On February 12, 2019, Kasie and Shennice welcomed Lasenta Lewis Ellis into the studio to talk about changing course. Here are the show notes:
Kasie Whitener, Clemson Road Consulting, DMSB
Shennice Cleckley, Smart Cookie Coaching
Lasenta Lewis-Ellis, LLE Construction Group, LLC
Theme for the day:
How do you know when it’s time to move on?
- Learn more about LLE Construction Group and Need a Lift and Lasenta
- Pivoting, starting over, and changing course
- How do you know it’s time?
How did we even meet Lasenta? Was it 1MC? Seems like we’ve just always known you. So tell our listeners about your entrepreneurial journey. How did LLE start? What valuable resources did you access in the beginning? What was the most surprising thing about building your own company?
Pivoting, Starting over, and changing course
Entrepreneurs talk a lot about the pivot. This is where you’re working along one line, some assumptions leading the way, some customer validation leading the way, some access to resources leading the way. And then you shift, measurably, to meet a specific opportunity or need.
Three rules for successful pivots:
- Be gutsy not foolish.
- Be transparent.
- Don’t look back.
“It can be a tool to discover additional growth–growth you might otherwise have overlooked. Businesses can grow beyond their initial dreams by re-imagining their assets and talents, thinking more broadly about the customer problems they solve, and accessing growth capital to seize the new high ground.”
What, When, and How of pivoting:
- Your company is always playing catch up
- There’s too much competition
- Your company has hit a plateau
- One thing (of all the things) gets the most traction
- There’s limited response from your marketplace
- Your perspective has changed.
“Know when it’s time to quit.”
How do you know when it’s time? Still from this link:
When things get really tough, ask yourself: “Can this problem be solved with more research, customer development, funding, etc.?” If the answer is no, it’s time to quit.
Some other assessment questions:
Who are my customers? Have they changed? Have I gotten more specific about them?
What do they want? Am I (still) equipped to give it to them?
What will they pay me to solve this problem? Is it enough to meet my goals?
- Do it as soon as you can.
- Pick new goals that align with your vision.
- Don’t scrap the work you’ve already done.
- Listen to your customers.
- Make sure your pivot presents opportunities for growth.
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Start Something, Columbia! thanks the City of Columbia’s Office of Business Opportunities for its support.
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