How to Successfully “Pivot” in Entrepreneurship

Pivot in Entrepreneurship

Stick to what you know and be great at it. It is a common thing said and a way to structure your life. It is better to do one thing great, rather than doing several things decent. When the ‘pivot’ is discussed in entrepreneurship it is something that is often misrepresented. The term itself produces images of someone quickly changing directions from a stationary point. That sharp point, turn or move in another direction is seen as a drastic change in philosophy and product when considering the entrepreneur. As potentially successful and disastrous as these new businesses can be, the idea of completely changing is seen as even more dangerous. This is the problem with the ‘pivot’ in entrepreneurship. In over 90% of these ‘pivots’ are done in a progressive and well-thought-out procedure in which individuals carefully evolved with the market. These types of changes in business are often described as a ‘lightbulb’ moment. The most successful businesses are the ones that are constantly evolving to adjust and flow with the market.

Keeping Your Eyes and Ears Open

The only way to successfully ‘pivot’ in entrepreneurship is to keep your eyes and ears open. Those who are set in their ways are doomed to fail. Times and conditions are constantly changing and must adjust accordingly. When pivots are seen from an outsider it may seem like a quick change of pace and direction, but from within that industry, it is completely different. These are changes that have happened organically because those entrepreneurs keep their eyes and ears open to the changes and opportunities that surfaced. In some cases, it might be an opportunity that continues to present itself, but at first (or for a period of time) does not seem like a sound direction to veer off. It is essential to the growth of your business and brand to keep those opportunities on the back burner and not totally discard their potential. Make sure to be aware of these things, especially on stressful work days.

Looking Forward and Remembering the Past

To forget the past is to repeat a mistake, something you learn in Social Studies classrooms. You cannot hold onto the past as if it were an anchor, but rather as a lesson to remember. Do not allow a past failure to keep you from moving forward in the same or similar direction. Opportunity is all about striking while the iron is hot, while the opportunity and potential are there. Be brave and be confident with the choices you make. Half-hearted moves never pan out. Change and success require boldness. Do not let yourself get caught up with past mistakes or missed opportunities and move forward. Lien on your supportive work to catch and avoid mistakes

It is Ok to Be Wrong

When running a business there is probably no lesson that is more important. You can, and often will be, wrong. The most successful businessmen understand how to analyze their mistakes and turn them into successes. Close working relationships can help to catch these mistakes and turn them around quickly. Having a team will enhance the efficiency of your brand/business. Supportive work is good to have.  Allowing yourself to believe and accept being wrong will help streamline your business and be more successful. This is especially true when ‘pivoting’ in entrepreneurship. Do not continue to push forward with a mistake. Recognize the mistake, accept it and move forward.

Keep your eyes and ears open, keep moving forward and be ok with being wrong. Moments to change your business direction are not always these huge moments that slap you in the face. Be aware of the small hints in your daily life and be confident in your adjustments. Look over these possibilities on stressful work days.

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