The benefits of switching gears are being heralded left and right these days. And though it can be painful, it may be a strategy that businesses of any age can get behind.
Young entrepreneur Peter Crabtree became an upscale chocolatier in 2005. When that didn't take off, he changed the business to an entirely new concept.
With Foursquare fast gaining ground, the location-service startup made difficult changes to its business model. What entrepreneurs can learn from the young company's pivot.