As an entrepreneur, it can be challenging to know when to pivot or quit a business venture. While persistence is crucial in business, it’s equally important to recognize when you’re on the wrong path and need to make a change.
In this article, we’ll explore the key takeaways from a recent panel discussion during The Excellence Podcast launch hosted by Patrah Gichobi.
Knowing When to Pivot or Quit: One of the most significant challenges entrepreneurs face is knowing when to pivot or quit. While persistence is crucial, there are times when it’s necessary to make a change. Here are some of the key points to consider:
• Evaluate your business objectively: Before making a decision to pivot or quit, it’s essential to evaluate your business objectively. Consider factors such as your product or service, your target market, and your competition.
• Seek advice from trusted mentors: It’s crucial to seek advice from trusted advisors or mentors when making decisions about your business. They can provide a different perspective and help you make an informed decision.
• Weigh the pros and cons carefully: Pivoting or quitting a business venture requires careful consideration. Weigh the pros and cons of your decision carefully and consider the long-term impact on your business.
• Recognize the signs: There are several signs that it may be time to pivot or quit your business, including your product or service not gaining traction, your business not being profitable, not enjoying what you’re doing, the market changing, or exhausting all options.
The Art of Pivoting: Pivoting is an essential skill for entrepreneurs. It’s the ability to adapt and make changes to your business when necessary. Here are some tips to help you pivot successfully:
• Be open to change: As an entrepreneur, it’s essential to be open to change. Be willing to adapt your business model to fit changing circumstances.
• Embrace failure: Failure is a natural part of the entrepreneurial journey. Embrace failure as an opportunity to learn and grow.
• Focus on your strengths: When pivoting, it’s crucial to focus on your strengths. Identify what sets your business apart and capitalize on it.
• Stay true to your vision: While pivoting may require significant changes to your business, it’s crucial to stay true to your vision. Keep your long-term goals in mind and make changes that support them.
In conclusion, pivoting or quitting a business venture can be a difficult decision. It’s essential to evaluate your business objectively, seek advice from trusted mentors, and weigh the pros and cons carefully. When pivoting, be open to change, embrace failure, focus on your strengths, and stay true to your vision. With the right mindset and approach, you can make the right business decisions and achieve success.
Kimani Patrick is the CEO a Kenyan company, Carlstic and also, the Chief Editor of Enterprise