When you have a plan and things are not going as expected, you pivot.

In startup business, a pivot means a shift in the company’s business strategy and direction in response to market data and customer feedback. The idea behind it is to correct mistakes made because of erroneous assumptions or test a new product or business model as a reaction to changes in market conditions.

A pivot may involve changing your target market, pricing, inventory management, distribution network, etc. The flexibility of being small allows startups to make the necessary alterations in strategy whenever the need arises.

Other interesting terms…