All entrepreneurs hope they will achieve success with their business plans. However, suffering failure or disappointment need not be the end of their commercial goals, as long as they are willing to continue reinventing themselves.
This is what some of the best businesspeople have done, including the founders of Amazon who launched the e-commerce site as a place to sell books. It has since become the biggest online selling platform, with 1.9 million small and medium-sized businesses trading on the site.
It has also been given the accolade of second place on Fortune’s 2021 World’s Most Admired Companies list – the fifth consecutive year it has received the title.
Entrepreneur Chris Riley also had to reform his business after his prescription discount start-up, USA Rx, nearly failed.
Forbes reported how the Mr Riley transformed the firm in less than two years by changing its business model.
Instead of focusing on a direct-mail discount card programme, he began looking at the digital health marketplace.
As a result, Mr Riley and his team now attract more than 152,000 people to the site every month, and achieved 86 per cent month-on-month revenue growth during the second quarter of 2021.
By reinventing the model, the entrepreneur was able to save his business, telling Forbes: “For the first time ever, we actually have inbound calls and emails from investors looking to invest in our business. That never happened with the old business.”
The unprecedented success of the digital platform has given Mr Riley the confidence to consider new launches, including the first direct-to-consumer health product specific to allergy medications.
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