Black Entrepreneur Blueprint # 420 – Jay Jones – Is It Time To Pivot Or Quit?

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.

Black Entrepreneur Blueprint # 420

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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

  1. 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.
  2. 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
  3. 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
  4. 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.
  5. Struggling with technology – if you’re incapable of modernizing your technology, consider a major pivot
  6. 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
  7. 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.
  8. 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.

  1. 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)
  2. 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.
  3. 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.
  4. 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.
  5. 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.
  6. You don’t find joy running your business anymore – it may be time for a new challenge

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