Be prepared to pivot when necessary from "summary" of Do More Faster by Brad Feld,David G. Cohen
The startup world is unpredictable. You may have the best-laid plans and the most meticulously crafted business model, but sometimes, things just don't go as expected. When faced with challenges or unforeseen circumstances, it's crucial to be ready to adjust your course of action. This is where the concept of pivoting comes in. Pivoting is about being flexible and adaptable in your approach. It means being willing to change direction or make adjustments to your business model if necessary. Sometimes, what seemed like a brilliant idea on paper may not pan out in reality. In such cases, it's important to recognize when it's time to pivot and make the necessary changes to keep your startup afloat. Being prepared to pivot when necessary requires a certain mindset. It means being open to feedback, willing to listen to your customers, and able to objectively assess the performance of your business. It also means being willing to let go of your ego and admit when things aren't working out as planned. Pivoting is not a sign of failure; rather, it's a sign of adaptability and resilience. Successful startups are not afraid to pivot when necessary. They understand that the ability to change course quickly and decisively can mean the difference between success and failure. Pivoting allows startups to stay relevant in a rapidly changing market, to better meet the needs of their customers, and to capitalize on emerging opportunities. In the fast-paced world of startups, being prepared to pivot when necessary is not just a good idea – it's essential for survival. By staying flexible, open-minded, and willing to make changes when needed, startups can increase their chances of success and thrive in an ever-changing business landscape.
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