Should your startup pivot?
Pivoting might be an option for your startup, but what is it, and should you do it?
26 June, 2018
When you begin your startup journey, you may have a clear idea of your product or service, goals and company direction. However, this original idea may not always be the one that eventually pays off.
Many startups choose to go in a different direction, or start afresh by undergoing what’s called a 'pivot'. Pivoting might be a viable option for your startup, but what is it, and should you do it?
For the purposes of a startup, a pivot is a “structured course correction designed to test a new fundamental hypothesis about the product, strategy, and engine of growth.” Eric Ries – The Lean Startup.
Put simply, a pivot is a change of direction for your startup. Whether it's the audience you're targeting, the focus of the product or even your business structure, a pivot could make the difference between startup success and failure. There are many elements of a company you can change through a pivot, which are essentially summarized by Forbes as:
It can be tough to initiate a pivot as it requires a process of identifying that there is something wrong about an aspect of your business. However, successful startups will quickly progress from the stages of acceptance to remedying these potentially critical failure points.
Pivoting is not a decision to be taken lightly or irrationally. It will significantly change your business, so think hard about the ramifications. Here’s what you need to consider before pivoting:
Don't be afraid to pivot, and do it over and over if you have to. It could be the change that defines your success.