PIVOT

Pivoting in the context of entrepreneurship refers to the strategic shift or change in direction that
a startup or business makes in response to changing market conditions, customer feedback, or
other factors. It typically involves altering the company's product, target market, technology, or
overall business strategy. Pivoting is a crucial and often necessary part of entrepreneurship, as it
allows a business to adapt and survive in a dynamic and competitive market. Here are some
common types of pivots in entrepreneurship:

1. Product Pivot:
 Changing the core product or service offered to customers. This can involve adding new
features, removing features, or completely changing the product to better meet market
demands.
2. Customer Segment Pivot:
 Refocusing on a different customer segment or demographic than initially targeted. This
may involve identifying a more profitable or receptive market.
3. Channel Pivot:
 Adjusting the way products or services are delivered to customers. This might involve
transitioning from a direct sales model to an online sales model, for example.
4. Value Proposition Pivot:
 Reevaluating and changing the unique value proposition of the business. This can be
about redefining what sets the company apart from competitors.
5. Technology Pivot:
 Altering the technology or platforms used to deliver products or services. This may
involve adopting new technologies, changing development methodologies, or embracing
different tools.
6. Acquisition Pivot:
 Shifting focus from organic growth to an acquisition strategy. This often occurs when a
company decides to acquire other businesses or merge with them to expand its offerings.
7. Business Model Pivot:
 Revising the fundamental way the business generates revenue. This can include changes
to pricing models, subscription plans, or revenue sources.
8. Geographic Pivot:
 Changing the geographical regions or markets in which the business operates. This can be
expanding into new territories or narrowing the focus to a specific region.
9. Platform Pivot:
 Changing the platform or ecosystem on which the business operates. This might involve
moving from a web-based platform to a mobile app or adopting a different technology
stack.
10. Pivot by Niche Focus:
 Narrowing the business's focus to a specific niche or industry within its broader market.
This can make it easier to establish expertise and credibility.

Pivoting is not a sign of failure; rather, it's an important aspect of entrepreneurship that
demonstrates adaptability and a willingness to learn from feedback and changing circumstances.
Successful entrepreneurs and businesses often pivot multiple times before finding the right
product-market fit and achieving sustained growth. The key to a successful pivot is careful
analysis, a clear strategy, and a willingness to iterate and refine as necessary.