Pivoting is changing direction with one foot firmly planted. The idea is that you don't lose sight of your basic business objectives but you are prepared to pivot in order to examine new opportunities that may lead to more success. So a pivot is a natural extension of your business not a completely new venture.
An example might be a clothing manufacturer/retailer who sets up a party plan operation or on a more general level a trader who launches an online presence as an adjunct to their market stall.
Pivoting is about stepping out of your comfort zone, and trying new directions without abandoning your basic business model.