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Kill Your Darlings: Food and Beverage Business Evolution

Some entrepreneurs are uncomfortable with their business idea or product evolving as their business develops. However, most entrepreneurs start out trying to implement one idea, only to get feedback from consumers that the real business opportunity is in a different product, category or maybe even a different business model.

Change can be difficult. Sometimes being willing to change means giving up a pet brand name because a different one better identifies the product’s purpose and story. If the product doesn’t stand out on the shelf and speak to the right consumer, the business making that product will not make money. In that case, being willing to change can mean the difference between the business’ life and death.

This flexibility is important to surviving in today’s competitive marketplace. Consumers are demanding healthier, transparently sourced food and beverage options, and the details of those preferences are evolving at a rapid pace. This is why more large food and beverage companies are rapidly purchasing stakes in brands that have proven themselves by swiftly adapting to those changing preferences.

As entrepreneurs develop new products and new business models, they are constantly learning what works and what doesn’t through rigorous testing with their target consumer. In this sense, change doesn’t have to mean compromising core values but rather recognizing that there are multiple paths to achieving the business’ goals of profitability and impact.

We’ve said before that execution matters more than your big, brilliant idea. Part of executing is being willing to let the business change and evolve when it makes business sense. Sometimes that means killing your darlings.


And now, our roundup of the best food and beverage finance news, events and resources from around the web…

Food and Beverage Business Models

Business Model Insights

Raising Capital

Raising Capital

Grocery Store Shopping

CPG/National Brands

Grocery Store Produce Section

Market Trends

 Ag Tech

Farming and AgTech

Mergers and Acquisitions

Deals/M&A

FAB of WI is a partner of FFI

Industry Events

Categories: Insights Newsletter