Why founders should always view pivot points as opportunities – News Couple

Why founders should always view pivot points as opportunities

Opinions expressed by Entrepreneur The shareholders themselves.

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Pivot is one of those terms that elicits mixed reactions in the business world. Some say you should pivot early and often, but others argue that you should only pivot when absolutely necessary. In general, pivoting is often seen as a setback, especially for startups. However, I don’t think this is the correct way to view it.

Personally, I think founders should always look at hubs as opportunities. After all, if your goal is long-term success, the important part is getting there – not how many curves there are in the path. It can be hard on the ego, but if the founders can stick to the hub, it can be helpful.

This is why I think the founders should embrace the hub.

It’s a chance to evolve into something better

You may have launched your brand and noticed that your perspective and vision have changed over time. It’s common for founders to fear these kinds of transitions and double down on their original goals. Nobody wants to be seen as inconsistent. This is understandable, but it could be a wrong move.

Clients and investors value credibility, but they also value effective and decisive action. Remember that companies are run by people, and people grow, develop, and learn over time. As long as the pivot is made safely, your team and customers will appreciate the transparency. It may even inspire more loyalty.

Another common situation that entrepreneurs face is the realization that searching for and belonging to a niche are two very different things. Not all the theoretical planning in the world can fully prepare you for a “shoes on the floor” experience to try and succeed in your chosen market.

There is always the possibility that things will not go as planned (it rarely happens). However, if you can find one thing that works, using it as a focal point gives you a clear path toward becoming something bigger and better.

Related Topics: Is the focus on a last-ditch effort or a sound business strategy?

It can be a catalyst for growth

Not all hubs have to be drastic changes in the company. If you notice a constant growth and development, this is a sign that something needs to change. Take a step back and look objectively at your work as a whole. Try to identify slack points, such as an unmotivated team, lack of customer engagement, or ineffective operations.

Once you have an honest list of things that can be improved, you can decide which will be the biggest catalyst to kick your brand off a plateau. Some places are usually ideal for soft hubs, like changing your social media strategy or focusing more on a particular feature that is more popular with your customer base. Shifting focus with a simple hub injects new energy into your company and often leads to significant growth.

A lot of the startups themselves have focused directly on unicorn status, such as Twitter which is the cornerstone of social media. If they didn’t take the chance to spin, we probably wouldn’t even know their names today.

Related Topics: 8 Ways to Guide Your Business for Growth

Forces you to focus on the big picture

This is a tip I always remember: the more specific the story, the more likely it is to be wrong. Scientists follow a similar strategy when developing hypotheses for testing. If it is too wide, it cannot be tested. However, if it is too tight, it will almost certainly be wrong.

Entrepreneurs and scholars have common ground here because they need this beautiful place to succeed. Your business plan should be unique and specific enough to solve a problem or satisfy a known need, but not so precise as to get you in trouble in the long run.

One great example of this is Netflix. Reed Hastings, founder of Netflix, has sold to customers and investors with the goal of offering the best home viewing experience possible. At the time, this was accomplished with DVDs by mail, but he had a clear view of the bigger picture. Hastings realized that Netflix would shift over time to keep up with whatever technology was available, so he made his ambitions broad enough to give the brand some wiggle room in the future.

There is no shame in being too accurate too quickly. It happens to the best of us. The important part is getting to know it early and taking this opportunity to focus on the less restrictive big picture model.

If you find yourself in this situation, pivoting is truly a golden opportunity. It lets you break out of the box you might have accidentally put yourself in so you can see new paths that embrace more destination-oriented goals.

This is especially useful if you are in the early stages and want to attract more investors and stakeholders. Shifting from a narrow “roadmap” presentation to a broader idea allows investors and your team to fill in enough blanks to get them excited about your business plan.

Let your pivot point to an overarching goal

The human mind values ​​consistency. However, he also appreciates the feeling of being part of something bigger. Hubs are filled with opportunities to grow, evolve and transform for the better, but consistency is key. Before setting out on the pivot (no matter how comprehensive or obvious it is), consider how it might fit into your brand’s dominant narrative.

Investors, employees, and customers are more likely to accept the pivot if it aligns with what they believe your company’s overall mission is. This means that pivoting presents another opportunity for founders. If you don’t have a clear societal goal or larger mission set before, a smart hub can advance that mission and start the story.

If you can emotionally engage your stakeholders and customer base, they are more likely to stay with you through the curves and course corrections you may need to make along the way.

The pivot decision should never be taken lightly. However, once it is made, the founders must embrace it for the great opportunity that it is.

Related Topics: Is the focus on a last-ditch effort or a sound business strategy?

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