Almost 90 per cent of Fortune 500 companies from the last century no longer exist. Think about that. Once industry giants—powerhouses of innovation and success-gone. They had resources, talent, and brilliant ideas. So why did they fail?

Some blame market shifts, disruption or competition. Al valid. But beneath them lies a universal truth-successful leaders fail to evolve.

Success creates the Success Trap: "Why should I change when everything is working?"At first, this might look like complacency, arrogance or inertia. But beneath it all is something deeper, something more human: fear.

Success isn't just an outcome; it becomes an identity—shaping how the world sees us and how we see ourselves. Maybe we're the problem-solver who always has the answers. Or the charismatic leader who rallies any team. This identity brings success, respect and opportunity.

And then, without realising it, we start clinging to it. We're terrified of losing it and that's where the problems begin. I learnt this the hard way. Over a decade ago, I hit rock bottom. My life looked perfect. I had built multiple successful businesses, had a fulfilling personal life, and was respected. Then, I suffered a massive personal loss. My world shattered. I felt broken. But I'll never forget one moment—when I had nothing left, I felt something unexpected: relief.

It shocked me. It made no sense. But as I searched for answers, I discovered something profound. In Buddhism, there is a concept called clinging. When we have everything, we grasp onto it so tightly. The fear of loss becomes so overwhelming that we stop enjoying what we have and focus only on protecting it. And ironically, when we lose it, we lose the fear—and suddenly, we are free.

This truth echoes across disciplines. Ancient Vedic texts describe attachment (Raga) as clinging driven by desire and fear of loss, while non-attachment (Vairagya) is the liberation from that fear, allowing for growth and evolution. Psychology describes a similar phenomenon: our minds develop protective mechanisms that prioritise safety over exploration. Carol Dweck's research on fixed mindsets shows how fear of failure makes us cling to the familiar, treating it as survival rather than an opportunity for growth.

Working with thousands of senior leaders at companies like Google. Unilever and HSBC, I've seen this fear manifest in "Fear-Based Identities of Successful Leaders":

• The Solver—Thrives on fixing problems but fears being seen as dispensable, leading to micromanagement and over-involvement.
  
• The Perfectionist—Sets high standards but fears not being good enough, causing delays and resistance to delegation.
  
• The Workhorse—Works tirelessly but fears they don't truly belong. overcompensating with relentless effort and risking burnout.
  
• The Charmer—Inspires others but fears rejection, prioritising likability over difficult decisions.
  
• The Taskmaster—Executes efficiently but fears uncertainty, resisting change and stifling creativity.
  
• The Visionary—Sees the future but fears irrelevance, generating endless ideas without following through.

EACH IDENTITY IS BUILT on fear: the fear of incompetence, failure, losing control, or not being enough. Once, they were the drivers of success, now they just limit growth.

Most of us are a blend of these identities and these identities don't emerge randomly. They are shaped by our childhood experiences, social expectations and workplace culture. And over time, we become fixated on them.

To evolve, we must understand and loosen the grip of fear:

• Fear of loss: We don't want to lose what has worked well so we need guardrails— small, controlled experiments to test change safely.

• Fear of discomfort: Change feels unsettling, but resilience comes from managing small moments of discomfort rather than avoiding them.

WE DON'T NEED RADICAL reinvention. We can take small, low-risk experiments toward transformation—what Jeff Bezos calls Two-Way Doors: small decisions you can reverse if they don't work out.

• For The Solver: Let others take the lead on a non-critical decision.

• For The Perfectionist: Observe how others handle imperfection on an unimportant task-without stepping in.
  
• For The Workhorse: Delete (not simplify) one unimportant task every day.
  
• For The Charmer: Have one honest conversation prioritising truth over likability.
  
• For The Taskmaster: Conduct one brainstorming session where you end with open ideas instead of a finalised solution.
  
• For The Visionary: Pick one idea and commit to execution before introducing new concepts.

BY REFLECTING, refining and gradually pushing further, we evolve into the leaders we aspire to be.

We must remember—our identity has carried us this far but it won't take us to the next peak. The question isn't "Why should I change?" The real question is: "What could I become if I let go of fear?"

Growth isn't about abandoning who we are—it's about evolving into the next version of ourselves. One that is driven, not by fear, but by curiosity. courage and a willingness to explore.

Because the leaders who thrive aren't the ones who cling to success. They're the ones who dare to let go and grow.

(Combining structured thinking from BCG and P&G with entrepreneurial instinct, Sharad Lal helps C-Suite leaders break through plateaus and reach their next peak—trusted by Google, Unilever, and HSBC. A serial entrepreneur, he has founded and scaled six businesses with successful sales. His How to Live podcast ranks in the top three per cent globally.)