How to Do Business Like a Shark

According to data from the US Bureau of Labor Statistics, about 20% of US small businesses fail within the first year. By the end of their fifth year, roughly 50% have faltered. After 10 years, only around a third of businesses have survived. These numbers can be daunting, but there are actions you can take to pivot your business model towards success.

Having a pivot strategy in place is key when managing a business because you can’t stay too reliant on old techniques; if you do, you’ll be left behind your competition. We recently chatted with Daymond John, founder of FUBU and star of ABC’s smash hit, Shark Tank, about what businesses can do to reinvent themselves.

Below are some of Daymond’s top tips and insights for pivoting your business.