There’s conflicting advice out there for an entrepreneur like you: on the one hand, we’re told to never give up, to pick ourselves up and keep going after each failure and scramble over any obstacle in our way.
On the other hand, we’re told to be smart and know when to quit, because you don’t want to be endlessly fighting a losing battle, right? And even if you’re not outright quitting, you should be flexible and “pivot” your business to make it better match the market.
But how do you know whether staying the course, pivoting or walking away is the right decision to make, in the moment? In today’s (short) podcast episode, I propose a simple answer to this question:
Starting a business is tough and one of the most frustrating experiences you’ll have as an entrepreneur is getting stuck and staying stuck.
It can be heart-breaking to be in a situation where you’re working as hard as you can, but it feels like you’re just spinning your wheels and not making any progress at all. I recently wrote about how to escape from “Pivot Limbo” and because this topic is so important, I have a follow-up podcast episode for you today.
Listen in to learn about the 3 most common mistakes early-stage businesses make (that get them stuck) and how to avoid them:
Picture this: you’ve come up with an idea for a new product or service (or any kind of value based business) and you’ve decided you’ll create a minimum viable product so you can test your idea against the real world market as quickly as possible. Perhaps you create an information product, like I recommended in a previous post.
You’ve kept costs and time investment low, thus minimizing risk. So, the worst that could happen is that no one’s interested and you move on to the next thing, right?
According to one of our readers, there’s a far worse possible outcome: you could get stuck in Pivot Limbo… forever (que dramatic music). Read on to discover what Pivot Limbo is and how to escape…