Misunderstanding pivot
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The business world is notorious for generating trendy concepts, phrases and buzzwords that become part of the general business lexicon – despite a common lack of understanding of what they actually mean. Best of breed, paradigm shifts, disruption, technology stack are just a few such buzzwords.
A more recent example is “pivot”. This word is used to describe everything from starting something completely new to a minor iteration and everything in between. Everyone these days seems to be happily “pivoting” – in whatever form their change of direction may take.
In its truest sense, a pivot is a significant change in strategic direction – the words ”significant” and “strategic” being key. A minor modification to your product, service or strategy is just that – an iteration or an upgrade. It would be a stretch to call it, as too many do, a pivot. But the most concerning interpretation is when an entrepreneur completely changes their business through a brand-new product or service and calls that “to pivot”.
Join Allon Raiz for episode four of his 20 Lessons Over 20 Years podcast series to understand pivoting, and why you need to pause before you pivot.
A more recent example is “pivot”. This word is used to describe everything from starting something completely new to a minor iteration and everything in between. Everyone these days seems to be happily “pivoting” – in whatever form their change of direction may take.
In its truest sense, a pivot is a significant change in strategic direction – the words ”significant” and “strategic” being key. A minor modification to your product, service or strategy is just that – an iteration or an upgrade. It would be a stretch to call it, as too many do, a pivot. But the most concerning interpretation is when an entrepreneur completely changes their business through a brand-new product or service and calls that “to pivot”.
Join Allon Raiz for episode four of his 20 Lessons Over 20 Years podcast series to understand pivoting, and why you need to pause before you pivot.
