It is a known fact that building a business is hard. It can be tricky because as an entrepreneur, you are filled with optimism. You are putting your blood, sweat, and tears into a business and it might feel like you are making progress and great traction. Yet, it could all just be a false positive. So, what happens if you come to this realization, then to put another layer of complexity to the scenario, the situation gets worse. An acquisition falls through and you are left with $1,000 in the company’s bank account?
Well, you could shut down the company, which would be a logical decision for most people. Or, you could pivot and bet your company on one piece of your platform.
This is exactly the scenario that happened to Ben. Pivots fail too, but in this example, it couldn’t have turned out better and it is a great story for all entrepreneurs to hear.
Privy is the leader in eCommerce marketing for small businesses and entrepreneurs. They are on a mission to be the front office operating system for eCommerce and its working. They have over 400,000 stores in 180 countries using their platform for marketing automation.
In this episode of our podcast, we cover:
- Ben’s early career and how he got into entrepreneurship.
- The first iteration of Privy and some of the lessons learned.
- Hitting rock bottom with the failed acquisition and the decision to pivot.
- All the details on Privy’s incredible growth since and what’s in store for the future.
- Advice on communicating good & bad news with investors.
- How to determine when to pivot your business.
- And so much more.
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