Sample interview questions: Can you share an example of a time when you had to pivot your business strategy to adapt to changing market conditions?
Sample answer:
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Challenge: A small business owner who sells handmade jewelry faced a decline in sales due to the rise of fast fashion and cheaper alternatives.
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Pivot: The business owner recognized the need to differentiate their products and target a more niche market. They repositioned their brand as a provider of high-quality, unique jewelry that tells a story, and started selling their products through online marketplaces and boutiques that cater to a more discerning clientele.
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Outcome: The business owner’s pivot was successful, as they were able to increase sales and reach a broader audience. They were also able to charge a premium for their products due to their unique design and the story behind each piece.
Source: https://hireabo.com/job/1_4_2/Small%20Business%20Owner