Should I Push or Pivot With My Business?
Summary
- If you own a coffee shop and you're at year four, deciding whether to push forward or pivot is crucial.
- To justify a pivot, you'd need to prove that coffee shops are a poor opportunity.
- Big companies like Starbucks and Dunkin Donuts show that coffee shops can be very successful.
- Often, people choose to pivot because they struggle to admit they aren't good enough yet.
- It's common to deal with impostor syndrome, making it seem easier to pivot than to push.
- The tough truth is that sometimes, you need to acknowledge that you need to improve your skills.
Video
How To Take Action
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I would suggest implementing honest self-assessment for personal growth. Instead of looking for new opportunities or pivoting, dig deep and acknowledge where you can improve your skills. This doesn’t cost anything, but the value is immense.
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A good way of doing this is by comparing your small business to larger, successful companies. For instance, if you own a coffee shop, look at how giants like Starbucks and Dunkin Donuts operate. Understand their strategies, customer experience, and business model. This can be done through online research, visiting their locations, or reading case studies.
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Get feedback. Sometimes, it's hard to see our own flaws. Ask your customers and peers for honest feedback on what you can improve. Use social media polls or direct questions to gather input. This is a low-cost, high-value strategy.
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Set small, tangible goals for improvement. Instead of trying to overhaul your entire business, focus on one area at a time. Maybe it's improving your product quality, enhancing the customer experience, or increasing your marketing efforts. Track your progress and adjust as needed.
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Address impostor syndrome head-on. Understand that feeling inadequate is common and doesn’t mean you're failing. Reframe these thoughts into opportunities for growth. When you hit a roadblock, remind yourself that improvement is a journey, not an instant leap.
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Finally, seek mentorship or networking opportunities. Connect with individuals who have succeeded in your field. They can provide insights, guidance, and motivation to help you push forward instead of pivoting. Many mentorship opportunities are free or low cost and can provide invaluable support.
Making these changes can significantly impact your business or personal growth journey without requiring a large investment of money or time.
Quotes by Alex Hormozi
"A lot of people pivot when they should push"
– Alex Hormozi
"You’re just not good enough"
– Alex Hormozi
"They can’t confront the impostor syndrome"
– Alex Hormozi
"It’s much harder to say I’m just not that good yet"
– Alex Hormozi
"We've got Starbucks and we've got Dunkin Donuts"
– Alex Hormozi
Full Transcript
this one is called do you push or do you pivot let's say you're at your fourth year with your single location coffee shop for you to Pivot you would have to make the argument that coffee shops are a poor opportunity vehicle but then do we have evidence that supports that because we've got Starbucks and we've got Dunkin Donuts and those guys are multi-billion dollar Enterprises so then it's just much harder to say I'm just not that good yet and so a lot of people pivot when they should push because they can't confront the impostor syndrome the reality syndrome is that they're just inadequate you're just not good enough
