The Entrepreneurial Pivot: When and How to Shift Course

 By:  Nofisat Raheems

"The only thing worse than starting something and failing… is not starting something at all" Seth Godin.  You have given your business your whole being. You've experienced heartbreaking defeats, relished minor triumphs, and had restless nights. With all of your heart, you have believed in your vision. However, a gnawing sensation has begun to appear recently. Your company isn't expanding as you had intended. The market is changing. Your enthusiasm is waning. You're beginning to question whether you're headed in the wrong direction.

This is a crossroads, not a sign of failure. Every entrepreneur must face this moment, which distinguishes those who have the guts to alter course from others who obstinately hold onto a sinking ship: the entrepreneurial pivot.

To pivot is not to give up. It's a calculated action, a change in direction brought about by fresh data and a better comprehension of your target market, clients, and yourself. It's not a show of weakness, but strength.

But how can you tell when it's time to change course?

1. Your Data is Telling a Different Story: In spite of your best efforts, are your sales stagnating? Is your customer churn rate alarmingly high? Are people using your product in ways you never intended? Don't ignore these warning signs; instead, dig into your analytics and speak with your customers to find out why they're leaving or what they really value about your product. Their responses may surprise you and point you in a new, more promising direction.

2. The Market Is Changing More Quickly:  The world is changing all the time; new technologies appear, consumer habits change, and rivals emerge. If you find yourself always catching up or your product seems stale, it may be time to change course. Take a look at the trends. What issues are people currently attempting to resolve? How can you apply your knowledge, resources, and enthusiasm to a new and developing market?

3. No Longer Sure "Why." You are in Business
When you initially started, do you recall the burning sensation in your stomach? The one who sustained you during the difficult moments? A major warning sign is if it has been replaced by apathy or a feeling of dread. Your company's "why" is its driving force. Your business will soon run out of steam if it is gone. An opportunity to rediscover your purpose and align your company with a new mission that rekindles your enthusiasm can be presented by a pivot.

Ways to Change Direction without Losing  

Though it doesn't have to be a blind leap of faith, pivoting can be frightening. Here's a strategic way to accomplish it:

1. Don't Guess, Test.

Test a fresh idea before committing to it. To determine interest, make a landing page or a minimal viable product (MVP). Do a quick A/B test. Speak with your prospective clients. You can avoid a big, expensive error by conducting a modest, low-cost trial.

2. Use Your Current Resources.

You're not just starting. You have a clientele, a team, a solid reputation as a brand, and priceless intellectual property. How can you take advantage of these current assets in a different way? Can you, for instance, provide your devoted clientele with a new product that addresses a different, more urgent issue?

3. Talk to people.

Customers, investors, and your staff may find pivoting disconcerting. Be open and honest about your choice. Justify your position. With conviction and enthusiasm, share your new vision. Tell them that this is a strategic advance, not a retreat.

The Willingness to Adapt

One of the most difficult things an entrepreneur will ever have to do is to pivot. It takes guts to face the unknown and humility to acknowledge that your first concept wasn't flawless. However, keep in mind that the most prosperous businesspeople aren't the ones that do it right the first time. They are the ones who are courageous enough to change course when their business and their hearts urge them to, and who are resilient enough to learn and adapt to change.

 

Nofisat Raheems