Lawyer-ed’s Post

Transcript

The big decisions like pivoting or persevering the impact on your team can't be overlooked. So how do we navigate those tricky conversations and make sure everyone is on board, especially when there might be uncertainty or even resistance? Transparency and open communication are really important. It's about creating a culture where people feel safe to share their concerns and ideas. Knowing they'll be heard and respected makes sense. When people feel like they're part of the process, they're more likely to embrace change, even if it's. Challenging. Yeah, exactly. When you're transparent about the challenges you're facing and the reasons behind your decisions, it helps build trust and buy in. And it empowers your team to be part of the solution, not feel like they're just along for the ride. Right. Remember, your team is your most valuable asset. They're the ones who will help you execute your vision, whether you're pivoting or persevering. Like that old saying, if you want to go fast, go alone. If you want to go far, go together. I love that. So invest in their well-being. Provide them with the resources and support they need and celebrate their contributions. It's about fostering a sense of shared ownership and commitment, you know, which is essential for navigating any kind of change. And when you have a team that's aligned, motivated, and empowered, you can overcome any obstacle. That's a great point. It's a reminder that success is a team sport. Speaking of teams, we can't forget another key group of stakeholders. Investors. Ah, yes, those who provide the fuel for our entrepreneurial adventures. Whether you're seeking funding, reporting on progress, or navigating a pivot, clear and consistent communication with investors is essential. Yeah, it's about building strong relationships based on trust and transparency. Just like with your team, investors want to see that you're being strategic, data-driven, and responsive to market feedback. They want to know that you're a good steward of their investment. And when it comes to pivoting, it's especially important to communicate. Rationale behind your decision, the steps you're taking, and the anticipated outcomes. Absolutely. You need to demonstrate that you're adaptable, proactive, and committed to finding the best path to success, even if it means changing course. It's about showing them that you're in control, even when you're making a big change. And remember, investors are more than just financial backers. They can also be valuable advisors and mentors, offering insights and guidance based on their own experiences. So keep them informed, seek their input, and leverage their expertise to your. Advantage. Now, before we move on to the final part of this deep dive, I want to touch upon something you mentioned earlier, the idea that pivoting and persevering aren't mutually exclusive. That's right, it's not an either or proposition. Sometimes the most successful journeys involve a combination of both. So it's like a dance between sticking to your core vision and being flexible enough to adapt as you learn and grow. Exactly. You might start by persevering, refining your product and building traction, and then realize that a strategic pivot is needed to reach a wider audience. Or tap into a new market. Or you might pivot initially, then find that you need to persevere through challenges to make that new direction a success. The key is to stay agile, data-driven, and open to new possibilities. And to never be afraid to adjust your course as you gather more information and gain experience. It's all about embracing the learning process. Remember, the entrepreneurial journey is a marathon, not a Sprint. It's full of unexpected twists and turns, but with the right mindset, the right tools. And a supportive team, you can navigate any challenge and achieve your goals. Well said. Now I'm really excited to jump into the final part of this deep dive and explore some even more nuanced aspects of pivoting and persevering. Looking back at those real world examples with fresh eyes, let's do it. OK, we're back and ready to wrap up our deep dive into pivot or persevere. I'm really excited to dig deeper into those real world examples we talked about. You know, companies that have made it through these big decisions, there's always something to learn from them. What's so interesting about those stories, and something the source points out is that a pivot isn't always this huge overnight change. It's not like a light bulb goes off and suddenly everything is different. Yeah, you're right. It's not like a snap of the fingers and boom, you've made a complete 180. So it's more of a gradual thing, like a bunch of smaller changes that kind of add up overtime. Exactly. Think about Slack. They started as a gaming company, but their pivot to a communication tool was a process. You're right, it's not like they just woke up one day and said let's forget the games, let's do chat. So how did that happen? What did it look like? They saw that their internal communication tool had potential. They realized people were using it more for work and for playing games, and they were smart enough to just go with it. It was a subtle shift, but they understood how teams were starting to communicate. And they were ready to take advantage of that. So they paid attention to how people were using their product. That's a great lesson. They didn't get stuck on that original idea. They adapted based on what was happening in the market. Yeah. And being open to those signals help them create one of the most successful platforms out there. Yeah. It's like a reminder that a pivot can sometimes be hiding in your business already. Yeah. You just have to be ready to see it and make those changes. It makes you think how many great pivots were missed because companies didn't want to let go of their first idea. You know what about Instagram? What can we learn from them? Instagram is another example of refining and iterating. That means making changes based on what your users tell you. They began with that location based app, right? But realized the photo sharing was what people really liked. It's funny to think about Instagram as a check in app now. So how did they make that shift? Photos were already part of it, but not the focus. These simplified everything, made the visuals even better, and really focused on the photo sharing. It was about listening to their users. And making a product that fit what they wanted, even if it meant moving away from the initial idea. Less is more. By focusing on what users loved and getting rid of the complexity, they created something amazing. OK, let's talk about the big one, the one that's always a shock. Netflix moving from DVD rentals to streaming was a huge change, right? That one was radical. They took a big chance, but obviously it really worked out. Definitely. It's hard to imagine getting those red envelopes in the mail now. Feels like forever ago. So what's the big take away from the Netflix story? What's interesting is they never abandoned their core idea. They were always about entertainment. They just found a different way to do it, a new way. They understood that people still wanted movies. But they wanted them instantly, whenever they felt like it, without leaving home. They didn't change what they did, they changed how they did it. They got that the desire for entertainment was still there, but the way people wanted to get it had completely changed. And that's so important. A successful pivot isn't about throwing everything away and starting from scratch. It's about finding a smarter, better way to get to your main goal, even if that means embracing something like a new technology or doing things differently than everyone else. Netflix went for it. They didn't let their old way of doing things hold them back. They saw where things were going and made it happen. Whether it's a small change like Slack or a big jump like Netflix, the lesson is this. Pivoting is about sticking to your goals but being willing to adapt to the changing world. So stay true to your vision, but be flexible, open to new ways of doing things. Never forget the problem you're solving, the value you're creating. You need to understand your market, your customer, and your strengths and weaknesses. And you have to be brave. It takes guts to make big changes, especially after putting so much into your first idea. All that time and work, it's definitely challenging, but the payoff can be huge. So to all of our listeners out there, the people building new things, taking those risks, following their dreams, this decision whether to pivot or persevere, it's a big one. And it's personal. Take everything we've talked about, the stories, the insights, and think about what it means for you. Right. There's no right answer for everyone. Trust your gut. But use the data and feedback. You've got to be honest about what's working and what's not. Be ready to make the tough decisions, even when they're hard. No matter what path you choose, pivot or persevere. Remember those key things we've discussed? Be data-driven, listen to your customers, be flexible, and never be afraid to adapt. Most importantly, believe in yourself, in your vision. Keep going. Those challenges, those wins, they're all part of the process. That's the heart of entrepreneurship, making those dreams happen. And who knows, maybe one day we'll be sharing your story. As an example of a successful pivot or that amazing journey of perseverance, we'll be here rooting for you. We will. Until next time, keep exploring, keep learning, and keep diving deep.