How to Know If You Need to Pivot Your business Model | 7 Questions - 723
Are you an entrepreneur at a crossroads, wrestling with the decision to pivot your business or stick with the status quo? This episode of "Build Your Tribe," hosted by the renowned business coach Chalene Johnson, is your ultimate guide to making that critical choice. Learn the 7 Principles to assess if it's time to make a business model shift, including evaluating industry trends, assessing demand, and considering your personal health and energy.
- How to assess if your business growth is stagnant or declining.
- Recognize the signs of declining customer demand and market shifts, influenced by factors like technological advancements and AI tools.
- Understand the toll your business may be taking on your mental and physical health.
- Evaluate costs, margins, and whether it's an ongoing trend affecting your profits.
- Rekindle or reassess your passion and excitement for your business.
- Importance of consulting key people in your life and business.
- The "sunk cost fallacy" and how it can trap you into making poor decisions.
Chalene brings her own real-world experience into the conversation, sharing a personal story about a difficult decision to abandon an app development project, despite a $200,000 investment. Whether you’re a small business owner, aspiring entrepreneur, or seasoned professional, this episode provides invaluable insights into adapting your business model to meet changing needs and circumstances.
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