Pivot
What does it mean to pivot?
When any entrepreneur changes the direction or approach to their business idea for any reason. More likely they aren’t making money, have looked at the data and are now choosing another path that improves the numbers. Sometimes it’s changes in personal goals or even narrowing the focus of the existing idea.
That’s me right now. But more on that at the end.
Pivoting can also cause a downward spiral of changes sparked by nothing other than boredom or bad advice. Starting a business is often an act of patience even adults struggle with. Asking a child to ‘wait and see’ will result in loss of interest and abandonment of the effort.
This was common in about 15% of my students. Usually right after they complete the protype or when they see the ROI. It’s just not going to make enough against the effort to produce it.
So do you allow them to change the business idea? Allow is a controlling and restrictive word but it applies here. You are helping them start a business, they are children looking to you for the guardrails. You are the adult in the room, so act like one and mentor them through this option accordingly.
But, usually I say yes. A lot of data goes into that yes.
How close to the sale day?
How much have they invested in materials?
Did anyone give them funding based on the current idea?
WHY are they asking to change the idea?
The last point should be the first question. It is very important to listen carefully to this answer. Children attach very intense emotions to the outcome of their business idea. Especially if they are planning to sell it at a fair - one and done. There’s no buffer for failure and that pressure can be scary.
Fear of failure is a powerful motivator behind thoughts of pivoting. Remember, they have likely spent considerable time chewing on the option. Don’t dismiss it with a cavalier and condescending pat on the head in an attempt to reassure them it will be fine. Balance good listening to that potential for failure. The chance of it not being successful is some of the best learning to come out starting a business. This is resilience building stuff!
I balance that yes against their fears while ensuring the pivot won’t sacrifice their success.
A word salad for ‘play out it out in your mind’. Can they change the idea, get it all done and you are pretty confident it will make money? If yes then let them run with it. Maybe even some encouragement that the pivot was a good idea. If no, then work the problem with them. How can they change the existing idea to be more viable? Focus in or expand? As Marie Forleo says, “everything is figureoutable”.
What about me?
Where am I going with my curriculum and this newsletter? What’s my pivot?
tl;dr - I’m turning the curriculum into a book and turning this newsletter into, more.
First, the curriculum. Feedback told me it’s too hard to use it in this format. So I’m turning it into something more accessible. Not sure how but that’s the plan. A book (physical or digital) available where people buy these things. I’m looking for an editor.
Second, the newsletter. Interestingly, I get asked to mentor or coach in many different things beyond children’s entrepreneurship. So the content will expand to offer support or insight beyond people teaching young entrepreneurs. I also support people looking to pivot from ‘mad skills across a lifetime of work and experience’ to content creator or the like. The other questions are around home education, and what to do afterwards to support newly launched adults find their way. My husband and I have started and sold businesses and are now close to being empty nesters with ‘retirement’ less than decade away. Do entrepreneurs ever retire? I have thoughts on this transition. I’ll share those too.