Entrepreneurs and business leaders know that adaptation is a necessary part of growth. The COVID-19 pandemic has added more of a challenge to changing industries and markets as businesses must make tactical decisions and pivots to survive and thrive. Pivoting is making a turn, a form of rotating. But, what does it mean to pivot in entrepreneurship? Forbes magazine describes it as “fundamentally changing the direction of a business when you realize the current products or services aren’t meeting the needs of the market. The main goal of a pivot is to help a company improve revenue or survive in the market, but the way you pivot your business can make all the difference.”
Before you learn how to pivot, you must decide when it is the right time to do so.
About the Author
Maisie Dunbar is the president and founder of Maisie Dunbar Beauty Brands featuring BluffaJo Cosmetics. She is also a United Nations Goodwill Ambassador and a member of NAILPRO’s 2021 advisory board.