Are you in love with your idea? Is it going to be with you forever? Is it permanent? Are you ready to stay committed to your idea?
When an entrepreneur first has an idea, it is love at first thought. The entrepreneur thinks it will be the idea to stay with him/her forever. What the entrepreneur doesn’t realise is that most founders pivot quickly after that first idea.
A pivot is a change in focus, business model, customer, channel, product, technology or strategy.
Pivots can help propel an idea and a business. However, be cautious. It has become fashionable to pivot often, sometimes without reason. Pivoting without strategy is just a waste of time and effort.
How do you know when it is time to pivot? Do your due diligence on your current model and idea. Hypothesise and test. If there is clearly no market fit for your current idea and you have a definite direction to pivot, go for it.
And hold off on that tattoo…
This post originally appeared on #entrepreneurfail and has been reproduced with permission.