Do you know those businesses that always seem to be in the right place at the right time? Companies such as Netflix, Zoom, Amazon and Grubhub were in good places when the pandemic hit. Their business models barely had to pivot. But what about companies that weren’t set up for success? Restaurants, gyms, tour companies and more couldn’t keep the same business model. Completely switching directions is not easy for entrepreneurs, but it is necessary to grow. Don’t you wish you had a Yoda to tell you what to do? We don’t have a Jedi Master for you, but we do have Kevin Harrington. He’s an entrepreneur, creator of the infomercial, former investor on Shark Tank and pioneer of As Seen on TV. And his business thrived in 2020.
Follow the market
The main idea is to pivot where the market is going. One example is how QVC handled the last year. QVC didn’t try to sell high fashion products because they followed the market. They knew that people would want fitness products because they were focusing on health. They knew people would want DIY tools because they were at home with time to spare. Fifteen years ago, a product called the magic wrench was born. This much time has passed, and Harrington sold hundreds of thousands of this product on QVC in 2020. Why? The time was right.
Where is the pivot?
Crisis creates opportunity. Harrington says that the past year has given his business the challenge to find success in the change.
“This is what I’m doing, and this is what I’m encouraging all of our partners to do – and even young entrepreneurs,” he said. “Where is the pivot? What has the market gone toward? How do you fulfill those needs and solve the problems that exist?”
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