I have my business coach Thea Orozco to thank for explaining the concept of the pivot to me recently.
To quote the Financial Times, when used in relation to entrepreneurship, a pivot describes the twists and turns that most start-ups go through to find the right customer, value proposition, and positioning.
The idea is that you take what you learned from previous ventures – both successes and failures – and apply these insights in new areas.
Steve Blank goes further. A pivot, he writes, is not just changing your product. It is changing any of nine different things in your business model:
- your customer segment,
- your channel,
- revenue model/pricing,
- customer acquisition.
If you are on your first or second business venture, how many iterations do you think it might take before you hit on a business model that delivers the results you want?
So don’t get discouraged if your current strategy is not flowing.
If Plan A has failed, keep pivoting.
Just make sure you absorb the lessons.
P.S. Are you going through a pivotal phase in your business and wish you could talk things through with someone who understands and can help illuminate your next steps?
Book a Clarity Consultation here.