As I said before, nothing is a sure thing, especially in today\’s market. This is a basic wisdom that all entrepreneurs must reckon with. According to recent surveys, even unshakable stereotypes such as “sex in advertising works” are beginning to break down. It may be akin to another cliché that every entrepreneur encounters sooner or later. It is the business plan.
In uncertainty, improvisation works better than perfectionism. It is literally better to shake things up in the marketplace than to tinker with a perfect business plan that ultimately proves to be totally unworkable. Prospective and existing entrepreneurs alike should not be afraid to throw themselves into the marketplace. Today, more than ever, time is money. Time is money, especially when it comes to new and innovative solutions.
Pivoting
Equally important is flexibility. Often during the sales process, a solution initially designed for one problem turns out to be a perfect fit for another, causing the entrepreneur to change focus. Technically, this process is called pivoting, and it is a very important process that all entrepreneurs should be familiar with.
Pivoting is an integral part of the innovation process. Pivoting allows even entrepreneurs with small ideas to participate in the innovation process. Luck favors the prepared, and by testing directly in the market and then pivoting, even entrepreneurs with limited initial resources can make a breakthrough. The key is for entrepreneurs to have an open mindset to ensure that when they see an opportunity, they will take it.
The Market as a Laboratory
The market today needs to be treated as a laboratory, and customers need to be treated as subjects of the experiment that is our goal. In the past, it was impossible to analyze in detail the emotions, dreams, and goals of customers. Today, on the contrary, it is absolutely necessary.
Companies and entrepreneurs who are committed to understanding their customers will certainly outperform their competitors who neglect this element. Today\’s technology is enabling us to connect with our customers, eliminating the need for detailed business plans that assume that they themselves will take certain actions.
A smarter and cheaper way would be to bring a product to market as quickly as possible and adapt it to the wishes of the customer. Or even pivot, shifting the customer\’s attention to another area.
