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Successful pivots are the stuff of Silicon Valley legend. In the best of these origin myths, a sudden and drastic change in strategy allows a struggling business to rise like a phoenix from the ashes of its outdated model, soaring above its competitors and into public acclaim. These success stories recur in our favorite business stories; after all, where would Youtube be if it had decided to confine itself to the dating market? Where would we find our coffee if Starbucks had remained a small vendor of espresso makers and coffee beans, or our games if Nintendo hadn’t evolved from its roots as a short-stay hotel chain and taxi company?

Pivots make up a pattern of reinvention that is nothing short of inspiring — albeit drenched in survivorship bias.

While most pro-pivot entrepreneurs could likely rattle off the story of how Jack Dorsey’s development of an instant-update messaging platform allowed Odeo to evolve from a struggling podcast service into Twitter and become one of the social media greats, few like to speak about the pivoting failures.

Read the full article on CEOWorld Magazine