplane fuel shortage is a myth propagated by airlines who want to cancel unprofitable flights, says private jet CEO
Energy
The airplane fuel shortage is a myth propagated by airlines who want to cancel unprofitable flights, says private jet CEO
By Jim EdwardsMay 14, 2026
2 days ago
Debbie Gibson, Geezer Butler of Black Sabbath want you to adopt a beagle rescued from an experimental lab in Wisconsin
North America
Debbie Gibson, Geezer Butler of Black Sabbath want you to adopt a beagle rescued from an experimental lab in Wisconsin
By Scott Bauer and The Associated PressMay 13, 2026
3 days ago

© 2026 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell/Share My Personal Information
FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.