1) My exit strategy is one of two parts. First, I will attempt to expand my business using some of the strategies mentioned in previous posts in this blog. I have big aspirations for this company, and I believe I can expand it into a worldwide brand bigger than one's wildest dreams. However, if I am attempting to do this and I find that expansion is plateauing, I will immediately sell my business and enter another venture.
2) I have selected this strategy because it allows me to still shoot for the stars and not consider the possibility that I might be out of the business in a few years. It allows me to, first, see if I can access the maximum potential of this company. However, as this is my very first venture while I am still young, I have no ties to it as I know flaws are inherent. I plan to use this as a learning experience to apply to my next venture if I find that I can not expand my brand how I dreamed.
3) Yes, I believe that my exit strategy has impacted the way I plan to operate my business. I now understand what the objective is with this venture and I can devote all my resources to realizing that goal: expanding this company into a worldwide brand beyond anyone's wildest dreams! And if I fail, no hard feelings, move on to the next one chief. That is the mentality that I believe is key to success in entrepreneurship. Failure is inevitable but it is never a reason not to try!
Exit strategy is a big part of a company and a product. My plan was to try to sell a product within five years and make a profit to my best ability. It also depends on the product of course, but for mine, it made sense to try and get out as much money as possible. If the product had a higher chance of making me money than I would definitely look to stay in it longer and make money
ReplyDeleteKnowing that your business venture can be flawed, especially if it is your first one, is extremely mature. Most people spend too much time on failed products and waste away their talents. I believe your mentality is right and true.
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