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How Important is Pivoting in Entrepreneurship?

For most startups there are few business guidelines to observe. One of the key guidelines is knowing the pivoting. Knowing when it’s the perfect time to point to another direction is crucial to any entrepreneur. This flexibility trait is undeniably what makes a true entrepreneur.

But the question in mind is why is it so important?

Well here are listings of why pivoting is important in entrepreneurship.

Why Pivoting?

  1. Changing the tactic while maintaining the original strategy

There are numerous ways to kill a rat. If one is not working out, you can always try another. The same principle applies in business. At times changing your methodology of solving a particular problem is the answer to the success of your company’s business. Pivoting is merely pointing another direction which usually is a solution to a problem. Your goal has not changed, but your tactic is what is different from before. This makes the whole concept of pivoting vital to maintaining the company’s vision.

  1. To bring about growth

When things seem not to work, it won’t hurt trying new things. At times changing the cause of your direction is what is preventing your company from growing. To reach greater heights in business, it’s important to embrace change. Change is inevitable. A good entrepreneur knows the right time to change course or strategies. It could mean redefining your business avatar or just adding another product to your list.

  1. Diversification

Pivoting may help your company in diversifying its market reach or simply the product itself. Concentrating on one product could be returning low sells returns. But once you expand or broaden your product base, you are able to tap into markets that seemed hard to reach.

  1. Evade challenges

At times facing the challenges is never the solution. You might just meet a stumbling block that makes it hard to navigate. Changing course or root of your business might b the solution at hand. A good entrepreneur knows the right time to change the course of destination. Pivoting will enable you to migrate easily to another option that has less liability.

  1. Reach your customer base

You might think you have attained your client base with the tactics at hand. But only to be surprised with the returns you get. Changing your customer base can be quite good in reaching your company’s full potentials. Having different strategies in attaining your market reach is crucial to any entrepreneur.

From all these reasons, you get to see the importance of pivoting when it comes to your business.

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─ April 28, 2016