When to Pivot, When to Persevere
Top entrepreneurs say new products or services usually need many 'pivots' to find a successful formula. Here's how to make those course corrections faster and more efficient.
What's the Latest Development?
Every entrepreneur faces the challenge in developing a product of deciding when to pivot and when to persevere. Successful ones say new products or services usually need many course corrections to find a successful formula. Silicon Valley entrepreneur Eric Ries' new book, The Lean Startup, tells how to continuously innovate towards success.
What's the Big Idea?
Ries’ summary of the top ten types of pivots to consider: Zoom-in, zoom-out, customer segment, customer need, platform, business architecture, value capture, engine of growth, channel, and technology. Ries makes the case for using management systems, not gut-level reactions, to decide required course corrections.