Is it considered a pivot when a startup changes it’s customer segments?

This was my answer to a question on Quora

Don’t worry about definitions. Do what is needed to be done for the business. 
Pivots
At the early stages of a venture there are several things that will need to be thought of and several things that will need tweaking and you will need to adjust your business plan a few times. E.g. you may have to tweak your product or value proposition or pricing or communication or target market or target audience or positioning or business model or business process …

The point is that there are several aspects of business that are variables that could need adjustment to make the business work.

As a startup, you have to be nimble to respond to what the market situations tells you. As a founder, you need to be alert and street smart to read the signals on what the market is telling you (market meaning not just customers… but any stakeholder that may be able to provide an educated perspective i.e. perhaps a vendor).

However, there is also the danger of changing direction too often and without adequate thought. Many startups run into the dangerous temptation of changing direction and strategy too often.

Often, at the first signs of the existing strategy is not working enough, entrepreneurs tend to get carried away and impatient and attempt too many different things without giving enough time for one direction/strategy to mature. In many cases it is a case of throwing the baby along with the bath water.

The danger in this is that while it seems like a lot of progress and course correction, the business, and more importantly the team, starts loosing focus and direction.

While it is possible to do course corrections, it is important that startups consider change in strategy and direction only after adequate deliberations.

%d bloggers like this: