What is the concept of pivoting in startups?
Pivoting in startups refers to the process of changing your startup idea in the early stages to increase the chances of success.
When should I pivot my startup?
You should pivot your startup if it is not growing, you are not a good fit for the idea, you are relying on external factors outside of your control, or you are out of ideas on how to make it work.
Why is opportunity cost important in pivoting?
Opportunity cost is important in pivoting because it allows you to focus on something that has the potential for greater gain, rather than wasting time on something that is not working.
How can I evaluate ideas for pivoting?
You can evaluate ideas for pivoting by dividing how well things are working by the number of months of full-time effort, and if that number is less than your excitement to work on something else plus confidence you can find something better, then it's time to pivot.
What are the risks of pivoting too much?
Pivoting too much can cause whiplash and lead to giving up, so it's better to work on a less-than-perfect idea if you're having fun and in a happy medium.