A lot of business ideas die and do not get executed because the entrepreneurs fail to pivot. Most of them end up killing the idea rather than pivoting. Pivoting in this sense simply means, making changes to your idea based on feedback. It means to revive your old business ideas. By re-strategizing, you can turn your failed business idea into a great success.
Most often than not, when entrepreneurs try to implement their ideas and it does not go according to planned, they kill that idea and move to another one. The sad thing about the situation is, these ideas can be saved, reviewed and refined.
When an idea fails during implementation, it is not necessarily a bad thing- the failure just means you have data now to analyse which will help you determine how to make it work some other time around. It is therefore very important to do your market and product research and pivot based on the feedback you get from the research.
Review the idea, analyze and consider ways to turn your failed business idea into a great success!
For example, you have an idea to start a laundry shop in a particular neighbourhood but based on your market research you realize the people in that community are rather looking for a trusted business to clean their homes. It does not mean you have to discard the idea, you just have to take the feedback and possibly pivot your idea to cleaning homes rather than clothes.
Businesses usually pivot several times before getting it right. This implies pivoting is not a one-time event but a continuous activity that happens during the life time of the business. The next time you hit a dead end when implementing your idea, pivot rather than discard the idea.