When answering this question, focus on a specific instance where you identified the need to pivot a business model, the steps you took to implement the change, and the results of that pivot. Start by briefly describing the original business model and the factors that led to the decision to pivot. Then, detail the new business model you adopted and the rationale behind it. Finally, discuss the outcomes, emphasizing any positive impacts on growth, revenue, market position, or other relevant metrics.
Example:
"In my previous startup, we initially focused on a B2C model selling eco-friendly products directly to consumers. However, after analyzing market trends and customer feedback, we realized that our growth potential was limited. We decided to pivot to a B2B model, targeting businesses that wanted to offer eco-friendly products to their customers. This shift allowed us to secure larger contracts, increase our revenue by 150% within six months, and establish strong partnerships with several major retailers."
Stand out from the crowd with video applications! Make your video applications in minutes and show the real you.