How entrepreneurs know when it’s time to pivot

Business Strategy & Career Pivots - Entrepreneurship is likened to a hamster wheel, with sporadic moments of clarity that sustain the effort [10] - Two-thirds of women in corporate America desire to leave and start their own businesses [8] - Risk should be assessed relative to the reward, and those without significant obligations should consider taking the leap into entrepreneurship [15] - When considering a career pivot, living for one's eulogy virtues should be prioritized [16] - Businesses should anticipate pivoting and focus on customer needs rather than being fixated on being right [17][18] - Working for someone in the desired industry is advisable before starting a business, to gain experience and learn the industry [44][54] Brand & Product Development - Apothecary aims to bridge eastern ancient medicine with western practices, connecting it to modern marketing, education, and science [7] - A rebrand in 2022 shifted Apothecary's product focus from powders to drops, resulting in a 90% sales flip within 12 months [18] - Consumer product goods businesses should prioritize owning their formulations and IP for potential acquisition [21][22] - Customer feedback, especially from ad comments, is crucial for understanding customer needs and focusing marketing efforts [50] Financial Management & Operations - Negotiating payment terms, aiming for a negative cash conversion cycle where customers fund growth, is crucial [34][35] - Taking the wrong investor money can alter the original purpose of starting a business, so values alignment is critical [37][42] - When raising equity, understanding the exit timeline is essential, while debt requires ensuring the ability to service the loan [38][39] - Securing pricing with suppliers for at least two years and negotiating cash flow terms are important strategies [32] Human Resources & Team Management - Hiring should be strategic, with different roles focused on short-term (0-3 months), mid-term (3-9 months), and long-term (9-18 months) business needs [25] - Firing decisions should be based on cultural fit, integrity issues, or misalignment with the company's mission and core values [26][27]