Pivot is a familiar term in the startup world, which can be roughly translated as " strategic navigation ". When your first business model is not effective, the CEO and the start-up team can decide to redirect, using the successes and failures gained from the previous model to build and develop the new model. By Eric Ries definition - the pivot is a structured and process fix that is designed to test new customer assumptions, strategies, and growth . This is the period when most startups go through the journey to find the right customers, declare their value and position.
Structures course correction designed to test a new hypothesis about about the product, strategy and engine of growth - Eric Ries.
Pivot is an important stage, requiring careful thinking. You will find your heart stopping, extremely worried and afraid to lose everything. But successful navigation will bring great things hard to describe. Here are 12 steps to slowly redirect and step in (as well as go firmly) in the pivot period that Neil Patel - co-founder of Crazy Egg, Hello Bar and KISSmetrics - suggestions for satrtup.
Step 1 - Identify an ineffective initial plan
This is when the pivot idea first appears in your mind when you realize that growth, potential, viability and development of startups are in danger . It should be noted that this is different from the fatigue or exhaustion associated with humans, which is a work-related issue (although these two issues are quite closely related).
Step 2 - Give a list of causes
If there is something wrong, there is always a satisfactory explanation. Why can't your plan work? There may be many reasons, so write us. Setting up the "why" question is often useful to point out the real cause of the fact not the plan you set.
Step 3 - Review goals and long-term vision
Review the plans and goals you have given when starting your business. What is your goal? Who are the customers you are targeting? What is the growth plan?
Step 4 - Can renew the goal and vision if needed
The above plans are not "inviolable".Pivot is a radical move and you will probably need to eliminate all the old goals to create new success for your business. Take the time to review them or simply cut them all off and start over.
Step 5 - Give a list of ideas to achieve the goal
This is a shaping place for the pivot period . You have realized that something is wrong, you know what it is and why. You also have a clear vision of your destination, it's time to find the way to it. Write down every idea that can get you to your destination, make sure to write down all the ideas because you haven't created a business plan yet just outline the idea.
Step 6 - Develop a specific and clear plan
Now is the time to prepare a detailed plan. Even a completely new business plan is not a bad idea. Keep in mind, however, that this may be just one of the pivot times, remember what Eric Ries said, that pivot is not a plan but just a test . You cannot succeed simply by choosing an idea and doing it that will have to test many ideas and choose the best idea.
Step 7 - Identify numbers or signs that measure the success of the new plan
You can use KPIs to measure success because what you need to know is whether the new plan is effective or not. Looking at numbers is the only way to know if there is a need to pivot again.
Step 8 - Completely forget the old plan
Now is the time to leave the past behind and completely forget the old plan. The sooner you stop complaining and start working, the faster you will bring startup to the post-pivot stage successfully.
Step 9 - Present the new plan to the startup team
From the beginning of the article, pivot is still described as an independent of the individual. Now assume the pivot decision needs to be made with the approval of many people like mentors, co-founders . Another element of pivot success is to keep information across between leaders and the whole team . When the ship turns, you don't want everyone to jump out. Tell them the direction and purpose you want to change.
Step 10 - Shake hands and focus on new plans
Bring a new source of energy, inspiration and creativity to your new plan. You start to move to another page and from now on, the business has moved to another stage, so focus all the energy on this new plan.
Step 11 - See the statistics
During the pivot implementation process, don't forget to see the figures. Stay up to date on the relevant numbers, trends, benchmark points (*) to get the goals set out in steps 6 and 7.
Step 12 - Continue to remove and repeat
Pivot is rarely a single event. You will realize that you have to make the pivot many times to succeed. So don't be shy and keep pivot.
Conclude
Pivot isn't easy and that's why many startups fail. If many pivot startup startups, there may be more startups. Pivot is a secret to survive. Learning how to pivot will help you save your startup from failure and keep growing for a long time.
See also: 18 mistake-killing start-ups from founder Y Combinator
(*) Benchmarking is a term used in business operations, to compare activities between different organizations but in the same field or between departments within an organization. After pivot, you should compare the situation before and after to know the effect.
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