Final answer:
Pivoting refers to the strategic changes a startup makes when its initial business model requires significant adjustments. A customer segment pivot focuses on a new target market, while a zoom-out pivot turns a single feature into the entire product. Platform pivot involves shifting from an application to a platform or vice versa, but none of these mean closing the startup. So the correct answer is option A, C.
Step-by-step explanation:
The concept of Pivot or Persevere is crucial in the lean startup methodology, which involves making strategic changes to a business model when initial hypotheses about a product and its market fit are disproven or need significant adjustment. The true statements regarding Pivot or Persevere are:
- Customer segment pivot: This occurs when a product that was designed for a particular customer segment, turns out to be better suited for a different segment. In this case, the pivot implies a shift in the target market to focus on the new customer segment.
- Zoom-out pivot: In this scenario, a feature that was previously considered to be just one part of the product becomes the whole product. This can happen when the single feature is so well-received that it provides enough value to stand alone as a core product.
- Platform pivot: This entails changing the business strategy from offering an individual application to creating a platform where other applications can be built or vice versa. This pivot can significantly impact the scope and scale of the business.
It is important to note that pivoting does not mean closing the startup company; rather, it is a strategy to adjust the company's focus and approach in response to market feedback and validation or lack thereof. This strategic flexibility can be key to a startup's success.