Subscribe to Entrepreneur for $5
Subscribe

Your Business Has Two Options: Adapt or Die

By
This story appears in the June 2015 issue of Start Up.

In business, you change with the times or flame out. 

Ray McCrea Jones
Quick-change artist: Mike Rotondo is mixing things up at Tropical Smoothie Café.

Case in point: More than a century ago, CCM was a Canadian bicycle and automotive manufacturer until it started making hockey skates with leftover steel. The brand has been synonymous with hockey ever since. IBM once made typewriters and PCs. As competitors came up with less expensive personal-computing technologies, the company had to transition or die, first to servers and IT services, and again to software and cloud services. The same rule of survival applies in franchising. Sometimes even the most trusted brands may find themselves in need of an extreme makeover to keep up with the demands of the marketplace. It’s not easy, but change offers the perfect opportunity for entrepreneurs who are willing to jump in and help a franchise redefine itself.

Continue reading this article - and everything on Entrepreneur!

Become a member to get unlimited access and support the voices you want to hear more from. Get full access to Entrepreneur for just $5.

Entrepreneur Editors' Picks