Rethinking startup a ‘pivotal’ experience
It requires emotional detachment yet total passion. It might involve killing a business in order to save it. It’s by turns agonizing, rewarding, humbling and empowering.
StartUP Product‘s insight:
- pivoting means doing something differently, often under time constraints as cash and investor patience dwindle.
- A pivot could involve changing a product to reach the same target market, going after a different market with the same product or preserving a small piece of existing technology to form an entirely different business.
- data will tell you what’s not working, but it doesn’t tell you what to do instead
- Some startups go through multiple transformations. Sometimes the proper course of action is to shut down a startup instead of attempting another pivot
“If you’ve invested in a business, it’s hard to kill it. That’s the hardest part of what we do. You’d rather pivot and take advantage of some of your sunk costs, but every once in a while, you realize this is a business that’s not good for us.”
See on www.chicagotribune.com
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