The question that entrepreneurs always ask themselves when the going gets though is:
Should I continue with this strategy even though the results are hard to come by, or should I change strategy?
Maybe if I stick it out for a while, the results will come, hard work and patience always pays you know [persevere] vis-a-vis, this strategy is not working, I need to change it and come with one that works [pivot].
When industry norms start to die, people panic.
It is difficult to change when you think that you must change everything in order to succeed.
Changing everything is too difficult.
Consider for a minute the pivot points available to you:
- Keep the machines in your factory, but change what they make.
- Keep your customers, but change what you sell to them.
- Keep your providers, but change the profit structure.
- Keep your industry but change where the money comes from.
- Keep your staff, but change what you do.
- Keep your mission, but change your scale.
- Keep your products, but change the way you market them.
- Keep your customers, but change how much you sell each one.
- Keep your technology, but use it to do something else.
- Keep your reputation, but apply it to a different industry or problem.
- Keep the musicians, but change how you make money [sell concerts, not CDs].
- Keep making guitars, but make bespoke expensive ones, not the mass market ones that overseas competition has made obsolete.
- Keep the punch press and the lathe, but make large scale art installations, not car parts.
- Keep the advertising material, but instead of sending emails, send personalized text
- Keep your wealthy travel clients, but sell them personal services instead of trips to Europe.
- Keep the factory that makes missiles, but figure out how to make high-efficiency turbines instead.
- Keep the same company that manufactures engines, instead of focusing on fighter jets, focus on cars.
- Keep manufacturing happy socks, but instead of only for kids, focus on adults as.
- Keep writing books, but instead of hard-copies, consider ebooks and audio books.