One of the biggest mistakes entrepreneurs often make is they become too beholden to the original concept of the business. They stick stubbornly to their guns and fail to make changes in their businesses when the data support doing so.
But market dynamics and business needs are in a state of constant change. A common attribute among successful entrepreneurs is the ability to realize when they are heading down a bad path and when necessary, quickly “pivot” (i.e., make major changes in business direction). They keep what is valid and valuable in their original business idea, throw out what isn’t working, recalibrate, and move forward.
Too many companies burn through millions of dollars because they are so convinced their original concept was “spot on” that they just couldn’t see the point at which they should have made a pivot into another direction to solved their customers’ needs. Be open to changing your approach if it becomes clear that customers want something different from your original concept.
Of course, it’s really tough when you run a startup to face the fact that you need to pivot — to essentially accept that something you’re doing isn’t working. But successful entrepreneurs will tell you that they have found that the uncertainly of a new product or service usually requires many course corrections, or “pivots” to find a successful formula.
Are you ready to perfect the art of the pivot?
For more information, visit www.trinet.com/startups.