When you build your own business for the first time, the business often becomes an extension of yourself. Many entrepreneurs find that their company becomes an integral and often central part of their lives; they cannot imagine what they’d do if they lost the business they’d worked so hard to create and scale. But sometimes, we do not have control over whether or not our business remains under our control. Losing control of the company you created makes an entrepreneur reach deep inside to redefine their unique competitive advantage. Deborah Richman joins us on ENTREPRENEURradio to discuss what she learned to do-- and stop doing-- in order to remain resilient in the face of this kind of crisis.
Eighteen years ago, Michael Grimmé returned from Europe, where he had been working in the oil trading industry. He relocated his family to Ft. Lauderdale, where he bought and ran a chain of boutique hotels. With the dramatic freeze in the tourism industry after the events of September 11, 2001. Michael had to reassess his assumptions about the hotel industry in an inventive way, and embraced the opportunity for change. The economic downturn, Michael realized, triggered hotels and resorts to sell excess stock and furniture as a source of revenue. In the midst of this economic crisis, he reassessed his business strategy and pivoted into a new market: furniture liquidation.