Young Entrepreneurs Congress

Biography

Biography: Kambiz. Talebi

Abstract

New startup ventures often experience deviations from their plans that oblige them to reorient in pursuit of a better fit between their evolving products and their target customers. Yet, research is largely silent on how managers explain such changes and justify their ventures in the wake of fundamental redirections in strategy. Startup Ventures initially attain legitimacy and amass resources on the strength of aims that audiences find compelling; later, those early claims can complicate course corrections. To shed light on how ventures manage strategic reorientations, we conducted an inductive, comparative case study of ventures in a nascent financial-technology sector. The Startup ventures pursued parallel reorientations and produced comparable end products but diverged conspicuously in managing audiences during transitions. Our process model. So there is what has been seen in the reality of startups is a very important point, why a significant number of startups that are organized as a team can be ready to pivot in making a unified decision. In presenting this article in the conference, we seek to enumerate some of the challenges that have emerged from the research pivot” is a popular term in the start-up world. If their initial idea doesn’t work as planned, entrepreneurs are expected to be ready to pursue a Plan B. But what does it actually mean to pivot – and are entrepreneurs really as open to doing it as they say they are? In a new paper, Wharton management professor Jacqueline “Jax” Kirtley used a field study involving seven early stage firms in the energy and cleantech sector to take a closer look at how these strategic changes actually play out in the startup world. When a business pivots, it means that it’s changing some aspect of its core products or services. Businesses might pivot to better meet customer demand, to shift their target audience to boost sales or some combination of both. Making a pivot is a strategic move that you can take to ensure that your business remains viable and profitable. Typically, it’s also done as a long-term strategy, as opposed to changes made for a relatively short time, like adjustments made during COVID-19-related shutdowns.

The challenges of adopting a ‘pivot’ mindset:

1-Overconfidence
2. Relying too much on past experiences and mental fog as an obstacle to thinking about deep changes.
3.Lack of collective passion among Team members.
4. Inadequacy in knowledge sharing.
5. Resistance and limitation in risk acceptance by stakeholders to perform pivot