The article emphasizes the importance of pivoting in business, using historical examples like Kodak and Blockbuster to illustrate the dangers of inflexibility. While pivoting can be a lifesaver, excessive changes can lead to poor performance. Research indicates that startups that pivot one or two times achieve significantly better growth than those that do not pivot or pivot excessively. Entrepreneurs should assess their motivations for pivoting and ensure they are responding to real market needs rather than merely succumbing to pressures.
When pivoting, itâs crucial to remember that too many shifts can be detrimental. Statistically, companies that pivot once or twice perform significantly better.
Before making a pivot, entrepreneurs should carefully consider their motivations. Are they responding to competition, outside pressure, or seizing new opportunities?
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