The first vision of a business may seem grand and clear. Upon launching the business you’ll find it doesn’t exactly fit with the market so you pivot.
It takes 3 pivots to get to the growth phase of your startup.
The first is the Target Market pivot– you take this when you find the right market.
You then have to change your business model to fit the economics of that new market. I call this the business model pivot in which you find the right way to structure your business.
Next comes the Team pivot– finding the right people to grow and run that new business model.
The originally envisioned business almost never is the one that takes you all the way to a growth stage.
You’re three pivots away from it.
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Hall T Martin is the director of Investor Connect, which is a 501(c)(3) nonprofit dedicated to the education of investors for early-stage funding. All opinions expressed by Hall and podcast guests are solely their own opinions and do not reflect the opinion of Investor Connect. This podcast is for informational purposes only and should not be relied upon for the basis of investment decisions.