In the previous blog post, we explored some of the typical reasons that might require you to think of a possible reason for pivot in your business.
The second part of this series will help you to understand some more these reasons to pay attention to.
The money’s not there
In business, you have to be brutally honest with yourself and realize and acknowledge when things are not working. This can be hard for entrepreneurs, as you’re working on your dream business. However, it’s important to realize when something just won’t work. Your company won’t survive in this entrepreneurial world if it cannot make money.
A competitor is doing it better
Amazon was not the first online bookseller and eBay was not the first auction site. They just did it better than their predecessors. If you are consistently losing to your competitors, it may be a signal that your price is wrong or that you are not differentiated enough from your rivals. If that is the case, it may be time to consider a pivot.
Metrics will help tell you the story and help you to determine whether or not your efforts are successful.
The thrill is gone
A startup needs enthusiasm and passion, not just from its founders, but also from people who are part of your team. When you feel that low moments start to outnumber the good moments, it might be time to reboot. Alex White, cofounder of Next Big Sound says “Entrepreneurship is so difficult; if it’s not gripping you and exciting, that’s probably a clear sign to switch, because it certainly doesn’t get easier.”
Don’t be shy of changing course—better late than never. Your startup might be your passion, and it can be hard to let go, but it is wiser to change course and save it well within time than close it forever.
Have you experienced the challenges of a startup that wasn’t working? If so, how did you deal with those challenges?
For more, please visit: http://www.entrepreneur.com/article/229410
Thanks for reading, and until next time… stay WISE!