Dwayne “The Rock” Johnson worked hard to become a top NFL player. He worked out, practiced and was on his way, receiving a full scholarship to play football at University ion Miami. While he had all the makings of a pro football player, his career was brought to a halt by an injury. Unable to continue as a football player, he had to find a new path.
Many businesses find it necessary to change paths, and many companies have a hard time doing it. Polaroid and Kodak both had difficulty pivoting when the digital camera emerged. Toys R US found it difficult to deal with consumers shopping online. Whatever the change you need to face, here are three tips for starting a successful pivot.
- Take Inventory: What are the specific skills, abilities, products, unique selling points, etc. that you and your business have?
- Look at new opportunities: How can the items in your inventory be used in other ventures? Find new ways to apply your strengths.
- Evaluate the pivot cost: What are the costs involved in shifting your abilities to the new venture? Can it be done easily or will you need additional investments in time, money, or skills? If you need to make an additional investment, is the return worth it?
Following these steps will give you a good idea of what paths you can follow when the one your on is no longer viable.