When and How to Pivot
This morning on my commute, I came upon an older gentleman on a 3 wheeled motorcycle. Nothing uncommon about it, there are many in the area and I often notice that an older age group tends to buy them. However, what struck me as odd at first was the walker that was neatly strapped to the back of his bike. It even matched in color. While many may look at this and shake their heads, I was reminded of the challenges I have faced as an entrepreneur and the pivot we must usually consider.
This older man was proudly displaying his willingness and ability to pivot from his normal routine when an obstacle was presented. That obstacle being the aging process of course, but he didn’t let that stop him from moving forward. He certainly could have sold his bike when the ability to move around becomes challenging, but he didn’t. He became inventive, he adapted, he made the necessary changes to accomplish his goal.
I really do wish my kids would have been in the car with me at that moment. It would have made for a great teaching opportunity. As with entrepreneurship, we are often faced with the need to change, the need pivot from our current business model. Recognizing this and being brave enough and inventive enough to make the necessary changes are crucial and can be the difference between success and failure.
Three things come to mind when deciding on how and when to pivot:
- The pivot should be an educated move, don’t do it without understanding the risks.
- Be open with your staff or partners about the reasons and ideas surrounding this potential pivot.
- Once you have made your decision, commit to it. Make the change and move forward.
What if the pivot doesn’t work??? Pivot again but do not quit. The life of the entrepreneur is not easy, which makes the rewards that much sweeter.
Bryan Shaw, MBA – Founder of Scaleable Ventures, Inc, business accelerator director, co-founder of a couple of startups, realtor…. pretty much a serial entrepreneur. Like it or not, all views are my own. @BGoGolf