Chapter
Finding the Right Customer for Your Proprietary Insight
26:47 - 31:35 (04:48)
The key to a successful pivot is to keep your proprietary insight and find the right customer for it, rather than abandoning the idea. Often, people may not respond positively to a new idea because they haven't been conditioned to like it, and pivoting requires finding a different market or business model to make it appealing.
Clips
The valid definition of a pivot in business is to keep your proprietary insight and find the right customer for that existing insight instead of abandoning it.
26:47 - 28:39 (01:52)
Summary
The valid definition of a pivot in business is to keep your proprietary insight and find the right customer for that existing insight instead of abandoning it. It's important to find a different market or business model to maintain your original advantage.
ChapterFinding the Right Customer for Your Proprietary Insight
Episode#397: Two Questions Every Entrepreneur Should Answer
PodcastThe Tim Ferriss Show
Being right in consensus often won't make you money because returns get arbitraged away.
28:39 - 31:35 (02:56)
Summary
Being right in consensus often won't make you money because returns get arbitraged away. Not everyone should like your idea, as human beings are conditioned to like things or not like things.