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No matter where you started, you can have a great finish! I challenge you to do something great for God. – Anonymous

A pit is a ditch, a trap or a snare. It refers to destruction. Satan always wants to bring us into the pit.
Joseph was sold into slavery by his brothers who hated him. They actually threw him into a pit and intended to leave him in there to die, but God had other plans. He ended up by being sold into slavery in Egypt, where he was abused and ended up in prison for refusing to compromise his integrity. Yet everywhere Joseph went, God gave him favour. Ultimately, he ended up in the palace, second in command to Pharaoh.

How did Joseph get from the pit to the palace? I believe it was by remaining positive, refusing to be bitter and being confident and trusting God. Even though he looked like he was being defeated on many occasions, he kept standing up on the inside.

Joseph had a right attitude. Without a right attitude, a person can start in the palace, and end up in a pit, which actually happen to a lot of people. So, it seems, have great opportunities even to them, and they do nothing within their lives, while others who get a very bad start in life overcome all obstacles and succeed.

Genesis 41:39–40
And Pharaoh said to Joseph, for as much as God has shown you all this, there is nobody as intelligent and discreet and understanding and wise as you are. You shall have charge over my house, and all my people shall be governed according to your word. Only in matters of the throne will I be greater than you are.