There are hundreds, if not thousands, of business success stories worthy to be told. The list is endless. You have Best Buy, Chrysler, Marvel, Converse, Starbucks, and many more. These companies almost went belly-up before they got to where they are now. Many tech and online firms are not spared from similar ordeals. Many of these companies began their journey as startups with entrepreneurs at the helm. Studies have shown that 50% of these startups meet considerable success within the first five years. During the next five years, however, only 30% of them succeed while the remaining 70% fell into oblivion. Yet of that 70%, almost half managed to return from extinction and went on to succeed, mainly through the valiant efforts of their leaders. Today, you’re going to learn about some of them and how entrepreneurs managed to turn their business fortunes around.
One man’s vision for future technology
You can never talk about successful tech companies that once are on the brink of failure without mentioning Apple. After the company fired Steve Jobs, it stagnated while other companies took the market. However, in 1997, the company asked Steve Jobs to come back – setting the tone for the biggest comeback yet. According to Complaints Base, Jobs focused on conceptualizing technology that customers demanded, all the while streamlining the business. He cut down the company’s product lines and set his sights on products that can connect online. He then launched a marketing campaign with the message “Think Different.” The result was the first and most successful touchscreen iPhone that people continue to love to this day.
From cereals to a billion-dollar business
One of the biggest success online stories is that of Airbnb. In 2008, three guys hit upon an idea to rent out air mattresses to those who are unable to get a hotel room. They had great difficulties at the outset. The founder, Brian Chesky, refused to give up and went on to sell cereals while looking for Airbnb venture capitalists. After several rejections from VCs, they were accepted by Y Combinator, an organization that funds early-stage startups. Today, Airbnb is a successful online $25.5-billion business. Chesky attributes his success in their persistence to solve problems and to their loyal and satisfied employees. He also believes that you should not attempt to brainstorm startup ideas. Instead, he advises to take a look at your problems and find a way to solve them. Such a solution might be what’s needed by others and could become a successful business for you.
There are more stories of entrepreneurs who were able to turn their business and their lives around from the brink of death. Like them, you should think differently and deliver what your customers want. Work on the negative comments by providing them good after-sales service. Instead of copying what other people do or think hard on the next big startup ideas, take a look at your life. There are things there that need a solution and who knows, the solution you find could help other people and become the next big thing for you. Finally, don’t let painful situations bring you down. Make them into stepping stones towards a successful summit.