Pivot really fast

Starting a business is never easy, aside from all the work it takes out of you, it also comes with very little guarantee of success and there is a high chance of failure regardless of your strategy. I started a business with a friend, which eventually failed down the line due to our inability to pivot and adapt to the changing environment, but what struck me the most was how fast my partner was willing to give up on the whole endeavor. In his mind, if our first strategy didn’t work, then the whole endeavor wasn’t worth it any ways, We would be better off doing something completely different. In the same way, there are people out there who, after trying one strategy in a specific sector, once that strategy lets them down, abandon completely instead of pivoting and keep going.

In this fast-paced environment which is constantly changing and evolving and by that I mean there are more and more businesses coming up, companies launched and more people getting into the whole business industry, pivoting has not just become advantageous but often a necessity for survival. Pivoting is a strategic shift in a company’s business model, products & services, or market focus due to changing conditions, customer preferences or competitive pressures. As you can see, there are many factors which influence the current environment of business, We generally come up with an idea, and once that doesn’t work out, we totally abandon it alltogether.

Right and wrong reasons

It all begins with determination, are you ready to do what it takes to survive in the business world? And are your reasons for being there even legitimate? Sometimes people get into business just because they don’t have a choice, they are financially down and need a way out. When you get in for the wrong reasons, then giving up will always be an option because, in your mind, you are afraid of failing, but when you are in for the right reasons you always understand that failure is part of the process and a necessary step.

It's not about you

Despite owning the business and running it, you have to realize that it is not about you but totally about the client, and they dictate what you should be doing. You can provide a service, but that doesn’t mean you get to impose on others what or how this service should run. I won’t really get into all the business lessons but just to say that you have to realize that you aren’t the central figure as much as you might think, but the most important person is the client, and you have to pander to them best you can, adapt to the market and ensure you meet its needs.

Embracing change

There are definitely many reasons which could have explained why things didn’t work out as well as we expected, but the major reason was the fact that we were stuck on an idea and found it very difficult to adapt to the change the market required. I’ll take a simple example, we knew how to do things in one way so the moment the market required for it to be done a different way, which wasn’t very comfortable for us, that left us in shambles. You are starting a business, you set standards, rules to help you run it. Eventually, you realize that you need to switch things up and if your business isn’t able to pivot, then you aren’t going to go anywhere.

Opportunities are instant

Pivoting is necessary to grab opportunities, you can’t just make them every time. Another example of being able to pivot is this, in your business, you are able to produce, say, 50 quantities of your products every day, but an opportunity might come out of the blue, a client walks in and request for 200 products in the next 48 hours. Pivoting means being able to meet that demand either by recruiting more staff or finding a way to produce that quantity and seize the opportunity, but a business which isn’t able to pivot will let that opportunity slip there by alienating all big customers and spelling its defeat simultaneously. Pivoting isn’t just about being able to meet the demands of the market, but also being able to deal with the challenges of the environment.

Rising like a phoenix

Pivoting is also about being able to rise from your failures like a phoenix. I am not talking about a near failure or reaching close to bankruptcy; I mean a total failure where you are out of business. The initial idea might have been wrong and so being able to see where the mistake was and capitalize on where the success was is called pivoting too. A good example is that you might start off a business with a roster of products, and you eventually realize that the underdog product is the one gaining a lot of traction, Instead of your star product selling out, people are much more interested in something else, pivoting means putting the focus on that.

Instagram began as a location-based check-in app before totally pivoting to photo-sharing when they realized people were much more interested in that feature. Similarly, Netflix began as a DVD rental service before pivoting to online streaming when they saw the opportunity there.

Conclusion

Pivoting has become a strategic imperative for companies and businesses seeking to thrive. Staying up to date with market needs and trends, learning from your failures, and knowing how to seize opportunities are important for long term success and sustainable growth. Pivoting isn’t just a survival technique; it is vital for companies to navigate challenges, innovate, and adapt.

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