The corona virus pandemic has brought about a global lockdown, during this time one of the biggest things that I and other entrepreneurs/ coaches/mentors have been banging on about is the all-important ‘pivot’, but what does it really mean for real life entrepreneurs?
A pivot is by definition the central point, pin, or shaft on which a mechanism turns or oscillates. In business a pivot usually occurs when the business is required to make a fundamental change if their product or service isn’t meeting the demands of the market. One could refer to it as a course correction, a strategic move to encourage growth – others might call it ‘plan B’. During this pandemic and lockdown, many businesses are facing a time of economic uncertainty and it has forced their arm in some part to take the steps necessary to stay above water. The difference being the pivots widely discussed in the start up world are often a long term solution, whereas this current crisis might call for a temporary pivot (although some may find the pivot is actually a successful change).
I think it is easy to talk about the importance of pivoting or being adaptable during a crisis but for many they want to understand how to substantiate the theory and utilise it to maintain or progress their business. To which end, I asked some of my mentoring community; a group of successful and budding entrepreneurs how they have pivoted or what they have implemented to stay ahead. I am sharing it with you in the hope that it inspires you to think about the pivots you can make in your industry, small business or business idea. Regardless of the industry or business types listed below, we can all learn how to change our business for the better with these examples:
