Are you at a crossroads in your life? Do you feel stuck with your current situation? Have you been forced to make a change, and don’t like the direction it is headed? In this episode, I will break down the difference between a pivot and reinvention. A pivot is when you are forced to change by external market demands or factors, while reinvention is led by the individual. Learn why pivoting can be a BAD thing, especially in entrepreneurship, and use these FOUR questions to ask yourself to get back on the track. This goes back to business basics!
- The life of an entrepreneur, you always hear this term “pivot”. When I was in business school I heard the term often in my entrepreneurship program. The goal of the class was to start a company with an idea, to participate in heavy customer interviews and feedback and based on the feedback, you’d pivot or not.
- At the end of the class, my professor said he was bummed out because of the students he had, very rarely did those students ever persist in taking their businesses to the next level. Very rarely did they launch their businesses.
- At the time I created my own startup - it was a baby box company where parents would try different kinds of products before they committed to a purchase. And like the others, I never persisted in the startup.
There is a distinction between pivoting and reinvention
- Dr. Tim Merrick, executive coach https://www.linkedin.com/pulse/pivot-reinvention-dr-tim-merrick
- THE FUNDAMENTAL DIFFERENCE: A pivot is the universe or a market or wherever taking us where it wants to take us, while reinvention is us telling ourselves where we want to go. There is a key difference, and I’d argue that you must focus on the latter if you want to be successful.
- When there is a market change that requires us to pivot, we must ask ourselves if we are in alignment. I’ve mapped out four questions to ask yourself if you need to reinvent rather than pivot…
- Do I feel joyful?
- Does the pivot feel in alignment with your current set of values?
- Is my pivot in alignment with my overall vision?
- Is this life-work a statement of myself?
- Once you identify that you’re on the wrong track, then what? How to go for a successful pivot.
- What is your unshakable center?
- Understand your values, mission, vision.
- Identify your current self and your higher self.
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