February 25, 2014 | Posted in: Business
Often times in business, when it comes to making decisions, you may or may not have time to base the decisions off the data available. In times like these, the decision is made based on your instincts and experience. If you break down the combination of entrepreneurship and innovation, it all comes down to finding the balance between the two.
It’s common for startups to have a sixth sense and just dive right into it and realize later that they might need to pivot in a different direction. Some startups learn from failures of different companies and rebound with a better idea. Like most inventors, they become infatuated with their idea hoping that it’s contagious. It’s crucial to always stay attentive with the environment you maneuver in as well as how fast that is changing. That is the true beauty of art and science of pivot. It’s about using the innovative creation and relevant data you hold to come up with the right decision for your business.
Scott N. Beck, a Dallas Texas Greenhill alumni, received a Masters of Accounting from the McCombs School of Business at the University of Texas at Austin where he completed his B.B.A. Mr. Beck is a member of the Board of Directors of United Texas Bank and is President of Beck Ventures.