Netflix, Instagram, Slack. These three companies have one thing in common: Their initial business plan wasn't sustainable, and they became the formidable companies they are today because they chose to pivot in a new direction.
Pivoting in startup culture is a strategic business decision to shift course to capitalize on a new need in the market that your product or service can meet with calculated changes. Doing so successfully requires high organizational adaptability and flexibility to achieve long-term success.
In a business world that is constantly fluctuating, pulling the plug when things don't go as planned is an easy out. However, successful entrepreneurs and investors who truly understand their markets can see innovative ways to meet new opportunities by tweaking current business models.
Is it time to pivot in your business? Let's see when it makes sense, how to do it well and what it looks like in both success and failure.
Related: Knowing When — and How — to Pivot Is Key to Your Business' Survival. Here's What You Need to Do.
I have lost track of how many businesses I've seen with everything set up for success, only to have the market pull the rug out from under them. Even the most business-savvy and meticulously prepared ventures can be surprised by economic changes.
From market shifts to new technological advancements to drastic economic hits, numerous external factors can force companies to consider pivoting their business model.........