As someone who is working on a website that you could consider a “tech startup”, I found the infographic above to be particularly interesting. It shows how some companies have pivoted from their original business idea to stay relevant and fill a market need. We are all familiar with Apple, and even if you don’t use their product (which I don’t) you can still learn a lesson about how to run a profitable business. While I found this infographic on a site from the UK that offers payday loans, the information is very relevant to online entrepreneurs.
It’s interesting to see how a company can start with one vision but end up doing something completely different because they were in the right place at the right time. It must be very difficult to change the direction of a company, because the founders are probably highly emotionally invested in the original plan. It takes an objective mind and a savvy business person to successfully pivot a business into a newer, more profitable market.
Source: www.quickquid.co.uk/
Kevin McKee is an entrepreneur, IT guru, and personal finance leader. In addition to his writing, Kevin is the head of IT at Buildingstars, Co-Founder of Padmission, and organizer of Laravel STL. He is also the creator of www.contributetoopensource.com. When he’s not working, Kevin enjoys podcasting about movies and spending time with his wife and four children.