Success is often thought to be a straight line, but that's not true! Even the most successful companies pivoted after they were founded.
Why do you sometimes need to pivot your business?
You need a team that is honest with itself and can pivot quickly if necessary. You need enough cash to have the time to do it. You need investors who believe in the team and the market for the pivot. Since cash is scarce right now, you'll need to pivot faster.
A few examples of company pivots
Some great companies started out developing services or products that had nothing to do with what they sell today:
- Lamborghini originally sold tractors
- Sony, rice cookers
- Ikea, pens
- Amazon was an online bookstore
- BMW, aircraft engines
- Coca-Cola, syrup
- Colgate, soup
- L’Oréal, hair dyes
Pivoting is a part of startup life.
Sometimes, an exceptional team that knows how to pivot because the initial market is too small is better than an average team starting out in a large market.
But, okay, I admit there is still some debate about that!
If you still have questions about how to steer your company, don't hesitate tocontact us! We can advise and guide you so you make the best choices :)))
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