Coincidentally, two of my favorite entrepreneur bloggers pinned a blog post covering the same topic yesterday. The first was from David Cummings in a post titled The Power of Sharing Ideas – Pivoting Pardot 1.0. The second was from Fred Wilson in a post titled You Are Working Too Hard And Not Getting Anywhere.
Both articles cover the topic of pivoting a business model. In the David Cummings post, the key trigger to know that it was time to pivot the business model came when an experienced mentor shared a new market idea. In the Fred Wilson post the trigger came when the team found they were working too hard to get too little results.
Both are worth reading. The key secret sauce is to always have your antennas up looking for signals that an alternative market may be a better fit for the product or service you are selling. In Fred Wilson’s words:
The moral of this story is sometimes you have the right product but the wrong business model. Fixing the business model can fix the company.