Thomas Edison once said anything that won’t sell, he doesn’t want to invent because a sale is proof of utility and utility is success. Similarly, unless you have a good base of customers that are raving about your product or service and are willing to buy and use it; you do not have a business.
While it is important for entrepreneurs to possess some level of mental toughness that enables them to succeed regardless of the obstacles; it is just as important to know when to exit or pivot. Staying too long with a losing venture is a common problem with most entrepreneurs despite clear signs that it is time to change.
Hence, learning to quickly adapt through a well thought-out pivot is essential. Whether this means changing your business model, pricing strategies, outsourcing or leveraging innovation or moving from one customer segment to another until you find what works.
Here are some points to consider before pivoting:
Define what success looks like – how will you know you’ve arrived
In business, thinking differently about goal setting can be a real game changer. By now most of us are familiar with the concept of SMART goals - an acronym for Specific, Measurable, Achievable, Realistic and Time-bound. While it’s important to give as much detail as possible when setting goals to ensure that they are specific, measurable, realistic and have a time line; sticking to goals that are achievable on the other hand may limit us from stretching ourselves to achieving high goals.
So, when you set goals, be sure to include the big ones – the ones that will stretch you.
You know, the kinds of goals that make you a little uncomfortable because they are radical, difficult or on a large scale. If you aim high in business, even if you don't quite hit the mark, you will inevitably end up doing much better than you would have otherwise. Why? Because high goals generate greater effort than low goals, and the highest or most difficult goals produce the greatest levels of effort and perfo...
You toss and turn all night and just can’t fall asleep or you are suddenly wide awake at 2 am with your mind racing, occupied by various things you have to do. Then, your alarm clock goes off waking you from the little sleep you finally managed to get. You stumble out of bed, have a quick shower, grab coffee and off you go to fight the traffic on the way to the office or client meeting.
Does this sound like a typical day of an entrepreneur? Probably. However, you can’t continue this way for a prolonged period of time without getting sick or burning out. The key to improvement and continued entrepreneurial success is finding a balance between activity, stress and recovery.
Here is what we can learn from athletes:
Most athletes know that getting enough rest after training is essential to high-level performance because the body repairs and strengthens itself between workouts. Essentially, the greater the training intensity and effort, the greater the need for planned recovery a...