How can you pivot your startup like a pro?

Pivot(s) can be very daunting and are very difficult to take, but they do become necessary at times. Take the example of the very successful company American Express (Amex), which started in the 1850's as an Express Mail Despatcher! and introduced Financial and Travel Services to Customers only much later. Amex then got into Charge Cards (1950's) and then into other Cards later. Had Amex not pivoted it may have been a different Company altogether

Pivoting a startup effectively involves assessing our business, researching the market, defining new goals, engaging our team, and evaluating our finances. This process is exemplified by Slack's successful shift from gaming to team communication. Customer feedback refines our offering, and a detailed plan outlines our pivot strategy, much like Netflix's transition to streaming. Testing and transparent communication are key, as seen in Twitter's early success and Slack's public explanation of our pivot. Swift execution, financial evaluation, and a readiness to adapt, similar to PayPal's shift from cryptography to payments, ensure success in our pivot journey.

-At times when we start something and talk to users then we realise the real problem is something more specific or there is a bigger problem somewhere else - Pivot helps to either focus on that specific problem or the bigger problem which is validated by user feedback and thus has a higher chance of success

Pivoting may/may not be a sign of “failure”, but it’s usually at least an indication of “non-success”. The model isn’t working as anticipated, sales cycles are longer than expected, and expenses are higher than required to support revenues. My most successful pivots have been brutal from a human and emotional perspective. Reduce sales strategy to the narrowest possible path to success. Reduce personnel to only those who support that strategy. Raise capital; usually from existing investors in a dramatically dilutive round that rewards only those who renew their investment commitment. Several different mechanical ways to do so. Then ruthlessly focus and refuse to expand the vision or corporate goals until you’re at positive cash flow.

My experience says, pivot when you no longer feel excited about the problem you started with. But there is something in the periphery that you start gravitating towards. You start asking if your customers really need what you are building? You do experiments and data shows that your solution does not have a market and possibly the other path has more validation. Do take that other path then.

You cannot plan for pivot. Any founder who is thinking early about a pivot while working on her original idea is bound to abandon the original plan. All startups have a very low chance to succeed and only the initial determination and willingness to proceed at all costs gives the startup a chance to survive. If you have doubts about your ideas in the beginning, take your time and "pivot" before you even start.

As I try to pivot or rather reevaluate my offering, am also not letting time get to me. In an effort to get it more right than wrong this time, am taking the necessary time needed without too much pressure of a deadline. I wonder if time can act as an agent of a better pivot?

I've tried a pivot before and understand how arduous but essential it can be. In the business world, we often navigate turbulent seas of uncertainty, especially in emerging countries. Continuously evaluating strategies and being open to changing course can be the lifeline to preserving a business.

It's the same steps that when you first decided to all in on your start up? Just that you don't have that much time anymore and you need to decide how much of your current product you want to stop or deprecate. If you don't need to deprecate anything then you are pretty rich and lucky.

Myntra is a good example on how a company that started as a gifting solutions soon pivoted to become the leading fashion and apparel portal. Instagram is another example.

Nintendo is a great company who has continued to reinvent themselves over a storied career before ultimately becoming the gaming giant they are. But they’ve also stayed dedicated throughout their existence to bringing joy to customers. So while they have been in custom playing cards, toys, instant rice, vacuum cleaners - they stayed true to their client focus making the pivots back and forth more manageable.

Keep eyes open for your performance Keep ears open for news and trends Keep talking to your customers. Keep your nose open (lol) for breathing

I think that the word "pivot" is overrated. Generally pivoting refers to an adjacent route to the original route. If the new route is in a different domain or is altogether different then we should consider it a new startup instead of calling it a pivot. If an idea has not worked for a startup and it is a failure, better to admit it and move ahead. A true pivot, in my view, is like choosing the road less taken when you come to a fork.