Richard

Understanding and leveraging AI can be a game-changer for almost any career. If you’d like to tug that line, learning from home can be a game changer.

For a limited time, this ChatGPT & Automation E-Degree is available for just $24.97—a fraction of the usual $790 price tag. With 25 hours of immersive content across 12 expert-led courses, this e-degree will help you master powerful AI tools, boost efficiency, and gain valuable insights that can be applied directly to your work.

The course content is tailored specifically for business professionals who want to enhance their AI skills. Through hands-on modules, you’ll explore real-world applications, learn to streamline business processes and discover how to automate tasks to save time and resources.

In addition, you’ll gain experience using more than 20 essential AI tools that can be customized to fit unique industry demands, making this course invaluable for professionals in marketing, business, and coding.

Each course within this e-degree offers tools and techniques that can be applied immediately to improve productivity and effectiveness. You’ll explore data visualization techniques, learn to build engaging, AI-powered narratives, and enhance your communication skills by mastering ChatGPT’s conversational abilities. By the end, you’ll be well-versed in using automation to streamline workflows, making a real impact on your daily tasks and projects.

AI and automation are shaping the future of business, and understanding these technologies is quickly becoming essential. This e-degree provides knowledge of AI fundamentals and offers useful insight into customization, allowing you to tailor AI tools like ChatGPT to meet your specific professional needs.

Whether you want to improve client communication, drive innovation, or streamline creativity or data handling, this e-degree provides a foundation to thrive in a digitally advanced world.

Don’t miss the ChatGPT & Automation E-Degree while it’s available for just $24.97 (reg. $790) through November 3.

ChatGPT & Automation E-Degree – $24.97

Get It Here

StackSocial prices subject to change.

Nearly 80% of young adults say they turn to social media for financial advice. But perhaps they should find another source.

A new report by Social Capital Markets found that 71% of the financial advice consumed by Gen Z and Millennials is misleading, and only 13% of influencers had the relevant qualifications and credentials to advise on finance matters. This past summer in the U.K., for example, several social media influencers were charged with promoting financial schemes to millions of followers.

The study analyzed 2,470 TikTok, YouTube, and Instagram videos and relevant hashtags (#StockTok, #Investing, and #Stocktips), looking for “misleading” posts that have key items, including no disclaimer, encouraging viewers to invest in specific assets, and implying guaranteed returns.

Related: Here’s How Much an Influencer With 21 Million Followers Makes on YouTube, Facebook, and TikTok

Of the videos analyzed, 83% lacked disclaimers and offered “a one-sided view of financial decisions,” per the report. Meanwhile, 57% of stock content implied guaranteed returns.

^{Social Capital Markets}

By 2025, AI agents will be running tasks we never imagined, potentially cutting costs and streamlining operations at levels that many businesses aren’t prepared for. With companies like Anthropic, Microsoft, Google, and OpenAI racing to lead this AI evolution, “Phase 3” of AI—where agents act like autonomous digital employees—is closer than you think. It’s here now!

In this video, we’ll dive deep into what AI agents truly are, how they work, and why they’re set to redefine productivity, profitability, and even entire industries. Discover the incredible potential of AI agents, but also the risks. I’ll break down strategies to integrate AI agents into your own business and show you what’s needed to keep ahead of this game-changing technology. Prepare now, or your competition—and your clients—might leave you behind.

Download the free ‘AI Success Kit’ (limited time only). And you’ll also get a free chapter from Ben’s brand new book, ‘The Wolf is at The Door – How to Survive and Thrive in an AI-Driven World.’

…………………………………………………………………………………………………………………………………………………

LINKS:
Free chapter + Success Kit download: https://www.thewolfofai.co/free-chapter
Book Link: https://mybook.to/thewolfbook

How should entrepreneurs think about new business opportunities in AI?

Microsoft AI CEO Mustafa Suleyman told LinkedIn co-founder Reid Hoffman on an October episode of the podcast Masters of Scale that startups can find a niche in fine-tuning AI models with accurate examples. Fine-tuning means revising the models with examples so they perform better with fewer hallucinations.

“You have to show [an AI model] tens of thousands of examples of good behavior, and you have to fine-tune those into the model,” Suleyman said. “The good news is that tens of thousands of examples are very accessible to many niche domains or specific verticals. So that’s an edge and I think there’s plenty of room for startups in doing high-quality fine-tuning of a pre-trained model.”

^{Microsoft AI CEO Mustafa Suleyman. Photographer: Stefan Wermuth/Bloomberg via Getty Images}

Small AI Models Are the Future

Small AI models will be the future of AI, according to Suleyman.

“We’re going to sort of compress knowledge into smaller, cheaper models, which can live on a fridge magnet,” he said.

Related: Microsoft Is on Track to Hit a Major Milestone, the ‘Fastest Business in Our History,’ According to Its CEO

Training a large AI model currently takes about $100 million, with more advanced models expected to cost billions of dollars. The data that goes into training these models is controversial though, with many copyright lawsuits pending against companies like OpenAI.

Is AI Training Ethical?

In June, Suleyman answered the question of whether AI companies have taken the world’s intellectual property for their own gain. He stated then that almost all content on the Internet, except for news sites and publishers that have asked not to be crawled, is open to AI training.

“I think that with respect to content that is already on the open web, the social contract of that content since the ’90s has been that it is fair use,” he said at the time.

Related: Microsoft AI CEO Says Almost All Content on the Internet Is Fair Game for AI Training

This Side Hustle Spotlight Q&A features Justin Soleimani, 34, and Zach Dannett, 35. The duo met as classmates at Emory University and then went on to co-found Tumble. Their Los Angeles-based company sells machine-washable, spill-proof rugs and scaled from zero to $20 million in revenue within 2.5 years. Today, Tumble boasts a team of 10 and mid-eight-figure sales. Responses have been edited for length and clarity.

^{Image Credit: Courtesy of Tumble. Justin Soleimani, left, and Zach Dannett, right.}

What was your day job or primary occupation when you started Tumble as a side hustle?
JS: I was a consultant at Bain & Co., a global management consulting firm that provides strategic advice to Fortune 500 companies. I advised companies across multiple industries, including biotech, consumer goods, entertainment and private equity.

ZD: I worked at Noble House as head of merchandising. While I was there, Noble House grew to become one of the largest ecommerce home furnishing companies.

Related: They Met By Chance and Learned Their Grandparents Had Been Business Partners. It Led to a Side Hustle Surpassing $1 Million in Year 1 and 2 Multimillion-Dollar Brands.

When did you start Tumble, and where did you find the inspiration for it?
JS + ZD: We started developing Tumble in the fall of 2019, about 18 months before our official launch in April 2021. The idea grew from our frustrations with traditional rugs, which we found difficult to maintain, and the washable alternatives, which had their shortcomings. After speaking with dozens of customers and analyzing thousands of reviews, we identified common pain points like insufficient cushioning, curling corners and challenges in keeping the rugs flat. Although many washable rugs were marketed as convenient, the reality often involved heavy furniture rearrangement, turning a simple task into a hassle. To address this, we not only focused on making our rugs stain-resistant but also prioritized developing safer, non-toxic materials and earning environmental certifications that ensure they’re safe for children and pets.

^{Image Credit: Courtesy of Tumble}

How long did Tumble remain a side hustle before you took it full-time?
JS + ZD: We dedicated about a year to working long nights and weekends before launching our crowdfunding campaign. During that time, we visited various sewists in Los Angeles as part of our prototyping process, allowing us to test the product right here in the U.S. There were countless back-and-forths and iterations with suppliers in Asia before we reached our desired final product. We remember walking down the streets of LA on a hot summer day, carrying an 8×10′ rug draped over our shoulders to the sewist — definitely some hands-on, nitty-gritty work, but it was all worth it in the end.

Throughout that year, we focused on various critical aspects: securing manufacturers, refining prototypes, filing patents, conducting customer research, determining our product category and creating financial projections. We transitioned to full-time just six months before officially launching the company in April 2021.

Related: In Her Late 30s, She Pursued Another Creative Side Hustle — Then Turned It Into a Multimillion-Dollar Business

What were some of the key steps you took to launch and grow your business?
JS + ZD: To launch Tumble, we utilized crowdfunding as a key mechanism. This approach allowed us to gauge product-market fit, gather insights into our customers’ design and size preferences and raise capital to place larger orders with manufacturers. Our goal was to get our products into the hands of as many people as possible quickly, which helped us shorten the feedback loop — a big-bang approach.

We completely bootstrapped the business, investing our personal savings alongside the funds raised through crowdfunding for our initial purchase order. Our focus has always been on profitability; we have never raised outside capital, and the company remains fully owned by the founders and our employees.

Because we prioritized profitability and funded the business through cash flow, we ran the business with no full-time employees for the first two years, relying on independent contractors and agencies to meet our needs. We navigated the challenges posed by Covid, including supply chain disruptions and economic uncertainty, while maintaining profitability in a volatile environment.

After two years, we invested more in our team, bringing core capabilities in-house to build resilience. This has laid the foundation for the next phase of our growth, which includes expanding into new product categories, exploring additional sales channels and entering markets outside the U.S.

^{Image Credit: Courtesy of Tumble}

What were some of the biggest challenges you faced while building your business, and how did you navigate them?
JS: One of the most significant challenges we encountered was the impact of Covid on our supply chain. As a new company during this period, we faced constant changes in regulations affecting manufacturers and shipping. Prices soared, the economy was uncertain and ports were frequently closing. Navigating these disruptions as an emerging brand with limited resources was particularly challenging.

ZD: For the first two years, we couldn’t engage with our international suppliers, which added to the difficulty. We relied heavily on our international team and our suppliers to ensure that products shipped on time and met our quality standards. Strong communication and collaboration were crucial in overcoming these hurdles.

Related: Teen Brothers Started a Side Hustle on Facebook Marketplace That’s on Track for $1.2 Million This Year: ‘Quit My Job and Went All In’

What does growth and revenue look like for Tumble now?
JS + ZD: As a result of our success and profitability, Tumble has scaled to mid-eight figures in revenue, with a clear path to reaching nine figures—all achieved in under four years. We plan to expand into new product categories in 2025 and explore new sales channels and markets. Additionally, our team has grown to over 10 members in the U.S.

What do you enjoy most about running Tumble?
JS: Bringing new ideas and products into the world. It’s always exciting to brainstorm concepts and then see them come to life while observing customer feedback and usage daily. Reading reviews and comments makes the process incredibly rewarding. I also take great pride in building a team and creating a workplace where people feel proud and excited to be part of Tumble.

ZD: Running a business is full of ups and downs — the path to success is never linear. Facing adversity and new and changing landscapes is the reality of any business. And within these challenges lies the fun.

Every new market we enter and every new product we create presents its own challenges and an opportunity to dive deep, learn and create.

Almost five years in, as our business is rapidly changing, I can confidently say that this is the most exciting time for Tumble, and the future has never looked brighter.

^{Image Credit: Courtesy of Tumble}

What’s your advice for others hoping to start successful side hustles or full-time businesses of their own?
JS: My advice is to be willing to fully commit to an idea, even if you don’t have 100% certainty that it will succeed. You need a strong desire to make it happen. Choose something that resonates with you —something you’re willing to invest your time and energy in — and then take the leap. Be open to the idea evolving over time, but you must be ready to step off the ledge with your initial concept. It’s also crucial to choose the right moment to make that leap; for example, we worked on Tumble for a full year before going all in. By then, we had built confidence in our idea, and crowdfunding helped us gauge consumer interest early on. It’s about being thoughtful and strategic when taking that leap.

Related: These Sisters Started a Side Hustle After a ‘Light Bulb Moment’ Led to a ‘Versatile’ Product. Now It’s Done Over $45 Million in Sales.

ZD: Don’t fear “failure.” Many people see business as a binary outcome (success or failure). But in reality, some things work, and some things don’t. You need to approach setbacks as challenges and opportunities to improve. If you keep solving more problems than are created and learn every day from your failures and successes, you have a good chance of succeeding.

The disconnect that exists between consumer payment preferences and what small businesses offer is both surprising and consequential. According to recent data from Xero, nearly 90% of U.S. consumers prefer to pay by credit card, yet 30% of small businesses still do not accept card payments.

As competition heightens and customer loyalty becomes increasingly elusive, it’s more crucial than ever for small businesses to make decisions that align with their customer’s wants and needs. Adapting to consumer preferences not only fosters loyalty but also drives future growth. In order to do so effectively, small businesses must embrace the shift towards modern payment solutions to meet consumer expectations head-on.

How to develop a better understanding of shifting consumer preferences

Over the past decade, we’ve witnessed a significant shift in consumer behavior, largely driven by technological advancements and changing lifestyles. This has led to consumers having a diverse set of preferences for payment options; as such, businesses who offer multiple methods – such as debit and credit cards, mobile payments and Buy Now, Pay Later (BNPL) options – reach a wider range of customers and improve loyalty and satisfaction.

When consumers encounter barriers when shopping, such as the unavailability of their preferred payment methods, it’s more likely that they become frustrated and consider switching to a competitor. With so many other alternatives available, it’s even more imperative for businesses to offer a variety of payment options to cater to a wider range of customer needs — especially knowing just how valuable customer retention is in today’s landscape.

As an example, mobile payments have surged in popularity, particularly with younger generations: approximately 43% of Gen Z customers and 42% of Millennials regularly use digital wallets like Apple Pay or Google Pay, reflecting a preference toward convenience and ease in transactions. This trend underscores the need for businesses to adapt and embrace digital solutions in order to connect and engage with younger generations of consumers.

Research indicates that 21% of consumers would consider shopping at another business that accepts more payment options if their preferred payment method wasn’t available, highlighting a potential – and avoidable – loss for small business owners. As we’ve seen a growing trend towards digital and contactless payments, businesses that fail to adapt risk losing out to competitors who offer a more accommodating checkout experience.

From a business standpoint, digital payment systems also play a pivotal role in accelerating cash flow for small businesses. Recent data from Xero reveals that, on average, small businesses were paid 9.5 days late in the June quarter (2024). By incorporating “pay now” features on invoices and sending timely reminders to customers, digital payment systems can significantly reduce these delays and ensure that businesses receive their payments more promptly.

Incorporating diverse payment options can also create a more inclusive shopping experience, allowing customers with different financial situations to shop at your business. For example, BNPL options can attract younger customers who may not have the funds immediately but want to make a larger purchase. It’s also vital to adapt payment options based on differing customer touchpoints and interaction types. While customers interacting online often prefer digital payment methods, in-store shoppers may have different expectations and preferences. In fact, research shows that 74% of shoppers still use cash to make payments, highlighting the need for businesses to also cater to this subset of customers.

By offering both traditional and digital payment options, businesses can accommodate those who prefer cash and those who seek the speed and convenience of mobile wallets or contactless payments. This approach makes the shopping experience more seamless for every type of customer, whether they are tech-savvy or prefer more old-school methods.

What strategies can small businesses deploy to implement these changes?

As a small business owner, optimizing your payment system may seem like a daunting task, when in reality, it has the potential to be an exciting opportunity to elevate your business. By taking a strategic approach, you can ensure your payment methods align well with both your operational needs and customers’ preferences. Here are some practical steps to get started:

Assess current payment options

The first step is to evaluate what payment methods are currently in place. Ask yourself: What payment options are currently available for customers? Are customers satisfied with these, or are they requesting alternative methods such as contactless payments or BNPL services? Are there any common issues or complaints related to our current payment processes?

When evaluating these aspects, consider whether your existing options meet your business’s unique demands – such as payment speed, ease of integration and overall enhancements to the customer experience. By thoroughly assessing these areas, you’ll be able to reveal any gaps in service or opportunities for expansion. If you’re hesitant about adopting new payment technologies, keep in mind that these solutions have been designed with small businesses in mind and are built to seamlessly integrate with your existing systems.

Research and select suitable payment methods

Once you’ve assessed your current options, the next step is to explore different payment technologies that would fit your business operations. While traditional methods like debit and credit cards are widely accepted, it’s time to think beyond just the conventional offerings. Consider newer options such as mobile payments (e.g., Google Pay and Apple Pay) and BNPL services (e.g., Klarna and Afterpay), which have gained popularity in recent years due to their convenience and flexibility.

When conducting research into areas for expansion, consider which would best align with your business goals. Do you prioritize quick payments or minimal transaction fees? Take the time to explore your company’s data and analyze your target market’s preferences — understanding the spending habits of your customers can provide key insights. Keeping your customers’ needs at the forefront of your decision-making process, while also considering what’s feasible and best for your operations, will ensure a smoother transition and better outcomes.

Balancing costs and benefits of modern payment technologies

While adopting new payment technologies has many benefits, such as boosting customer satisfaction and enhancing cash flow, it’s equally important to consider the associated costs. Transaction fees, surcharges and implementation expenses should factor into your decision-making process, but don’t let these costs deter you off the bat; instead, weigh them against the clear benefits.

Instead of viewing upgrades as mere costs, consider how each new transaction through an upgraded payment option can actually drive your revenue. Each new transaction shouldn’t just be viewed as a sale, as it’s opening the door for increased growth and customer loyalty. If you miss out on transactions because your payment methods don’t meet your customer’s needs, it can impact your bottom line over time. Look at investing in new payment technologies not just as an expense but as an opportunity to capture more sales and grow your business.

An interesting example of a retailer is Walmart, which, despite not accepting Apple Pay, strategically promotes its own payment solution, Walmart Pay, to maintain control over data and enhance customer engagement. However, it would be interesting to see whether this strategy is worth the potential loss of customers who might not be willing to take the extra step to download and use Walmart Pay.

Investing in modern payment technology does more than just streamline transactions, it can enhance security, expedite payments and improve the overall customer experience. By streamlining payment processes, you free up valuable time and resources, allowing you to focus on other strategic areas of your business. A secure payment system not only can protect your business from fraud but can also build more trust with your customers.

Adapting to shifting consumer preferences is vital for small businesses looking to enhance customer experience through improved payment options. Customers don’t just want — they expect — seamless, flexible and secure payment options, and meeting these expectations is a key way to build trust and loyalty and set your business apart from competitors.

AI is an expensive business, costing upwards of $100 million simply to train a new model.

At Microsoft, though, a multi-billion dollar investment in AI appears to be paying off: CEO Satya Nadella said on a quarterly earnings call on Wednesday that Microsoft’s AI business “is on track to surpass an annual revenue run rate of $10 billion next quarter” and become “the fastest business in our history to reach this milestone.”

The annual revenue run rate projects revenue over a period of time based on previous revenue.

Related: Will It Take Nuclear Power to Sustain AI? Microsoft Is Betting on It.

Microsoft has invested about $14 billion into OpenAI, the company behind ChatGPT. It has also made several multi-billion dollar AI commitments, including a deal to reopen Three Mile Island, a nuclear power plant near Harrisburg, Pennsylvania.

^{Microsoft CEO Satya Nadella. Photo by Ethan Miller/Getty Images}

Nadella also pointed out on the call, which went over earnings for the first quarter of fiscal year 2025, that Microsoft Cloud revenue was up 22% year over year, growing to $38.9 billion for the quarter ending September 30. Revenue overall increased 16% to $65.6 billion.

At Microsoft, “AI-driven transformation is changing work, work artifacts, and workflow across every role, function, and business process,” Nadella said.

Though Microsoft’s earnings were better than expected, the company’s shares fell by more than 5% on Thursday because its predicted cloud revenue growth was less than expected.

Related: These CEOs Have the Biggest Pay Packages in the U.S., According to a New Report

Nadella was well-compensated for leading Microsoft: He received a pay increase of over $30 million for the fiscal year ending June 30, resulting in an overall pay of $79.1 million compared to $48.5 million a year prior.

Nadella’s compensation would have been $5.5 million higher, but he asked for it to be lower following a series of cybersecurity breaches.

Meanwhile, Microsoft went through layoffs affecting nearly 1,900 people in its gaming division in January.

Microsoft now has about 228,000 employees globally.

Related: Microsoft Strikes Back at Salesforce, Announces New AI Agents That Can Take Over Finance, Sales, and Service Tasks

As the 2024 election season comes to a close, we’re encountering a year of historic firsts — nationally and locally. If Vice President Kamala Harris and Governor Tim Walz were to win the White House this year, the highest-ranking Native American woman in the country would become the governor of Minnesota. That woman is Peggy Flanagan.

Lauded as one of Minnesota’s rising stars and currently the highest-ranking Native woman elected to executive office, Peggy Flanagan is a politician, community organizer and Indigenous activist from the White Earth Nation. She has been serving as the lieutenant governor of Minnesota since 2019 and is currently next in line to assume the governorship if Tim Walz becomes vice president.

So what does this all mean? History could be made this November and help catapult the first Native woman — and consequently, long-overlooked Native issues — into broader American public discourse. It’s perfect timing, too, as we approach Native American History Month this November.

Even though we’re zooming in on politics in this piece, entrepreneurs across the spectrum can learn something about positioning diverse leaders in the right spaces and supporting their work and advancement throughout their tenure.

Flanagan needed allies like Walz and others to lift her voice and put her into positions where she could make an impact. We can all learn more about what it means to be a better ally for those who are the “firsts” in their space. Here are three strategies around allyship I recommend to my diversity, equity and inclusion (DEI) consultancy clients.

Related: The Burden of Breaking Barriers is Pushing Black Leaders to Breaking Point. This DEI Expert Reveals Where We Are Going Wrong.

Let diverse leaders lead

There have been many firsts in the realm of politics in recent years. There was the first Black president, Barack Obama, in 2008, then the first openly gay governor, Jared Polis, from Colorado in 2019, and potentially, the first woman and Southeast Asian president, Kamala Harris, in 2024.

All these great firsts had this in common: they had allies and partners that let them take the lead and shine. Peggy Flanagan has been an outstanding leader in the realm of DEI for decades. In 2017, she helped form Minnesota’s first People of Color and Indigenous Caucus (POCI). She worked tirelessly to improve education, health and economic outcomes for Black, Indigenous and People of Color (BIPOC) in her state.

In addition, she has been a fearless advocate of Indigenous people’s rights. While serving as a legislator, she sponsored a first-of-its-kind task force focused on Missing Murdered Indigenous Women (MMIW), a phenomenon happening across the country where Indigenous women experience violence and go missing shortly thereafter. Local police municipalities in many states often don’t search for missing Indigenous women or investigate their disappearances. Unfortunately, MMIW cases usually go unsolved. All that is to say that when we let diverse leaders lead, they can do powerful things by raising awareness about issues that may have never crossed our minds. As allies, our job is to lift these leaders up and amplify their work.

Beware of performative allyship

While many people want to take credit for knowing the trailblazers in politics and DEI and take pride in having supported them on their way up, the truth is that it can be a lonely journey for many leaders who had to actualize their dreams on their own. They sponsored their legislation and wrote it themselves with their teams. They sat in rooms with decision-makers where they worked hard to get colleagues on board with their bold new initiatives. They attended many thankless events where they carried the burden of organizing, leading and managing the outcomes alone.

Many people want to take credit for the work BIPOC has been doing by saying they were “there” at the event or “support” so-and-so leaders’ work wholeheartedly. But still, BIPOC individuals are often the people who did all the work, and still, the allies are nowhere to be found. Performative allyship can often look like claiming to be an ally when it’s politically or socially advantageous but not during times when true grit, work, and dedication are required — and the cameras and spotlights are off. Avoid falling into the trap of lifting up leaders like Flanagan when it’s most convenient for you and not for the leaders and their causes.

Related: How Brands Can Go From Performative Allyship to Actual Allies

Be a success partner

What’s most helpful for rising leaders whom you wish to support is not only to say you stand behind certain causes but to actually show up and prove it. Support bills that improve Indigenous health, education and rights. Speak about Flanagan’s work in the public domain, thereby ensuring colleagues who might be interested in those issues are aware of them. Donate to organizations and nonprofits that bolster the work that Indigenous leaders are doing to move the needle on change. It’s not enough to say, “I’m for Indigenous people’s rights,” or to do a land acknowledgment when you haven’t actually done the work, spent the time, or put your money where your mouth is.

Related: It’s Not Enough to Simply Acknowledge Indigenous People’s Day. Here Are 4 Ways Employers Can Take Action, Help and Support Native Americans.

Final thoughts

No matter what happens this November, leaders like Peggy Flanagan are on the rise. When one person moves on to a higher office, BIPOC and LGBTQ+ officials who have been waiting for their moment to shine can finally rise, too. The future is bright for a new generation of leadership in the U.S. that better represents the diversity of the country while inspiring more just, equitable and inclusive policies at local and national levels.

When I decided to build a business from scratch, I knew it would demand not just the introduction of technology but also an iron will to address the persistent inefficiencies within the sector. The outdated and fragmented practices in the pharmacy industry were a source of my frustration, as they introduced unnecessary inefficiencies to both pharmacists and patients. I was driven by the belief that there had to be a more efficient way forward.

Throughout our journey, we recognized that welcoming change and refining our approach was essential for our growth and its overall impact on the pharmacy landscape. Three steps significantly influenced this— steps that every company can adopt to pivot effectively and identify new avenues for revenue and impact.

Here’s what we did.

1. Fail fast, pivot faster

Do not fall into the trap of thinking your go-to-market plan is flawless. The biggest advantage of being a startup is agility. You must use that agility to your advantage and recognize when your plan needs adjusting. Further, as a start-up, your runway is limited, so ensure you are making team decisions quickly.

After launching our initial B2C business in 2017, we encountered gross margin challenges that eventually forced us to reassess our go-to-market strategy. In 2019, we took a step back as a team and analyzed the pharmacy industry’s Total Addressable Market (TAM) and the broader B2B landscape. We ultimately realized two key paths moving forward.

First, a significant portion of the pharmacy industry’s market share was attributed to specialty pharmacy. Within the specialty pharmacy landscape, pharmaceutical manufacturers need digital infrastructure to help navigate the challenging patient journey. Second, health plans are hyper-focused on clinical metrics called quality measures but lack the scalable digital infrastructure needed to cleanse data and automate clinical processes at scale. These realizations became the foundation for our transition into B2B.

Related: How to Recover From a Failed Startup

2. Brutally honest conversations

I have always believed that transparency is the best path forward, which means keeping both your internal team and investors fully informed. As a team, we plotted all the possible paths forward, including possibly shutting the company down. It is okay if your initial thesis does not pan out, but it’s not okay to continue trying to make it work when metrics tell you otherwise.

Being prepared to have uncomfortable conversations is among the toughest elements of pivoting. Early on, it was obvious we had to change course, but it was not an easy decision. We were lucky enough to have a team that was not afraid to voice differing standpoints. Our collective input helped us shoot down some pivot paths that, in hindsight, would have led us in the wrong direction.

If your go-to-market strategy is not working, acknowledge it quickly and transparently. Don’t hide from the data or the feedback from your team and investors. Laying all your cards on the table helps ensure everyone is aligned on potential next steps while maximizing opportunities to ideate. This energized our team and investors, allowing us to rally behind the new path with focus.

Related: How Brutal Honesty Saved My Business From Going Under (Twice)

3. Listen to your clients

One of the golden rules in business is taking on real client problems. The emphasis of changing your approach should be on spotting the pain points of your consumer base and presenting your business as the best one to solve them.

Through our journey, we noticed growing needs for digital infrastructure across the various verticals we operated. By listening to our clients, we learned about some of their most glaring challenges, which helped us steer our roadmap. On that note, it is important to remember that while listening to your clients is essential, you should be cautious about allowing a single client to dictate your entire product roadmap. Continuously validate that their needs are universal in the industry. The key is finding a repeatable solution that can scale across multiple clients.

Related: How to Handle Difficult Conversations With Clients

The impact of these steps

Looking back, these three difficult but necessary steps completely transformed our business. 2019 saw us go from a B2C digital pharmacy to a thriving B2B digital pharmacy platform. Our success came mostly from our capacity to pivot at the right moment and show total transparency to all stakeholders. Throughout our journey, we also preached the value of frugality, giving us the longest possible runway to navigate our early challenges. We took action early while we still had an opportunity to flourish; we did not wait for things to reach rock bottom before making a change.

Embrace change with confidence, but do so with careful consideration. Ensure that reliable data, deeper insights, and a well-defined vision for your business’s future drive the changes you pursue. It’s not just about adapting for the sake of it — it’s about making intentional, informed decisions that will lead to sustainable growth and success. Be strategic, thoughtful, and deliberate in your approach, aligning each change with your broader goals and values to create a positive and lasting impact.