One of the many things that stuck with me from Patrick Bet-David’s "Your Next Five Moves" when I read it over a year ago was:
"If you want to build a little mom-and-pop corner store, you don't have to treat business like war and you can be laid back in your approach. If you're looking to disrupt an industry, you'd better be armed with the right story, right team, right data, and right strategies."
I love to tell stories. So let's talk about Uber. At its start in 2009, Uber wasn't just another tech company out of Silicon Valley; it pioneered the ride-hailing industry, introducing a concept that didn't exist before. Beyond being a product —Uber was an industry. Being the first in the market meant they could set the standard for what would later become the ridesharing industry and dominate the market.
Fast forward to 2020, when the pandemic struck, and the ridesharing industry took a big hit. Uber laid off 14% of its workforce and lost $6.7 billion in the same year; meanwhile, their competitor Lyft lost $1.8 billion. It was a terrible financial year for most businesses. So, how did Uber navigate this challenging situation? They expanded into food delivery services, dubbed Uber Eats, which helped offset their losses. This strategic move helped prevent a significant decline in their market capitalization.
Business owners must learn to adapt, evolve, re-strategize, or die. It’s innovate or die.
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