When in Your Startup's Journey Should You Consider Overhauling Everything? The founder of photography company Twenty20 talks about how to approach a restructuring.
By Eric Siu
Opinions expressed by Entrepreneur contributors are their own.
In this second half of his discussion with Matt Munson, Entrepreneur Network partner Eric Siu speaks with the founder about the economic hardships of Twenty20, as well as how the stock photo company came to set itself apart from similar businesses. Munson talks about how he began venture fundraising at the worst time possible, in 2015, when the difference between one quarter and the next turned out to be like night and day. Eventually, Munson and his team gained some traction and started signing bigger clients, like Apple and Microsoft.
Unfortunately, the acquisition wasn't always consistent, and the team had to find a way to generate leads more easily. Munson says two areas the team discovered could use more improvement were diversification of marketing and sales leadership. Munson admits they concentrated too much on building systems to scale up.
To remedy the mistakes, the company went through a time of layoffs and a time of reevaluation to pinpoint the right solution.
Click the video to hear more.
Related: How Customer Conversations and Feedback Helped This Photo Company Improve Its Business Model
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