109: How to Survive a Pivot in Your Business

What's Up, Creative Hustlers! Steven & Melissa here for another BONUS 3oz or Less episode. You know what Melissa, I think from here we're just going to start calling these "bonus" episodes than 3oz or less. So much easier to say and remember. Plus it's straight to the point. Information also provided by Steve Blank's blog, "Do Pivots Matter?' [1:46] What is a pivot? Steven Blank from steveblank.com describes it as "A pivot is a substantive change to one or more of the 9 business model canvas components." [2:20] A reactive pivot versus a proactive pivot [2:36] Reactive pivot = making abrupt business changes based off of unforeseen challenges   [3:20] Losing a huge client w/o having a proper business development strategy [3:44] When you're not being proactive with business development [4:29] Having a key team member abruptly put their two weeks in or stop showing up for work (especially true in the freelancer world) [5:21] Proactive pivot = Planning and putting a strategy behind making a business change [6:18] Validating an idea for a set period and having a contingency plan as a backup [6:58] Creating a 60/90 day action plan to complete a project or task [7:19] Listening and fitting your product / service offering to fit your audience's needs / wants [8:02] Pivoting within the 9 business model canvas components Key Partners Key Activities Key Resources Value Propositions Customer Relationships Channels Customer Segments Cost Structure Revenue Streams Thank you to Steve Blank for the great insight! Follow Steve Blank: Twitter: https://twitter.com/sgblankWebsite: https://steveblank.com/2014/01/14/whats-a-pivot/Inc: https://www.inc.com/steve-blank/9-most-important-elements-successful-startups.html