Being an entrepreneur demands a certain level of confidence and maintaining that confidence is an everyday struggle. Add to this the desire and ambition to hold oneself accountable while also being a business success can be very stressful. Thankfully, 4M Performance is well equipped to actively encourage its clients with initiatives and support to help them overcome their fears and build sustainable businesses.
It is surprising how many companies change course and pivot to a new path. In fact, being able to change direction should be a constant in any well-managed business.
Pivoting means thinking about where the future growth of the business is going to come from
Timing Is Everything!
When you decide to innovate, what is the right time? Pivot too soon and you might not have had time to consolidate your new initiative. Too late, and the idea may not be salvageable. A new idea for a product or service might suddenly arise or a great opportunity to enter a market pop-up.
The first step when considering a pivot (particularly one based on innovation) is to evaluate the opportunity. Is the opportunity real? And, just as importantly, how much investment should be budgeted for this new endeavor?
Effective leaders need to be able to commit to innovation while remaining flexible with its implementation. It’s about finding the sweet spot of daring and humility.