The opinions expressed by the entrepreneur are their own contributors.
Many managers still see a pivot as a sign of failure. That mentality is not only outdated – it is dangerous. In fast -moving markets that are powered by rapid technological change, the stay of the course can be riskier than changing directions. Persistence is admirable, but inflexibility is expensive.
Think of the industrial giants who have missed their moment to adapt: Kodak, Blockbuster, Xerox, Tower Records. All were dominant in their time. All ignored shifts in consumer behavior and emerging competition. The result? Aging.
Compare that with companies like Toyota, which started as a loom manufacturer before they have a worldwide car storage? Or Nokia, who started as a paper mill. Some of today’s most iconic brands have not only survived changes – they were born out of it.
Related: navigating with crucial business decisions – how to know when to turn and when you should persist
A pivot is not a setback – it is a strategic move
A well -timed pivot point can mean the difference between stagnation and long -term success. It may mean that changing your product focus, redefining your mission or revising your activities to offer a new chance.
Amazon is a textbook. It was launched as an online bookstore. Nowadays, a considerable part of his profit does not come from the retail trade, but from Amazon Web Services – the Cloud Computing -Business. Similarly, Facebook saw writing on the wall and acquired Instagram, capturing a new generation of users and expanding the dominance.
Pivots can be uncomfortable, even scary. But they are often needed to survive. The key is knowing when and how to do it well.
Step 1: Let customers tell you what they really need
The clearest signal is it time to turn? Customers want something that you don’t offer.
My company, FORE Enterprise, began to help companies predict the turnover of employees. But we quickly realized that our customers missed the infrastructure to implement our insights. More than 90% demanded help with building the data plants needed for AI analysis. So we have expanded our mission and the team to provide full-service AI solutions-from infrastructure to insight. That shift opened new income flows and made our product considerably more valuable.
Listen to the market. Often customers will ask for the pivot before you even realize that you need one.
Step 2: Define the market – or it will define you
Large companies can have the weight to shape the market. Apple did this masterfully, evolved from the iPod to the iPhone and changed fundamentally how we deal with technology.
Startups don’t have that luxury. They must discover their product market-fit through fast iteration and feedback from customers. Market research can point you in the right direction – but only real use will reveal whether you really solve a problem that is worth paying.
An example: I launched Vella as a dating app based on personality adjustment. But we soon saw that the market was saturated. What stood out was our profiling technology. So we turned to concentrate on well -being and personal development, with the technology more traction and a less busy playing field.
The lesson? Note how your product is actually used, not just how you imagined it would be.
Related: Knowing when – and how – run is the key to the survival of your company. This is what you have to do.
Step 3: Adjust or die
Entrepreneurship rewards speed, decisiveness and flexibility. The best founders move like sharks – always ahead, always adjust. They don’t fall in love with their first idea. They fall in love with solving real problems.
That does not mean that leaving your core competence. The smartest pivots are evolutionary, not revolutionary. They take what you are already good at and apply it in a more valuable, scalable or sustainable direction.
So ask yourself:
- Do we still solve the right problem?
- Is our technology used in the most valuable way?
- Does the market change faster than we do?
If the answer to one of these increases a red flag, it can be time to turn – before your competition forces you.
Don’t be afraid of the pivot – management it
A pivot is not permission of failure. It is a sign of strategic maturity. The best companies are not those who get it from the first day. They are those who learn, adjust and evolve for the curve.
Do not wait for falling sales or market rhinestion to force your hand. Listen to your customers. View the trends. Build for where the market is going – not where it has been.
The pivot is not a detour. It is the way to the next growth phase of your company.
Many managers still see a pivot as a sign of failure. That mentality is not only outdated – it is dangerous. In fast -moving markets that are powered by rapid technological change, the stay of the course can be riskier than changing directions. Persistence is admirable, but inflexibility is expensive.
Think of the industrial giants who have missed their moment to adapt: Kodak, Blockbuster, Xerox, Tower Records. All were dominant in their time. All ignored shifts in consumer behavior and emerging competition. The result? Aging.
Compare that with companies like Toyota, which started as a loom manufacturer before they have a worldwide car storage? Or Nokia, who started as a paper mill. Some of today’s most iconic brands have not only survived changes – they were born out of it.
The rest of this article is locked.
Become a member of entrepreneur+ Today for access.
#time #run #company #clear #signs #ignore #Entrepreneur