Here is the sequence:
- 2005 = founded Practice Fusion
- 2007 = 92 medical professional paying $300 per month for Web-based electronic health record (EHR) system
- Months after launch = dropped price to zero ==> changed business model to making $ money selling access to community of medical professionals
- 2014 = 100,000 medical professionals using Practice Fusion EHR
Sounds simple, doesn't it!
But the pivot was bold and required guts.
The CEO had to get support from management and board of directors, and buy-in from employees.
Would you have the guts to do that? It's the kind of mindset required to be a successful entrepreneur.
BOTTOM LINE: Pivots are not done every month, rather are few in the life of a new enterprise. When reality yells "Do something very different, or go broke!" you must act, quickly. That is a trait of serial entrepreneurs. They see reality and act, boldly. It is how they change, pivot, and take a fresh path to success. You can do that also. It's part of what you need to build an unfair advantage.
I wish you The Best on your Adventure