How pivoting can save your business
Running a business is never easy, and many entrepreneurs face the daunting challenge of deciding whether to continue on their current path or pivot to a new direction. Pivoting can be a risky move, but it can also lead to tremendous success if done correctly. In this article, we’ll explore what it means for a business to pivot, why it’s important, and share inspiring examples of entrepreneurs who successfully pivoted their careers.
What is business pivoting?
Business pivoting refers to the process of making a significant change in a company’s strategy or direction in response to market changes or internal issues. This can include changes to the product or service offering, the target market, or even the business model itself.
Pivoting is often necessary for businesses that face declining sales, fierce competition, or a shift in consumer demand. By pivoting, businesses can stay relevant, adapt to changing circumstances, and position themselves for growth.
Why is pivoting important?
Pivoting is important because it can save a struggling business from failure. In fact, some of the most successful companies today are those that pivoted early on in their development. By pivoting, businesses can:
- Meet changing customer needs: Pivoting can help businesses stay relevant and meet the changing needs of their customers.
- Adapt to new markets: Pivoting can help businesses enter new markets or target new customer segments.
- Discover new opportunities: Pivoting can help businesses identify new opportunities for growth and profitability.
Examples of successful business pivots
Many successful entrepreneurs have had to pivot their careers in order to achieve success. Here are a few inspiring examples:
- J.K. Rowling – Before she became a bestselling author, J.K. Rowling worked as a researcher and bilingual secretary. After being fired from her job, she decided to pursue her passion for writing and pivoted her career. She wrote the first Harry Potter book while on welfare, and the rest is history.
- Steve Jobs – Steve Jobs is known for co-founding Apple, but before that, he was working as a video game designer. After being fired from Apple in 1985, Jobs went on to found NeXT, a computer company that was eventually acquired by Apple. Jobs then returned to Apple and helped turn it into the tech giant it is today.
- Angela Duckworth – Angela Duckworth was working as a management consultant when she became interested in the concept of “grit,” or perseverance and passion for long-term goals. She eventually pivoted her career and became a psychologist, studying the science of grit and its impact on success.
- Brian Chesky and Joe Gebbia – Before co-founding Airbnb with Nathan Blecharczyk, Chesky and Gebbia originally founded a startup called “AirBed and Breakfast”, which offered travellers an air mattress to sleep on in exchange for a fee. However, when the concept didn’t take off, Chesky, Gebbia and Blecharczyk, pivoted the idea and founded Airbnb, a platform that allows people to rent out their homes to travellers. Today, Airbnb is a global hospitality company valued at over $100 billion.
Pivoting can be a scary and difficult decision for anyone, but it can also be the key to success. By recognising the need for change and taking bold steps to pivot, entrepreneurs can save their businesses from failure and achieve long-term success. As J.K. Rowling once said, “Failure is so important. We speak about success all the time. It is the ability to resist failure or use failure that often leads to greater success.”