Twitter began as a podcast app. Nokia was originally a paper mill. If Jeff Bezos had stuck to his guns Amazon would still just sell books. The ability to pivot and not become emotionally attached to a single idea is the mark of a professional entrepreneur, says Heather Lowe, Head of SME Development at FNB.
“It’s only natural for you to form an emotional attachment to your creation. If you’re an artist, you’ll love the painting you’ve worked on. If you’re an architect, you’ll be proud of the new design you’ve come up with,” she explains.
“And if you’re an entrepreneur, wouldn’t it be strange if you didn’t have a soft spot for the business into which you’ve invested so much time and thought?
“It’s only natural. But it’s not always beneficial. Artists know this well. There’s a piece of advice commonly given by experienced writers: ‘Kill your darlings’.
“In other words, don’t be afraid to sacrifice your favourite character, scene or line of dialogue if it benefits the overall story. And architects know that a design is always a work in progress that evolves alongside changing specs, briefs, and client expectations.”
Lowe says, in some ways, this marks the divide between the amateur and the professional in any field. The amateur prioritises their emotional connection with their creation; the professional prioritises the result.
“The same is true among entrepreneurs. As the business you created grows, your relationship with it will inevitably change. The business itself will become something you never anticipated. There are too many internal and external variables at play for this not to happen – competition, access to resources, external shocks, new ideas, new opportunities, and risks,” she describes
“If you want to be a successful entrepreneur, you have to acknowledge that this is part of your journey. You have to preserve the ability to step back, look at your work objectively, and be willing to adapt, evolve, and, yes, compromise.
“If you become too attached to your original vision for the business, you run the risk of making poor decisions that could jeopardise the company’s future. It’s important to always remember that the business is bigger than any one idea, and that you have to be willing to let go of the things that are no longer working.”
Lowe adds that this can be difficult, especially for a certain type of entrepreneur – A-type, commanding, headstrong. These entrepreneurs struggle to delegate and cede control, which can help in the start-up phase, but becomes a liability when the business needs to scale.
“It might prevent you from noticing unexpected opportunities. We saw this in the Covid pandemic, where a white-swan event caused immense damage to those businesses unwilling or unable to pivot. Those who did pivot not only survived, many laid the foundation for enhanced growth post-lockdowns,” she notes.
“For example, Sandton-based Zinacare – which offered accessible, convenient testing for sexually transmitted infections before the pandemic – quickly pivoted to Covid testing in April 2020. That allowed them to hire more staff, generate exposure and grow their brand, and forge new partnerships.”
Zinacare – as an example
Philip Mngadi, Zinacare’s founder, says, “By pivoting during COVID-19 we gained exposure to the biggest laboratory in the country and access to a market directly relevant to our core business of home-health testing, while the revenues we generated funded post-COVID product tests and launches. This has allowed us to expand to provide health testing via at-home health test kits.”
Zinacare has recently partnered with BioLytical Laboratories, a Canada-based developer of medical diagnostic tests working with global agencies such as UNICEF and U.S. State Health Departments.
BioLyticals medical devices will enable Zinacare to offer simple, reliable, and accurate rapid tests that are much more affordable than current DNA-based lab tests, making essential health testing more accessible.
Zinacare was one of thirty African HealthTech start-ups recently selected for the i3 Health Innovation Program backed by the World Health Organisation and the Bill and Melinda Gates Foundation.
“I’m not suggesting that you should be dispassionate about your projects; not at all! You need to be driven, energised, and engaged. You’re not going to maintain the level of activity needed if you don’t believe in what you’re doing. But your emotional attachment can’t be to the detriment of that project’s future,” explains Lowe.
“One personal adaptation would be to try and shift your broader goals. Instead of working hard to build a specific idea into a great business, work on developing yourself into a great entrepreneur.
“This means that you focus on iterative improvement and pragmatic execution, and on building great businesses that will eventually outgrow you.
“Once you’ve established yourself and the pressures not externally imposed any more, you’ll have a better chance of reviving that passion project and doing it on your terms. Maybe it’s a social enterprise, maybe it’s a moon shot.
“If you’ve got the freedom and backing, go for it: the world needs uncompromising idealists. But you need to earn the space to be uncompromising, and you do that by first building successful businesses, not perfect ones.”