Persevere or Pivot

[Peullat]

Hello,

I have a question which is when to persevere and when to pivot ?

When should I stuck with my idea and don't give up ? and when to search for a new one and admit that I am wrong ?

Right now I have a business idea and I have been working on it for about 1 year with no results. Last week, I have an offer from a friend for a new business idea and leave the old one. What should I do ? Or should I ignore both of them and search for a third one ?

And I think is a very good question, when to persevere and when to pivot ?

 

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[ChrisGav]

How hard have you actually been working on this business idea for 1 year? Deep down, we all have an internal thermostat. We all know when we have given something our all, and when we have kind of half assed it. If you have truly given something your absolute all for 1 year and haven't gotten any traction what so ever, then the marketplace might be telling you something. I don't know any info on what exactly you're doing and this is a very vague question. You know deep down how much effort you've given this. Have you actually tried 100% for a year? Or were you going at 30% for a year wondering why you don't have 100% of the results you want?

 

[Peullat]

How hard have you actually been working on this business idea for 1 year? Deep down, we all have an internal thermostat. We all know when we have given something our all, and when we have kind of half assed it. If you have truly given something your absolute all for 1 year and haven't gotten any traction what so ever, then the marketplace might be telling you something. I don't know any info on what exactly you're doing and this is a very vague question. You know deep down how much effort you've given this. Have you actually tried 100% for a year? Or were you going at 30% for a year wondering why you don't have 100% of the results you want?

My initial business is a store for pet's food and accessory. I think that I could fulfill the 'Need command' because in my area there's only one store and that's store is not good at all.

My friends recommended that I and him jump in the NFT trends and start our own NFT collection.

To be honest, I didn't give it my 100%, it has been a while since I decide to launch a website and start marketing but I didn't.

 

[Kevin88660]

Hello,

I have a question which is when to persevere and when to pivot ?

When should I stuck with my idea and don't give up ? and when to search for a new one and admit that I am wrong ?

Right now I have a business idea and I have been working on it for about 1 year with no results. Last week, I have an offer from a friend for a new business idea and leave the old one. What should I do ? Or should I ignore both of them and search for a third one ?

And I think is a very good question, when to persevere and when to pivot ?

In my opinion 1 year is good enough to leave it for the next venture.

A good opportunity is self-evident and shouldn’t have any positive feedback after 1 year.

It is all about opportunity cost. The chance of a project with no result after one year gets a eureka moment on the 2nd or third year is not big to worth the time investment.

On the hand the two years time saved could let you try another 3-4 projects consecutively.

When I read the stories and interviews of successful founders they never got it right the first time. If you are destined to be successful on the 6th attempt the best thing you could have done to yourself is to minimize the time investment when the signals are clearly not there.

You could google about product market fit and related start-up literature.

 

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[ChrisGav]

My initial business is a store for pet's food and accessory. I think that I could fulfill the 'Need command' because in my area there's only one store and that's store is not good at all.

My friends recommended that I and him jump in the NFT trends and start our own NFT collection.

To be honest, I didn't give it my 100%, it has been a while since I decide to launch a website and start marketing but I didn't.

Well, for whatever it is worth, here's my 2 cents. There's a metaphor I heard somewhere, don't know where, but it went something along the lines of:

If success was an island that you were trying to get to, and you had to cross a large lake to get there you would need to build a bridge. What would be faster; build a bridge and get 10% of the way there, then stop working on that bridge, and start on a new bridge get 15% of the way there on the new bridge then stop working on that bridge and you got start another bridge and get 20% there. You see where I'm going with this, If you had spent all of your time building one bridge you would get there. By jumping around and building all these different bridges you never end up getting there, you just end up with a bunch of bridges that are 10% of the way built.

However, there is something to be said for starting other bridges. sometimes, the first business you start is not the thing you will do forever, but it can be something that got you started and taught you some lessons before graduating to bigger business ideas etc.

There's no right answer to this, only you know what really excites you. But be aware of the shiny object syndrome. Odds are, NFTs won't make you rich in 2 years like you're probably thinking. I will probably get pushback on that statement, but personally, I think NFTs are all bullshit.

If you feel like this pet food concept can actually turn into something if you stuck with it, and it's route you could see yourself going down then I would suggest you stick with what you're building and start giving it 100%.

Take all of this as a grain of salt. I don't know the numbers on your business, how old you are, what stage of life you're in, or what your goals are. With that being said, this is what I can see on the surface.

 

[Jobless]

If you worked on a 'business idea' for one year, it should now be an actual business, with some type of result.

What are your results like? Do you have a product? Customers? Profit/Loss? Assets? Intangibles? Market research?