Be Bold. Make the Change. Have a meaningful Impact.
The Pivot Mindset
According to Eric Ries, who first applied the term pivot to startups in his book “The Lean Startup” a pivot is defined as a change in strategy, without a change in vision.
A pivot should and does occur when a company shifts its business strategy to accommodate changes in the industry, customer preference, competitive landscape, or any factor that impacts the bottom line. Pivoting allows a company to translate direct or indirect feedback into a change to the business model.
The people who know me and have interacted with me professionally know that I am fanatic about testing of all business assumptions and of all aspects of a business model. A pivot will be applied after testing out an approach and receiving feedback.
When should you pivot? Pivoting is not a solution to all problems, not a panacea to all shortfalls. It should be considered when other options have been considered and excluded.Read more