PIVOTING in Business | When to Pivot in your Business? ↗️↘️➡️ | Summary and Q&A

1.5K views
October 12, 2020
by
Vicky Zhao [BEEAMP]
YouTube video player
PIVOTING in Business | When to Pivot in your Business? ↗️↘️➡️

TL;DR

Learn how to determine if you should pivot in your business by assessing your internal state and gathering external feedback.

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Key Insights

  • 👨‍💼 Assessing your internal state involves recognizing your emotional journey and skill development throughout your business journey.
  • 😀 Despite facing a crisis of meaning, it's important to remember that skill development continues to progress.
  • 🎯 Gathering external feedback from your target audience helps determine if there is demand for your current offer and if improvements are necessary.
  • 🥺 Premature pivoting can lead to missed opportunities for success or growth.
  • 💄 Internal belief in your ability to learn and improve is crucial in making the decision to pivot.
  • 👪 Recognize the importance of reaching out to your ideal customers for feedback rather than relying solely on friends and family.
  • ☢️ Active promotion and communication with potential customers can greatly impact the success of your offer.

Transcript

hey everyone welcome back to my channel today we are talking about how do you know when you should pivot if you run a business this will probably cross your mind at one point and you're always wondering especially at the beginning stages am i just wasting my time should i be trying something new or should i really be patient persevere and see where... Read More

Questions & Answers

Q: How can I determine if I should pivot in my business?

To make this decision, assess your internal state by understanding your emotional journey and skill development. Additionally, gather external feedback from your target audience to assess demand and identify areas for improvement.

Q: How does the emotional journey impact the decision to pivot?

The emotional journey involves initial excitement, informed pessimism, and a crisis of meaning. However, it's important to recognize that despite feeling overwhelmed, skill development is still progressing, leading to informed optimism and success.

Q: Why is gathering external feedback essential in determining whether to pivot?

External feedback helps you understand if there is demand for your current offering and if any improvements are needed. By actively reaching out to your target audience, you can gain valuable market information.

Q: What is one common mistake business owners make when considering a pivot?

One common mistake is pivoting too early without thoroughly evaluating the internal and external factors. Premature pivoting may result in missing potential success or growth opportunities.

Summary & Key Takeaways

  • Deciding to pivot in your business can be a difficult decision, especially in the early stages when uncertainty is high.

  • Assessing your internal state involves recognizing your emotional journey and skill development, from initial excitement to the crisis of meaning.

  • Gathering external feedback from your target audience is crucial to determine if there is demand for your current offer and if improvements are necessary.

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