Every day entrepreneurs make decisions – big ones, small ones, ones that may not even seem to matter.
But, there are often bigger decisions to be made about the direction of your startup. Should you proceed on the path you are travelling or, do you pivot?
This is where big businesses differ from startups. Big businesses are executing a known business model. Startups are often searching for a business model that will take their innovative idea from concept into a success.
So, there will come a time where you will need to decide if you should proceed on the current path, pivot or, pack up and start again. From scratch.
In this video from the Kauffman Founder’s School, Steve Blank explains the thinking and mindset that an entrepreneur must have in order to make these types of tough decisions. And Blank knows a thing or two about startups.
(Image source: Bigstock)
Pivot or proceed: how to decide
To help you to better understand your role as an owner director, and some of the important governance considerations for private companies, the Australian Institute of Company Directors has developed five valuable resources to help you increase your knowledge. Download your free resources now.