Take heed entrepreneurs. You got this. Taking the plunge to start a business is one of the hardest and gutsiest things anyone can do. And you’ve already done that. Let me remind you how brave and strong you are.
But let me push you a little further. What’s made you a great entrepreneur is your ability to see a better way, and have the guts to act. Now’s the time to conjure up that same energy and passion, take a hard look at your situation, and lead your organization headlong into the new normal and not just survive, but succeed. You need to pivot. Or die.
Success and greatness aren’t achieved by being stubborn or having a lousy attitude. It’s by seeing opportunity within your company’s expertise and specialty, and as the world and your customers change, you pivot. A pivot doesn’t mean stop and drop everything and chase some utterly new and different opportunity. Take long-time Propr client Culinary Architecture. Since 2015, CA owner and chef Silva Lin has been growing her company as a top tier corporate catering business. But with the pandemic, she lost nearly 100% of her customers overnight. Since Culinary Architecture has clear brand values, thanks to the Propr branding workshop, they successfully pivoted within their radius, to thrive as a fabulous grocer. She didn’t stop and drop everything, she pivoted.
Below is a gallery of photos* of once-great brands that are now extinct. There are many reasons why they no longer exist. Still, their demise was not due to a recession or economic downturns. Overwhelmingly, according to Good to Great by Jim Collins, successful companies fail because they don’t have clear core values to guide decision making, lack the discipline to pivot within the radius of their expertise in a changing world, and shift the blame outward. They didn’t pivot. They died.
*We take no credit for the photographs, whoever took the photos own all the rights to them.