How do you leverage your existing resources and capabilities when pivoting?

MVPs should deliver exceptional value, but they must also be open to iteration. A common mistake among entrepreneurs is becoming too attached to their prototypes. However, it's crucial to remember that MVPs are not about perfection; they're about gathering feedback and validating assumptions. An MVP should be quick to develop, easy to deploy, and disposable if necessary. It's merely a tool for evolving your idea rapidly and cost-effectively. My advice to entrepreneurs is to focus on creating the simplest yet most impactful version of their idea that adds value to customers. And be prepared to break it apart and rebuild as needed.

Iteration is key quick to success. Utilizing "Build-Measure-Learn" feedback loops enables continuous improvement in an agile fashion. In the "Build" phase, you create a prototype, assumption, or idea. During "Measure," you identify relevant information necessary to validate what you've built and determine how to capture data effectively. Finally, in the "Learn" phase, you glean insights from your findings and initiate a new cycle armed with more precise information.

Pivoting in your startup doesn't mean throwing everything away and creating new. It means taking a look at what worked, and keeping those elements. If the team has the skillsets, give them a chance to adapt to the pivot. There is usually a great foundation you can work off of when something doesn't work. Leverage it!

Knowledge stands as a paramount asset for any company. Hence, never underestimate the value of everything crafted and learned during the launch phase. While pivoting is often necessary, leveraging the intangible assets already in place can significantly ease the transition. These assets, though not immediately evident, form a crucial foundation for navigating changes effectively.

Según mi experiencia se trata de comprender en profundidad el problema que se quiere abordar. Ello requiere de mucha investigación. Uno puede analizar las fortalezas, debilidades y estrategias de sus competidores. Identifica qué problemas resuelven mejor y cuáles no abordan bien. Con esta información, adapta tu solución para cubrir esas brechas. A partir de allí uno puede implementar cambios peque?os y medibles, usando feedback constante de clientes. Siempre priorizando soluciones que generen el mayor impacto con el menor esfuerzo.

From my experience of pivoting, a few pitfalls are worth avoiding. However, these are extremely nuanced and challenging to avoid without experience of going through them. They are: Pivoting Too Later—often, the evidence is there that something isn't working, and the team persists for longer than comfortable, wasting resources. Pivoting Too Early - sometimes the team loses faith and pivots when persistence pays off for another team Nobody outside of your team can tell you exactly when pivoting/persistence will pay off best. Instead, it's best to take a systematic approach to validation—something that happens too rarely in many organisations.