Pivot and adapt is a consequence of an honest review.
If there are projects that are not working for you, then you have decisions to make. You may simply want to abandon the project, as I did with You Tube. I just stopped. Investment had been low and the output has no monetary value, so there is nothing to look to sell.
When I started writing Sean, I imagined that I would write it, edit it, pitch to a couple of agents, find one, get a huge publishing deal and overnight success. That hasn’t happened. So, I have adapted that project, spawning this website – stuartlennon.com. Perhaps, I should only publish here. A serialised novel? Who knows?
1857 was an experiment. A sideline. something to support Nero’s Notes. As it is low-cost, in terms of capital and time, I can see that it might, at some point, wash its face (break-even). I envisage investing more time into this project.
Lime Training and Consultancy was founded to offer advice on setting up foreign exchange locations in Europe. It pivoted to a training company. It pivoted again to a compliance specialist. Throughout those pivots, it has provided a solid source of revenue.
Loggedoff started selling pocket sized notebooks and adapted to a broader-base of stationery. It may pivot again.
Going Solo is great because I can be agile and adaptive. Going solo is terrible because I can be agile and adaptive! I have to guard against being too short-termist.
Pivot and adapt
When looking at projects that are not performing to your expectations, it’s too easy to react and make changes without properly assessing why performance is down. It may be that the idea is right – but the execution is not. Before pivoting a business, be brutally honest with yourself. Should you be pivoting, or should you be looking to exit?