It's difficult to think of an exit strategy when this project/creation is still something so new and exciting to think of. The thought of already having to plan how I would want to potentially end it personally hasn't become an option. The exit strategy I wish to employ to is to stick with the business for at least 1 decade. I feel that modern technology will continue to advance in so many ways that this business would eventually have to restructure itself and the way it functions in order to acclimate to any technological changes and business trends. The market will also be something that will change and so I feel that maybe I should even reconsider the at least a decade to possibly at most a decade. I have selected this exit strategy because I have faith in my idea and I would want to give it the best chance to flourish and take it as far as possible. I feel this exit strategy goes hand in hand with my intentions to continue to acquire resources because I plan to expand and grow a strong network in order to improve my product and service over the years.
Hey Cindy,
ReplyDeleteI like how you are thinking through the shift in technologies and market changes to determine if it is worth hanging onto your venture for more than a decade. Similar to your thinking, my venture has a short opportunity window. I thought I would build it up quickly and then sell it at its peak to ensure profitability from the sale. If you'd like to check out my exit strategy, it is at http://entreprenue-whaaat.blogspot.com/2016/04/my-exit-strategy.html .
Hey Cindy, I admire your dedication to your business and seeing it flourish in 10 years time; I completely agree that it is slightly hard to think of the end when we just barely start haha. I think that of the exit strategies I have read, yours was the best because you molded it to possible changes in the future, and with that mentality you will be ready for changes when they come. Keep up the good work and feel free to check out my blog post http://lovetravellives.blogspot.com/2016/04/my-exit-strategy.html
ReplyDeleteHi Cindy, I think you made a good point as to why you would only like to maintain your business afloat for at least a decade. I also believe that new technological advancements would push your venture to bring forth new ideas which would redesign the way your business runs. I think you should try to keep up with the advancements we make in the market along the way and change your methods to continue to compete. I know it won't always be easy but it could allow you to prolong the life of your business for a few more years than already anticipated. I had the idea of retiring and traveling after a few years but I would not feel comfortable trying to sell my business because I would think that it becomes a part of me and that's a hard thing to give away after so many years of working to make it better. Good luck!
ReplyDeleteHere is the link to mine:
http://myentrepreneurshipinizio.blogspot.com/2016/04/my-exit-strategy.html