Never give up on a startup idea that you truly believe in.
As an entrepreneur, I’m sure you’ve heard some version of this quote more times than you care. You’ve probably even repeated it to some other aspiring entrepreneurs. Something along the lines of: “If you fail the first time, try, try again. Some of the most successful startup owners tried again and again until their idea finally worked. Repeated failures are the key to success…blah blah blah.”
Well, I say, (along with the entire TheCodeWork team): all that’s old news. Nowadays, one of the key strategies behind successful startups is to know when to Pivot…… Basically, knowing when to Throw Your Startup Idea Out Of The Window!
Wait, do I sound negative to you? Hey, please don’t judge, just read along. I can explain.
Talking of which, do you have a ground-breaking startup idea and are thinking of putting your entrepreneurial spirit to the test? TheCodeWork’s Startup Ecosystem can help smooth the way!
Get any and all startup-related assistance–be it technical, marketing/branding, fundraising, or legal help!
Click here to know more about India’s first-ever zero-equity startup ecosystem!
Do you find yourself stuck in one of those horrid entrepreneurial mind blocks? Does it feel like your startup idea is going nowhere and it’s just better to call it quits now?
Or have you already launched your idea but it’s just not getting the response you had hoped for?
Well, before you make the final call, I’d urge you to carefully consider all your available options.
For example, have you considered pivoting one–or a few–of your business strategies in new directions?
In the startup domain, pivoting means shifting to a new strategy. A revision or an iteration, if you will. And no, it doesn’t have to mean a complete overhaul of the entire company and all its components.
Most of the time, a startup might have just one or two major issues that need addressing. So, pivoting essentially refers to making smart and strategic changes to an organization.
So, if you feel like you’re stuck in a rut with your startup idea, know that you are not alone. In fact, most entrepreneurs have felt exactly the same way at some point in their entrepreneurial journey.
That’s why pivoting is so common across all businesses.
I mean, need I remind you that,
Do you feel like you’re frozen in one place with your startup idea? Discuss and get a free consultation with TheCodeWork’s Startup Ecosystem to get moving forward!
Get on a call with our team now!
Now that you know it’s okay to switch your idea up a little, the next question is: when?
So let’s look into some of the scenarios where you should consider it, shall we?
Look, I get it.
You built your startup around that one idea–your Eureka! moment. And it’s hard to give it up. But at the end of it all, you start a business with 2 goals:
Now if neither of these goals is fulfilled, what are you doing sticking to that venture? Getting my point already? Now let me help you out a bit more.
So consider the following indicators to determine whether you should stick to your initial business idea or pivot to a new one/strategy:
If your startup is to survive long-term, it must generate adequate revenue from sales. I mean, that’s just Business 101, right? So keep an eye out for the key sales cycles in your industry.
Does it seem like your company is moving a little too slowly compared to the rest of the market? In that case, you might need to reassess your idea or think of a strategic pivot. You might want to review your product idea, business/revenue model, or marketing strategy.
Feel like your startup could benefit from some expert advice? Get technical, financial, marketing, or legal assistance at TheCodeWork’s Startup Ecosystem!
Click here to book your free consultation now!
Your idea may appear to be original and unique at the time of conception. However, there’s always the possibility that a larger company with more funds and resources will come along. Offering something that’s similar to your product, but better implemented.
I know, it’s the most heartbreaking thing ever! But there isn’t much you can do about it, right?
If you feel like your idea has too many takers already, maybe it’s time to move on to a different idea altogether.
This is exactly why you need to build an MVP while starting up. It is the ultimate tool to test your product and its demand in the market.
Does it seem like there’s almost no progress in the development of your startup? Take a closer look, because your business may have reached a stalemate. This could be due to,
Now, you know what to do if this happens, right? Maybe it’s time for a change!
It doesn’t even have to be a major change. Just take an open and unbiased look at your company and identify any areas for improvement.
Then get to work on it! See? It’s that simple.
If only one feature of your product/service is prospering while the others are struggling, you might want to capitalize on just that feature. At the same time, you can also consider changing or abandoning all the other features that aren’t working.
For example, when Instagram first started (as Burbn), it contained tons of features.
to name a few.
Soon after releasing it, however, Kevin Systrom and his co-founder Mike Krieger learned that their app had too many things going on. So they trimmed it down to just posting, commenting, and liking features, and rebranded the app too!
The app we now call Instagram.
Need a team of experts to fine-tune your product features and build a brand for your startup idea? Reach out to TheCodeWork’s Startup Ecosystem to get your business on the road!
Get on a call with our team now!
After you’ve launched your company and have been in operation for a while, your goals, values, and vision may change. You agree with me, don’t you? After all, change is the only constant.
Researching a market segment and experiencing it firsthand are two entirely different things. You might even realize that there are other, more lucrative routes out there for you.
In that case, it is better to change paths sooner rather than later, wouldn’t you agree?
“The only way to win is to learn faster than anyone else.”
― Eric Ries, The Lean Startup: How Today’s Entrepreneurs Use Continuous Innovation to Create Radically Successful Businesses
He also goes on to say, “If you cannot fail, you cannot learn.”
These lines loosely add up to this one accurate fact: in order to win, you have to fail faster. That way, you can take your lessons from the failure and come back with a product to beat ‘em all!
Tell me, how does that sound? Pretty good, right? But how’re you going to go about it, you ask? Well, the answer is simple!
With a minimum viable product, or MVP!
An MVP is your best bet if you want to test the market potential of your startup idea! It’s the most basic–but functional–form of your product concept. So, it can be built at a fraction of the cost and time (saving you some major headaches)!
An MVP is beneficial for your startup in many other ways! Check out TheCodeWork’s blog to know more about it!
Before the co-founders S. Koushik Debroy and Ashish Singh founded TheCodeWork, they had set up a venture by the name – VizitDoc. Its ultimate goal was to connect the rural population with the benefits of urban healthcare.
However, they soon realized that the rural market was not ready for the digitalization of healthcare yet.
This could have been avoided if they built an MVP to test the market. And it is this learning experience that led the co-founders to launch TheCodeWork. Since then, TheCodeWork has become an MVP-first development company, helping startups understand and implement MVP in their early stages, to avoid disruption in the coming stages.
An MVP is a simple version of your product that is built with the USP of your idea. That makes it the ideal vehicle in which you can take your idea for a test drive.
With an MVP, you’re roughly going to trace the following path:
Test your idea(s) with prospective buyers
Use the data and input you receive to create an MVP
Release the MVP into the market for early adopters
Get some more feedback on the MVP
Revise your MVP according to the feedback you’ve got
If your MVP fails to generate the desired response from the markets, you can then change your startup idea with very little loss to yourself. How cool is that!
Want to market-test your startup idea real quick? Look no further! Take a look at TheCodeWork’s MVP Development Program to get your dream MVP started!
Starting and running a business has its own ups and downs. But if you’re open-minded and agile enough, you might just pivot to the perfect idea that works! Just make sure to plan ahead of time before taking your company in a new direction.
And if you need any help with your startup idea–be it technical, funding, marketing/branding, or legal–don’t hesitate to contact TheCodeWork’s Startup Ecosystem!
We have got your back!