099: MADE SOUTH S Chris Thomas on Pivoting: How to Know When to Shift Your Business Model

Summary:

The two most commonly recurring factors in any launch are you and uncertainty. This is why at Executive Minds, we spend so much time talking about how to lead yourself and deal with the unexpected that will inevitably occur. In today s episode, we talk to Chris Thomas, CEO and founder of MADE SOUTH, a company that hosts crafted events that celebrate the South s culture, food, and entertainment. Chris shares how he quickly had to modify his original idea for MADE SOUTH despite early success. For launchers, success is validating; however, if you re not careful, it can be misleading. Hear Chris s story about the shifts he made and how he was able to stay true to his passion and mission while shifting his business model and method.

Welcome to episode 99 of the Executive Minds Podcast.

Links + Resources:

MADE SOUTH

MADE SOUTH Holiday Market

065: Using Data to Launch Intelligently and Responsibly

Grace Works Ministries

Gospel Business Strategies podcast

Three Takeaways:

• Sometimes you have to change your business model, and that s OK.
  As Chris shared in today s podcast, launchers only know what they know; when that knowledge changes, sometimes (see: most times) changes have to be made for your idea to be more effectively executed. Change is OK; in fact, it s celebrated. Don t be so married to your original idea that you miss out on all the good stuff that awaits you with a shift in your business model.

• Ask yourself, What kind of foundation have I laid for my business or idea?
  Does your current foundation best support your current business model or a better one? Do you have sound processes in place that support your overall goal? If the answers to these questions are, No, then you ll need to pivot your current business model toward something that makes more sense.

• Lean into those around you. Launching your idea was never meant to be done alone.
  Some of your best business advice can come from those around you. Ask your trusted circle what they think of your current business model and how they would do things differently. Your closest allies can provide you with a much-needed fresh perspective.

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