Entrepreneurs Need to Pivot
Do entrepreneurs need to pivot? An entrepreneur isn’t programmed to quit but they may find themselves in a position where they need to shift their thinking or “pivot”. Revamping a business can be the difference in its success or failure.
Business plan projections are based on extensive research and then subsequent assumptions. There are times when these assumptions are just wrong. They were probably good at the time they were adopted but as well all know, life happens. Just take a look at the impact of COVID-19. This pandemic is going to kill many businesses and we had no real way to predict it. Well, it’s probably safe to say that I’m not alone in the sea of entrepreneurs that didn’t see this coming.
Rather than giving up right off the bat, it’s a great time for reviewing company performance. Identifying any inefficiencies or redundant tasks just makes sense. As times and technology continually evolves, we are finding more efficient ways of producing. It’s easy to fall into the trap of “that’s the way we’ve always done it”. The goal is to get creative and find enough ways to cut expenses to keep the business going.
However, being more efficient doesn’t guarantee success. Sometimes, entrepreneurs will need to pivot and pursue other opportunities. Lots of businesses go through this every day even without a pandemic. Ask any successful entrepreneur how many times they failed before they got it right. You might be surprised at the number! Just know, you aren’t a failure and you aren’t alone.
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