1) Identify the exit strategy you plan to make. Do you intend to sell your business in the next 5 years for a large return? Do you intend to stay with the business for several decades and retire? Do you intend to protect the venture as a family business, and pass it down to your children?
What I plan to do once I get my product off the ground and making money. I would like to stay with the business to come up with more innovative ideas and then retire, but also keeping it a family business for future generations.
2) Why have you selected this particular exit strategy?
I chose to stick with this particular exit strategy, because I would like to give my future children and grandchildren guaranteed opportunities if they decided to follow the path of the family business.
3) How do you think your exit strategy has influenced the other decisions you've made in your concept? For instance, has it influenced how you have identified an opportunity? Has it influenced your growth intentions or how you plan to acquire and use resources?
I believe my exit strategy has definitely influenced my decisions toward my concept. One reason would be, because I would like to come up with new ideas to keep the business profitable for future generations, which I have already came up with one other idea that I could try and pitch to the market to keep profits up.
- William Garlock
Hey, so we definitely had some differences in our exit strategy. However, we both agreed on how our exit strategy has influenced decisions in our concept. My concept has to do with an application that offers cheaper and healthier eating/cooking options for college students, and although that is something I think would be profitable, I want to do something else as my main entrepreneurial endeavor. I think it's cool that you want to stick with your idea, but I definitely think you should start brainstorming about your next steps and how you plan on establishing yourself for generations to come. Keep up the good work.
ReplyDeleteAlso, check out my blog post:
http://sebastianent3003.blogspot.com/2016/04/my-exit-strategy.html