Another common question we get at Office Hours is should I pivot my idea or keep going? Persistence is an important entrepreneur trait for success, but there is also a huge opportunity cost of pushing forward on a so-so idea/market.

Different types of pivots

Not all pivots are the same. Some are minor pivots in messaging or product. Some are medium pivots in changing the customer focus or go-to-market channel. Some are larger pivots to revamp the vision or idea. Iterations are necessary, but make sure you understand what type of pivot is needed.

When to pivot or move on

Eventually, you may have to make the hard decision about whether or not to move on from the business. A couple of questions to consider when making that choice: Are you still passionate about the problem? What have you learned about authentic demand to keep you going? What pivots have you previously tried and what was the result?

Opportunity cost

I have seen great entrepreneurs keep poor businesses afloat. They can raise money, get customers, and grow their business. But at some point the headwinds from being just a nice-to-have or in a bad market stall things out. There is an opportunity cost to spending the next 5-10 years of your life on an idea that could have been spent on a better idea.