There’s no better place to consider a Business Pivot than in an early stage business. At this stage a company can’t afford to not consider a business pivot when the business model is breaking down.
There’s no better scholar and seasoned entrepreneur than Steve Blank to discuss the business pivot in start-up situations.
See the post here from Steve’s blog published in April of 2010 - “Why Startups are Agile and Opportunistic”
Key Business Pivot Takeaways
- Making the Business Pivot is a gut-wrenching decision. The CEO might have to kill his own idea.
- If you can’t find a repeatable and scalable business model – its time to pivot.
- Entrepreneurs don’t get it right the first time.
- Successful founders observe, orient, decide and act.
- The Pivot results from problem assumptions in the initial business model assumptions – not the Sales, Marketing and Engineering departments.
- “Most of the time darn customers don’t behave as you predicted.”
- Pivots are the essence of entrepreneurship and the key to startup success.