Understanding the concept of business pivot.

[Niyi]

A business pivot refers to a significant change in a company's strategy, products, services, or target market. This change is typically made in response to market conditions, new opportunities, or shifting customer needs.

Pivoting can involve discontinuing certain aspects of the business, while doubling down on others, with the goal of achieving greater growth or success.

The term is often used in the context of startups and small businesses that are looking to adapt to the market in order to survive and grow.

 

[Kane]

A business that cannot accommodate the new changes cannot survive. A business that cannot adapt to the changed market conditions, changed customer interests, and things like these, will not be able to generate sales and revenue. A business also need to analyze their competitors and frequently make changes to its strategies to remain ahead in the market

 

[Dice]

A business pivot is like changing your game plan when you realize the one you started with isn't working as well as you hoped. It's about being flexible and adjusting your direction to find a better path to success. Imagine you're on a road trip, and you planned to take one route, but you suddenly see a detour sign. Instead of stubbornly sticking to the original path, you take the detour to reach your destination faster and more effectively.