As entrepreneurs, we face many challenges and go through ups and downs, and sometimes want to quit. Join Jay on today’s Black Entrepreneur Blueprint podcast episode # 420 as he identifies the signs of when you need to pivot or throw in the towel with your business.
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BLACK ENTREPRENEUR BLUEPRINT SHOW NOTES – EPISODE # 420
To Pivot or quit, that is the question
Pivot (as it pertains to business) – A pivot means fundamentally changing the direction of a business when you realize the current products or services aren’t meeting the needs of the market or you’re not making enough money.
Quit – leave (a place or situation), usually permanently.
8 SIGNS YOU SHOULD LOOK FOR THAT INDICATE YOUR BUSINESS SHOULD PIVOT
- There’s too much competition – You just can’t compete anymore. Your idea may seem unique and original at first, but there’s always the chance that a bigger company with more resources and funding and a built-in audience will come along and create an offering that’s similar to yours, only better.
- You’ve lost all passion – there’s no greater sign that it’s time to pivot than realizing you’ve lost all passion for working within a certain industry or sector of the market. If you’re not dedicated, it’s time to make a change
- You’re looking at other markets or industries – If you find yourself looking at potential new markets or industries, that’s a fantastic sign that you and your business need to make a pivot
- Your company has hit a plateau – If you’re deeply concerned about the rate of expansion your company is undergoing, consider it a telltale sign that you’ve probably waited a little too long to pivot.
- Struggling with technology – if you’re incapable of modernizing your technology, consider a major pivot
- Your Brand isn’t attractive – The attractiveness of your brand determines the overall success of your company, so when your brand isn’t attractive, it may be time to pivot
- Your perspective has changed – Once you’ve launched your company and have been running for some time, there’s a possibility that your goals, vision, and values will change.
- Your industry/the economy has changed – your industry may have gone through a seismic shift or change that makes it hard for you to make money
6 SIGNS YOU SHOULD QUIT YOUR BUSINESS
NOTE: Quitting this business doesn’t mean you quit being an entrepreneur, it just means that this idea/business didn’t work. Now you know what not to do – remember, it’s a learning process.
- You aren’t making money for an extended period of time – and it doesn’t look like anything is going to change (each entrepreneur has a different runway or period of time they can keep going)
- Your mission has lost its luster – Starting to forget why you started the business to begin with? This is definitely a sign that your company is heading toward the danger zone.
- You love your product or service more than your customers – this is common because we fall in love with our products or services like they’re your baby because you created them.
- Nothing you’ve tried has worked – sometimes it’s just not meant to be. It could be the timing, an industry shift, or something else.
- You don’t have repeat customers – if you’re always struggling each month looking for new customers, it’s going to be very hard for you to stay in business and scale.
- You don’t find joy running your business anymore – it may be time for a new challenge