WHAT IS PIVOTING AND WHY IS IT
Important?
Roman Semiokhin, serial investor and entrepreneur.
What is
PIVOTING AND WHY IS IT IMPORTANT ? A
successful
breathe
new
otherwise
pivot
life
failing
into
can an
enterprise,
but it does mean starting from scratch. A pivot is essentially a fundamental change in business direction implemented when business leaders recognise that their company’s products or services do not align with wider needs seen in the market. The principal goal of a pivot is to enable the business to survive or improve revenue. When and how a business pivots
can
make
all
the
difference between a successful pivot and the company’s demise.
The principal goal of a pivot is to enable the business to survive or improve revenue.
A for
pivot
may
companies
competition
or
be
facing if
beneficial too
progress
much has
plateaued. If a business makes little progress after having a tremendous amount of money and resources invested into it, a pivot may be a crucial step in salvaging the enterprise. In addition, if a business leader’s perspective about the industry has changed, or if customers fail to respond to products in the anticipated way, it may also be necessary for a radical change of business strategy. For a pivot to be successful, business leaders need to set goals that align with their business, conducting careful research that identifies the target audience and their problems and analysing what competitors are doing to address them.
ROMAN SEMIOKHIN To learn about the importance of business strategy, visit the blog of Roman Semiokhin.