In continuation the first part of the article titled “When does a Startup need to deviate? (Part 1)”, here is the second part. In the previous part we mentioned that how important it is that your product must add value to the customers, otherwise they won’t buy it, therefore you would have to rework on your product according to changing demand trends.
The next important point mentioned was that a healthy competition in the market is a good sign but if your competitor is taking away all your business, it is time for you to find out their strengths and spot your weaknesses and then make the required changes.
Following are some more points on how a startup can know that it is time to renew the plan of action and change business strategies. Have a look and tally if any of these is happening with your startup.
You lose interest in your product
You are of course the first one who has to be satisfied with your final product. Be true to yourself. It is possible that you might start losing interest in your own product as you move ahead in carrying your business. Even your employees or team mates can become a good source of honest reviews. Try to find out how they really feel about your product and marketing strategies. You can never sell your product successfully if you yourself don’t believe in it. Your team mates should also feel passionate about your business in order to perform well. If you see a negative review from them or notice loss of interest, don’t lose heart, it is never late to start afresh.
You have another idea and that seems to be better
You just don’t know when you would encounter your Eureka moment and an out of this world idea may strike you. It could be even after you have already started your business. If you feel that the new idea is more exciting to work on and will be more attractive for customers, go ahead with it. Plan your next move according to the new idea, it could possibly be the turning point for your business growth.
Investors keep sending you empty handed
Your product has to impress your investors even before your customers. You need to pitch to several investors to raise fund from them. Treat them like your best first customers. If you are able to sell your idea to them, probably your customers would like it too. Constant rejection from investors could be a sign that you need to make some changes, either in the product, or the business idea itself, or may be the way of presenting it. Learn from their feedback.
To conclude it all
There are hundreds of possible reasons which push you to make changes in your business. The decision is going to be tough for an entrepreneur. But a decision that is taken after careful analysis, measuring all the pros and cons and enough market research is not harmful. Be ready to grab opportunities, don’t fear to take risks. Take a chance and bring a change.