Ok, so who remembers when the Power Rangers would be minding their own business, and then out of nowhere some bad guy(s) would attack them? I do, and we all knew what was coming…IT’S MORPHING TIME. You sat on the edge of your seat because for the next 2-5 minutes there was some serious butt kicking that was about to happen.
Well, one (namely me) would argue that you should take the same approach when you are an entrepreneur. You could be easily walking along, running your business, making decent profits and then boom. From nowhere you have the choice of being a victim, or making the bold move to morph, or pivot?
Now one could make the argument for “knowing your business model and sticking with it”. To that comment, I would ask you to take a look at the history of; Groupon, Instagram, Facebook, Twitter, PayPal, Apple, Microsoft, YouTube, Pandora, and Sony just to say a few. Had these companies not made the bold and courageous decision to pivot, we would probably not know them today.
So when is a good time to pivot? Simply put… when the market tells you to! Listen to your customers. At the end of the day you could have a great product but if no one wants it there is nothing you can do except pivot to solve the issue they have or don’t. Regardless of your decision, look at how the decision to or not to pivot will effect your business, employees/contractors, product, and personal perception of what you want for your life.