Tag: daily entrepreneur

The Disney Parking Problem

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Though Disney is the most magical place on earth, their vacations take work. Saving. Planning. Coordination. Make a reservation at the hotel, the park, the restaurant. Packing the right clothes for your kids. Sunscreen too! Transportation.  

There’s a lot going on. 

Then the magic. Princesses. Castles. Rides. Shows. There’s a reason it’s one of the best brands and businesses in the world. 

But when guests leave, they have a problem. 

They forget where they parked.

Though the parking lot rows are labeled things like “Dumbo 12” or “Goofy 3”, every day about four hundred people forget where they parked their car. 

Disney is known for its service and they don’t want guests to leave hot, tired, and frustrated at not finding their car in the massive parking lots.  

Instead of a technological solution, Disney challenged the parking lot attendees to come up with something. They did not disappoint. 

Disney staff write down the time each row fills up. Guests more often remember when they arrived rather than where they parked. 

This simple solution turns frustration into delight. 

This is part of the Daily Entrepreneur series I write with Aaron.

Everybody Pivots

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This is from the Daily Entrepreneur Newsletter.

Research suggests that 93% of successful companies “had to abandon their original strategy – because the original plan proved not to be viable.” 

That was the case for Ben & Jerry’s which pivoted from a retail shop to B2B to B2C pints.

That was the case for Chobani, which pivoted from feta cheese to Greek yogurt.  

That was the case for LEGO, which pivoted from buildings to furnishings to toys. 

But how do you know when to pivot and where? 

Harvard professor Clayton Christensen wrote, “when the winning strategy is not yet clear in the initial stages of a new business, good money from investors needs to be patient for growth but impatient for profit.” 

That is, if growth is slow, profit is essential. 

But if growth is fast, profits can wait. 

If both are slow, pivot! 

It’s messy out there. There are no hard and fast rules. There is no one-size fits all solution. 

But it helps to know. Businesses change. Profits and growth are contextual.

The Daily Entrepreneur newsletter delivers brief meditations on the principles & practices of the world’s greatest business builders. This newsletter will always remain free and dedicated to helping you get a little better each day.