Pivot or persevere?

Over the course of my career I’ve failed many more times than I’ve succeeded.

I’ve launched three podcasts, of which just one survived. Registered two businesses before launching Singular, the first one to make any money. Missed sales targets a lot more months than I’ve hit them. Grown and retracted my business twice. Launched about a dozen products and services that are now discontinued after failing to gain traction. Pitched for business and been rejected literally hundreds of times.

But every now and again, something works. If I look at those things that worked, they’ve almost always come on the other side of failure. It’s only by pushing through the lack of success that the winners have emerged. In business - as in many other areas of life - you only really fail if you give up.

At the same time, though, everything has an opportunity cost. Doing one thing means not doing something else. It’s not possible to pursue every idea, project or initiative. And while pushing through failure is key to success, continuing to chase a lost cause isn’t the answer.

The key question, then, is when to pivot or give up, and when to persevere?

I don’t have a perfect solution for this, and over the years I’ve stuck with some things far longer than I should have, but today there are four questions I ask, in order, that help me to make the stick or twist decision.

First, do people actually want what I’m offering? Maybe the current form is wrong, but am I fundamentally solving a problem, providing a service or creating an experience that fills a genuine need? This is where most ideas come unstuck. It can be hard to accept the reality that you’re doing something no-one really cares about, but if you are, it’s a long, hard slog.

If the concept is sound, then often the problem is in the business model, delivery and detail. This is the root of the next question: is there a different way to approach the project that would work? Or at least that might work? The more creative the options here, the better - nothing is off the table at this point. Filtering comes later.

Once I’ve identified some alternative approaches, it’s time for the tough part. Looking at each option in turn and asking whether the juice (the result I think I’ll get) is worth the squeeze (the amount of effort, time and money it will take) is crucial. There’s always a way to make something work, but often the cost is too great to make it worthwhile.

When considering this point, it’s important to avoid the sunk cost fallacy. It’s normal to believe that abandoning a project you’ve already invested significant resources into is a waste, but continuing to invest in a mission you should walk away from is just delaying the inevitable, increasing the ultimate cost and ensuring a much bigger disappointment when you eventually decide enough is enough.

Working through these first three steps, I’ll sometimes realise that I’m on the right path but just need a different approach. This tends to lead to renewed excitement and commitment. At other times, though, something won’t feel right. Gut feeling is an important signal for entrepreneurs and leaders, so you must listen to it. It’s easy to be led astray by fear or uncertainty, however, so investigating your gut reaction is an essential step. There’s always a reason for it, whether positive or negative, so be diligent and you’ll make smarter decisions.

Every project you’re part of will encounter rough patches. Friction isn’t a reason to give up. Sometimes, walking away is a huge mistake, but it can also make room for something better. Stay vigilant, remain logical and be careful to avoid chasing sunk costs. And don’t worry if you fail more than you succeed - it’s just part of the game. Keep playing. 

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