In startup companies, a pivot refers to a significant change in strategy or direction. This can involve changing the target market, business model, or product offerings to meet customers' needs better or taking advantage of new opportunities. A pivot is often undertaken in response to challenges or setbacks that a startup is facing. Pivots can be risky, as they involve significant changes to a company's strategy and require considerable time and resources. However, they can also be necessary for a startup to stay afloat and succeed in a rapidly changing market.
While it is necessary to assess your current state and act accordingly, please remember that pivoting is not a silver bullet. It is equally less likely that your pivoted product will work on the market. Pivoting must not mean you can run away or give up and randomly guess the market. Be wise and try your best.