There seems to be a lot of confusion on what a business pivot really is. Today we are going to clear up what the term means, what really constitutes a pivot, and give some advice on how to approach a pivot in your business.
We have both been involved in several pivots and Steli has had people reach out to him for advice about pivots. The term itself can be a bit confusing. To pivot means that you get feedback and learn something and based on that you make a deliberate change. Pivots can involve products, customers and business models and we discuss those different types in today’s episode.
It is so important to make any pivot based on putting in the hard work of learning. Pivoting means you are making some single big change of what you’re doing, but something is still saying the same. We think that it’s essential to not make changes because you are afraid of missing out on some trend or an emotional issue. We talk about of those kinds of things can cause problems in your business.
If you are thinking of pivoting, ask yourself if you have learned something to make you think you need to pivot or change what you’re doing. Write down what you have learned and then ask yourself if you really learned that or are you just making it up. Then explain the need to pivot or change to somebody else. Provide the evidence and keep yourself honest.
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