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Pivot Points May Lead to the Right Direction for Entrepreneurs

Identifying “Pivot points” for an entrepreneur is often a strategy that comes out of necessity.  When the first business model doesn’t work, the team pivots to plan B or C.  Randy Shepard has had to make several pivots in his entrepreneurial journey as the founder and CEO of RSAE Labs.

During the November Speaker Series, Randy discussed that pivots could change nine different things in the business model:  customer segment, channel, revenue model, pricing, resources, activities, costs, partners, and customer acquisition.   “There are always unpredictable, and uncontrollable factors affecting market conditions,” and such factors has impacted his career in monitoring and tracking innovations.

It does not have to be a risky decision, but rather a calculated change that can foster growth.  Randy emphasized that it is best to make one pivot at a time rather than make several at once.  So when the first plan fails, consider that as an opportunity that can pivot the direction of the business and possibly result in positive gains.