Building a B2C Company only to Transition to B2B: Lessons I Learned from Changing Direction
Published in CEOWorld Magazine
Raj Singh, CEO – Go Moment, talks of how we changed direction – going from B2C to B2B – while staying with the central idea of creating a billion unforgettable experiences.
He shares some key lessons for entrepreneurs considering a change in direction too –
- Start with first principles. Try reverse-engineering problems as this will help show you new opportunities that others are likely to miss. Elon Musk and Charlie Munger use this Aristotelian thinking.
- Build a business that is antifragile where possible. Try to offer variations to your cost structure – avoid fixed costs and expensive long-term leases where possible.
- Understand the end of history illusion. We know the pandemic won’t last forever, but it has provided us with several valuable lessons. It’s taught us about dealing with volatile scenarios and considering future volatility scenarios. The next shock to our systems is unlikely to resemble what we’ve seen in modern times.
- Read the water before you jump in. Learn to distinguish trends from fads and then align yourself with the biggest trends that you can see. For what it’s worth, this is what I’m seeing now – ecommerce, telemedicine, and contactless customer engagement. This is the future.