Pivoting
Pivoting is not...
Pivoting is not a type of failure.
What is the most crucial thing to formulate when bootstrapping?
A proper business plan.
What is step 3 of the process of pivoting?
3. Gaining perspective through challenges
What is not bootstrapping?
Outside investments and Venture Capital.
What does it mean for a business to pivot?
Strategically changing the structure of a business / starting fresh with a new idea.
What are some pros of bootstrapping?
Full ownership, better relationship with customers, get to make your own decisions
Be prepared to pivot any time, why? (Multiple correct answers)
- Rapidly changing times
- Strategizing with innovative solution
- New beginning to a business
What allows a bootstrapping business to keep running successfully?
Negative cash conversion cycle.
When may a business pivot? (All 4 answers)
- Losing passion
- dissatisfied with growth rates
- problems with employee retention
-unattractive brands
How does the negative cash conversion cycle work?
Takes you longer to pay suppliers than it take you to sell your inventory.