Launching an idea and watching it flourish is simple.
It requires very little work. But what happens when your idea isn’t working and you need to approach the issue with a level of flexibility? Will you have the foresight and ingenuity to adapt as necessary? Your actions are critical here. And a lot of venture capital firms specifically look for CEOs with this skill. While situations may dictate a person’s decisions, you have to have a certain type of person to make the hard calls and to strengthen a weak business. Not to mention, being flexible is a distinct competitive advantage.
The agile movements a boss must make are known as the pivot, and doing so will keep the cash flow consistent. By not staying on a sinking ship, you’re preventing the worst kind of loss – a loss of time. You should avoid rearranging deck chairs on the Titanic. Having this added flexibility will save you some headaches and substantial hits.
Most bosses will need to pivot at some point in order to implement their company exit strategy. Read the article from The Economist for more information on this topic.