Time for change: When it’s fine to change the direction of your startup?
When most of the entrepreneurs launch their first businesses, they believe that they have clear vision of the course of direction their company will follow or otherwise the company would struggle even to survive the first year of its existence. Besides the main idea, good execution plan is the main foundation of one successful startup. But often entrepreneurs tend to forget that their company can’t follow the same approach through its whole existence. Many things will change on their way to growing the business and they must embrace these changes on time.
Startups often pivot at some point of their existence and, as soon as you realize that you must to do that, the better. With the time it becomes more difficult, but is can be worth it, if you have the right reasons to feel that it is what you really have to do.
We often talk about the mistakes which entrepreneurs make on their way to success and one of these mistakes is related with their struggle to follow their main idea and their vision.
So, why sometimes it is ok to change the course of direction and make drastic changes in your company? The answer is very simple: to keep up with the fast-changing business world, with the change of the trends and needs of the customers, to keep up with the competition and to satisfy the new demands that the business has after it has grown. Here you can find three signs that show you that it is time to change the course of direction of your business.
Your company doesn’t fit great at the chosen market. The truth is that many startup owners misjudge the market potential, especially if they don’t have the right tools to do good market research. If you still see the potential of the product and you still believe in the success of your company, may be it is time to enter different market. It could be risky, but you will know that it is right if it feels right. Sometimes the competition is so strong that it seems impossible to make profitable business in the sector because you don’t have the right resources to compete with the big and strong in the sector. You can change the market if you see that your product has a potential that can be developed in different environment.
One part is working better than the other. Often many companies realize that their products and services are not that great as they expected. If you feel that you are reaching a dead end, stop for a second and look at the whole picture, see what is working and what is not. There might be some parts that can make real breakthrough in the industry if you separate them from the rest. Sometimes the real innovation is hidden behind the big picture. Listen to the customers and take their feedback seriously. The consumers know better what they really want and what is not working for them. You may change the product if it doesn’t fit with the needs of the target customers, and develop it according to their expectations.
You are not satisfied with the course of direction. Entrepreneurship requires full devotion and if the person behind the whole idea is not happy with the place where the company is heading to, may be it is time to reconsider your execution plan, to rethink your strategies and to think about what would make you excited about the company once again. Never let your motivation fade away. Listen to your gut, because you are building a business that has mission and vision not just that aims to profit.