Pivot when necessary from "summary" of The Lean Entrepreneur by Brant Cooper,Patrick Vlaskovits
Pivoting is a fundamental concept in the Lean Startup methodology. It essentially means changing direction in response to feedback received during the experimentation phase of a startup. The goal is to discover a sustainable business model that creates value for customers and generates revenue for the company. Pivoting is not a sign of failure, but rather a strategic move to adapt to changing market conditions and customer needs. There are different types of pivots that a startup can make. A zoom-in pivot involves focusing on a specific feature or customer segment that shows promise, while a zoom-out pivot involves expanding the scope of the product or service to attract a larger market. A customer segment pivot involves targeting a different group of customers with the existing product, while a customer need pivot involves addressing a different pain point or problem that customers are facing. It is important for entrepreneurs to be open to pivoting when necessary, as sticking to a failing strategy can be detrimental to the success of the startup. By continually testing assumptions, gathering feedback, and iterating on the business model, entrepreneurs can increase their chances of finding product-market fit and achieving sustainable growth.- But rather as an ongoing process of learning and adaptation. It requires a willingness to let go of preconceived notions and embrace uncertainty. By being agile and responsive to feedback, startups can navigate the unpredictable nature of the market and increase their chances of success. Ultimately, pivoting when necessary is a key strategy for building a resilient and innovative startup in today's competitive business landscape.
