Entrepreneurship is like steering a ship on the ocean. Pivoting occurs when the captain decides to shift the direction to accommodate changes, be it a furious storm or an iceberg. The “direction” that has been shifted always entails business strategies. But not every pivot costs a fundamental change to the entire company. It can be anything from shifting the target to another different set of customers, to deploying a different technology for building products, to adopting a new revenue model to get monetized.
Pivoting can also be much more complex and difficult in real practice. You are probably losing the only revenue stream since you are abandoning the old business model. And you may risk not being able to pay your team to support the transition.
I interviewed founders on “Pivoting” and concluded the four most important factors of building a successful pivot.
1. Stay with your vision
Vision stands for your goal for tomorrow and what the future holds for your company. A vision is like a lighthouse that gives the direction and you need to stay with it even though you are changing what you need to do today.
Think about the bigger questions: How can you help people build relevant skills for a changing environment? How do you help them get insights into industries or macro changes in the world, which are obviously now more important than ever? How do you build networks outside of whom you know?
A great company comes with a great vision. Find your vision and stick to your vision even when you pivot.
2. Pivot as fast as you can
To my surprise, all the founders encourage fellow entrepreneurs to pivot as fast as they can, since no one could predict the future, as in the case of COVID19 that impacted most business and potentially bankrupted several others.
Wayne Kennedy, Co-Founder & Chief Product Officer at Goama, shared their pivoting experience, “the key driver for us was moving as fast as possible once we identified issues with our original model.” The company was focusing on b