What do YouTube, Twitter and Instagram have in common?
All three tech giants became trendsetters by pivoting from their initial focus to dabble in the unexplored. While YouTube started as a video dating portal, Twitter was a platform for finding podcasts and Instagram began as social check-in app Burbn.
Pivoting refers to a structured course correction to discover a scalable business model.
More entrepreneurs are altering their business plans and giving up on ideas that do not work. In many cases, the push comes from investors and customers’ feedback.
On the flip side, pivoting can be painful. Entrepreneurs are left with bruised egos, lighter wallets and a lot of self-doubt. Many are tempted to go back to the well-paying jobs they once left behind.
However, entrepreneurs can get inspiration from illustrious peers who have successfully cut their losses and modified failing businesses. We present some of the most famous pivots in the Indian context.
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