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Be prepared to pivot.
The idea and the business you started with will almost never be the idea and business you end with. At some point, during the beginning of your startup, you’re going to find that your original vision doesn’t quite fit the market as you hoped it would. This doesn’t mean you’ve failed, it just means that adjustments need to be made. Don’t worry, nearly every new business faces this same dilemma. The good news is, it only takes 3 pivots to get to the growth phase of your startup.
The Target Market Pivot
This is when you find the right market.
The Business-Model Pivot
This is when you’ll find the right way to structure your business to fit the new market economics.
This final pivot entails finding the right people to grow and run the new business model.
After you’ve made these pivots, you should be on your way to growth. Through the lifespan of your business, try to remain as open and flexible as possible when it comes to pivoting. Try to keep in mind that, at any time, you may need to shift your business strategy to accommodate changes in:
- Customer needs
- Unforeseen factors
Being prepared to pivot can allow a business to move through changes with a graceful evolution. The more comfortable you get with allowing your business to change when it needs to change, the more likely you are to be successful in making those much-needed moves.
Hall T. Martin is the founder and CEO of the TEN Capital Network.TEN Capital has been connecting startups with investors for over ten years. You can connect with Hall about fundraising, business growth, and emerging technologies via LinkedIn or email: firstname.lastname@example.org