Steering a startup towards maximum profitability is a lot like driving a car. Sometimes it requires going straight ahead, at top speed. Other times you need to pull over—and, occasionally, you realize that you’ve been going in the wrong direction.
Author of THE LEAN STARTUP Eric Ries says that successful startups know when to turn, accelerate, or completely change course.
In business parlance, this type of change is called “pivoting.” But making the wrong change (or even making the right change at the wrong time) can make or break a young company. It’s important to keep the goal in sight; otherwise, you’ll never get where you’re going.
Since the majority of startups fail, it can help to have a map. Check out our Instaread on THE LEAN STARTUP for a stellar set of directions.Read or Listen Now
