Pivot

To all the Startup Founders -

Question:

How common is it for startups to pivot?

What is the typical failure rate for first time startup founders to fail?

5 years of running BlackStorm Consulting since 2018, these 2 are probably the most common questions asked by first time startup founders.

While no one likes to run a business to the ground, the truth is running a business is not easy, Startups or not.

And plus if you are new, fresh out from school, switched from an employee to on your own, or circumstances forced you to be on your own...you must know that there are many moving parts that constantly need your attention and executions.

Startups pivoting is fairly common in today's business landscape actually.

Many startups start with an initial idea but then change their business model, target market, or product/service offering as they learn more about their customers and market dynamics.

So don’t be too surprised if you need to pivot again and again, and especially even if you entered a market that you are familiar with too.

Also, according to a study by CB Insights, the failure rate for startups is around 90%. This number may vary, however, depending on the industry, founder experience/skill set, and market.

But the number is high and can be terrifying to many too esp if there are things that you cant control and add to the numbers, such as, political instability, talents management, market demands, fluctuations of currencies etc.

Reach out to me if you are in that predicament. You will be surprised that many others are caught in that spiral and unable to walk out.