Startup Life: Importance of the Pivot

Alicia Business August 28, 2016
Sometimes a change is just what you need.

Sometimes a change is just what you need.

Part 2 in the 3-part series will discuss the importance of the pivot. What is a pivot? I like to think of pivots as anything from a change in thought of concept to a full about-face.

Like any good dance move staying on your feet is important. Rather it’s a good idea that needs to be re-marketed to help your clients better understand it’s importance or changing the project entirely asking questions before you step is key. Your idea might seem like a great step but forward but sometimes it’s good to ask the audience. Here are some helpful thoughts to ask yourself to see if a pivot it needed:

  • What need does this product/service fill in the market?
  • It’s a good idea but is the market ready? Think about the current competitors, ease of entry, customer knowledge and acceptance of the idea.
  • Is your target customer looking for your solution?
  • What would be a better option? You need to pivot to something that is better, more focused or fits the need. Will this pivot achieve this?

Almost all startups pivot on some part of their business model. Stay on top of the market and customer wants and needs by polling and asking questions in the marketplace. And not just at the beginning, but continuously. Be open-minded and able to step back to see if the pivot is going to be a better option than what is currently in place. Doing that as soon as possible will help with a lot of frustration down the line.

If your current product/service isn’t getting the response you are looking for or projected, try to see what you can change. Make sure to keep in mind the company vision and goals and if you start to write out the importance and poll the target customers you can get back on track.

“Don’t be afraid to give up the good to go for the great.”
— John D. Rockefeller