It’s the entrepreneurial euphemism du jour – pivot!
Lesley Eccles of FanDuel said “Our first business wasn’t working so we had to pivot – which meant we failed,” but Sir Tom Hunter said “If something’s not working, listen, pivot, change and do something else.”
Who are you more inclined to agree with?
Personally, I think we all need to stop seeing failure as a negative. It’s a fact of life that sometimes things don’t work out and it’s not always because we did something wrong.
Funnily enough, I learned a new word today: stochastic. It’s an academic word that’s applied to systems that are unpredictable due to the influence of a random variable and I love it because it describes so many things – business-wise and otherwise. Life as a mum, for example. Sometimes there is a random variable that influences your very carefully planned system and you simply couldn’t see it coming – or handle its impact.
That’s why I thought it was important to include the “Pivot!” page in Scottish Entrepreneur magazine. I haven’t yet come across an entrepreneur who hit the jackpot first try – so I’ve asked some men and women to share their honest experiences of times they had to pivot.
I think you’ll like it.
Download the first issue here and see for yourself!