Failure is part of the startup ecosystem that quite frankly is just a product of the business culture. In fact, startups rely on failure to succeed. What – you say? Really, it’s true. Without failure, as an entrepreneur, you won’t learn, and you won’t try again and again. In this article titled, 75% of startups fail, but it’s no biggie, the author mentions the term “pivot.” Those of you involved in startups know what I am referring to. If you are unsure what I mean, read on. According to Jon Xavier, pivot is…
what happens when nobody wants a startup’s product, but the founders aren’t sick enough of their team to quit and the investors aren’t sick enough of the founders to cut them off, so everyone decides to stop what they’re doing and try something else before the money runs out.”
Pivoting happens a whole lot more than one might think. It can be similar to when a fire blazes through the forest. What happens? It burns off the old and allows for new growth. Hmm, maybe we should start a business that encourages pivoting. Any startups out there promoting pivoting? Probably not, because they would be on to another idea before the money runs out!
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