Sometimes, events do not happen as per your plan.
Products based on sound business plan fail.
It can be a lack of Big idea, right time, execution team or inadequate funding.
You try very hard for years, still, somehow it doesn’t work out.
You hit rock bottom.Don’t give up till you succeed this is a damn good advice to give after you have succeeded.
It is an incredibly stupid idea to persist in spite of repeated failures.What do you do?
It is a smart thing to quit before you drive your company to dust.
It is smarter to change your story.
All successful brands have changed directions sometimes during their journey when they faced a big wall in front of them.
Google was once an extremely unprofitable company, fumbling left and right for a stable revenue source.
After creating marginally profitable forays into merchandising search appliances to businesses and its own search technology to different search engines, Google modified the course.
In 2003, the corporate launched its AdWords program that allowed businesses to advertise to individuals finding out things on Google.com.
Almost nightlong, Google took the leap from widespread search tool to advertising giant.
In 2008, Google had generated $21 billion in advertising-driven revenue alone.
To this day, AdWords have become a major contributor to Google’s revenues and profits.There is no shame in changing your direction midway, as long as your story has a happy ending.
You are judged by where you reach not by how many times you had to change your direction.
The problem was that Facebook could solely expand that much by addressing only faculty students.
So despite abundant protest and uproar, Facebook founder Mark Zuckerberg was set to open Facebook to high school students in 2005.
By 2006, the service had opened to anyone thirteen years or older with a legitimate e-mail address.
This modified strategy worked like a dream for Facebook.
A 2009 study by compete.com found Facebook to be the foremost widespread social network in terms of distinctive views and monthly visits.
The company has sold-out a 1.6% stake to Microsoft for $240 million.Or you can dump your original story and create a completely new story as long as a new set of
You can modify or change your story if your original story has no takers.audience is willing to listen to your new and charming story.
Apple was on the brink of truly fizzling out. From concerning 1993-1997, Apple found itself troubled toseekout a systematically profitable supply of revenue, attempting and failing to promote everything from digital cameras to portable CD players to TV appliances.
With Steve Jobs ousted owing to internal issues, the corporate tried to herald a handful of CEO’s, however nothing appeared to work.
Finally, in 1997, Steve Jobs came back as CEO and utterly modified the direction of the corporate.
Apple began to focus once more on making technologically superior consumer electronics, beginning with the iMac in 199.
Apple additionally acquired many firms.
Then iPod was launched, which was a spectacular success, selling over 100 million units within six years of its 2001 launch.
The iPhone, another huge hit, changed the way people looked at mobile phones.
Apple has become the most valuable company on the planet, which is known for innovative technology with beautifully designed products.
None of this would have been possible without a drastic change in the direction when the original business model did not work.
Formed in 1889 by Fusajiro Yamauchi, Nintendo was originally based as a supplier of hand-craftedhanafuda playing cards. By the late Nineteen Sixties, the corporate had unsuccessfully tried to enter the variety of markets, as well as taxi services, a TV network, and “love hotels.” Due to the public’s interest in playing cards declined, the company’s stock plummeted to rock bottom, and also the fate of the corporate hung in balance.
The company’s fortunes turned in 1966 when a mechanical system engineer named Gunpei Yokoi brought one in every of his personal projects to work. That project referred to as the ultra Hand, marked Nintendo’s 1st venture into the toy market. The ultra Hand went on to sell 1.2 million units in Japan and its success led to Yokoi’s promotion to the freshly shaped Nintendo Games.
In 1974, Nintendo entered the video game business. A student by the name of Shigeru Miyamoto was placed below Yokoi’s direction, tasked with planning cases for Nintendo’s colour television system. Miyamoto went on to style one of Nintendo’s most iconic games, Donkey Kong, that introduced the globe to Mario, the company’s long mascot.
The company was out and out a discount company.
During a visit to China, the two founders saw how the giant Chinese online marketplace Alibaba.com worked and wanted to recreate the model. They had many options but chose to become a marketplace,Within 2 months, the deals’ business was closed. “I suppose our investors were extremely stunned,” says Bahl. With Snapdeal holding 70 per cent market share within the cluster deals’ business then, having raised a sizeable $57 million – as well as $45 million from BVP India -it appeared an odd call to take. Barring the global eBay, there were no online marketplaces in India then. (Companies like Flipkart were strictly inventory-led – they bought goods to sell on their sites. With Amazon’s entry into India, Flipkarttoo has begun providing its website as a marketplace.)While the entire group deals business is now in shambles, Snapdeal is valued at a billion dollars, the fifth Indian online company to join this select club after Flipkart, InMobi, Cleartrip and MakeMyTrip. “In the next couple of months, we should hit a billion dollars in revenue run-rate,” says Bahl.
Snapdeal is now the second-largest e-tailing company after Flipkart. It has about 50,000 merchants selling five million products on its site, adding a product every 20 seconds. In the past year, it has grown 600 per cent. “In the next 12 months, we will have 100,000 sellers,” says Bahl.
It is never too late to change your story.
In today’s business context, “Stick to your knitting” or “stay with you core competency” have become an outdated mantra.
You can change your business plan.
You can change your product portfolio.
It is perfectly ok to change your dreams.