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In business, a pivot refers to a fundamental change in a company's strategy, direction, or approach in response to market feedback or changing conditions. Eric Ries, the author of 'The Lean Startup', emphasizes the importance of pivots in the entrepreneurial process. An animated video can help explain the concept visually. Knowing when and how to pivot is crucial for business success, as it allows companies to adapt and stay competitive in a rapidly changing market.

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