THE PIVOT MINDSET
Be Bold. Make the Change. Have a meaningful Impact.
The Pivot Mindset
Written by Angelica Morrone, Guest Contributor at Cleantech Geek
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