Marjorie Radlo-Zandi is an entrepreneur, board member, mentor to startups and angel investor who shows early-stage businesses how to build and successfully scale their businesses.
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Does your startup have enough runway? 5 factors to consider
Be an entrepreneur who leads with transparency
As an entrepreneur, you’ll find yourself adjusting your business as you encounter opportunities and obstacles. Adjustments are a natural part of growing and operating a business, and you’ll find that most of the time, slight refinements and tweaks can keep your company going and thriving.
There may be situations, however, that require more significant changes to your long-term plans. You may even need to explore ways to pivot your business entirely.
Since early-stage companies have limited time and money, it’s essential to work closely with investors and other stakeholders early when you’re planning a pivot as well as throughout the process so that you get to the correct pivot point sooner and accurately.
When planning a pivot, it’s your job to develop and explain your plan of action to all stakeholders, including investors, board members, members of your team and advisers.
Partner with your investors before a pivot
A pivot is no time to fly solo, so approach the pivot as a team effort. Investors have a vested interest in the success of your business. After all, it’s their money that’s at stake!
There’s no shame …