Thank you to Muhammad Baig for creating these notes. To contribute to the TWiST PodNotes archive email us.

Episode Date: September 18, 2014

https://youtu.be/ayA_88Oz0Cc

Jason Calacanis | TWiST | Twitter | LinkedIn

This episode of Startup Basics will handle one of the most difficult decisions you'll make as an entrepreneur. At some point the going will most definitely get tough -- but when do you persevere and when do you pivot?? Jason shows us some surefire signals and red flags.

Top Insights

• Don't be afraid to pivot.
• Two ideas can be good but one that can grow faster is better.
• There are maybe 1 in 1 million or 1 in 1000 businesses in which a founder should perhaps persevere when the whole world is telling them otherwise. In those businesses, almost universally, 5% to 10% of the population are in love with the product.
• Do not mistake a difficult day, or an issue with a lack of enthusiasm, as a sign that you need to pivot.

Intro

• One of the most difficult things to do as a founder is know when to pivot.
• Entrepreneurs are generally confident, stubborn, and resilient. This helps them break through walls, but sometimes you just hit the wall.

I believe the number one killer of startups is running out of money. The number two killer is the founder running out of energy and interest for the idea. - Jason

Warning Signs You May Need to Pivot

• Are you engaged? (Internal)

  If you start losing interest in your idea, you need to extract yourself from the business and find someone to replace you — or find something you are actually interested in.

• Is your team engaged? (External)

  Are the people on your team interested? Are they coming to you with ideas? Are they vocal about the product and how it can be improved? If they come to work, do their job, and leave at 5 o'clock without much passion, it may be something you should pay attention to.

• Do people want to work with you? A great sign for your business is when you tell someone your idea and they want to join you.