The Art of the Pivot
Pivoting your buisness idea is about the most emotional and difficult thing a business can do in the early days. Its accepting that business as usual can't go on, that the business plan or strategy you decided to follow has failed and that you need to find a new one. None of these are easy tasks.
Step 1: Do you really need to pivot?
Take a look at your progress and how you've done so far, is pivotting really the right choice. If your company has not faired as well as you hoped, would it be possible to sell off your IP and stock, and actually start a new company?
Step 2: Round and round you go...
Pivotting is about luck. Its about rolling that dice one more time and then landing on a square you have build on. Take a look at the market, does your old company provide the foundations to launch to a new market?
Step 3: Don't be timid
Its all too easy to revise your plan, to change some small details and call that a pivot. A pivot has to be monumental, it has to be ground shaking. Its the equivalent of a hyperspace jump, you dont know where you'll end up, but it will be fair from here and somewhat unknown.