28A- Your Exit Strategy



1) The exit strategy that I plan to make is that I plan to protect this business until I retire. I want to continue working with this business for the rest of my life until I can no longer work with it, and then preferably pass it on to someone who really enjoys the industry. I think that I would not want to force this onto my family because I think that everyone who opens a business does so because they are especially interested in it. I do not think that it is a good idea to force a business onto someone unless they are absolutely interested in working with that concept.

2) I have selected this exit strategy because I have a love for this industry. I think that this is something that I'm very invested in and I would very much regret selling the company only after a few years. For me, this entrepreneurship idea is more of a dream project than a quick way to make money. I think that one of the only ways to be successful continually in this entrepreneurship concept is for me to stay understanding of the market and stick to it.

3) I think that this exit strategy has influenced the other decisions I've made in my concept because even though I have identified one opportunity this exit strategy encourages me to find more than one way to make money and stay up-to-date in the industry. If I am unable to do so, I will be unable to carry out my plan in the way I want to. I would like to create something special that is able to stay afloat for a long time. It has influenced my growth intentions because I do not plan to expand and I would rather stay in one small area. It is easier to control and learn about one specific market and geographical location can have a huge impact on that. I cannot control and make sure that I am satisfying my customers if I expand too far from my original location and have to pay attention to so many different types of customer. I plan to acquire resources with this exit strategy by staying a trustworthy, dependable company that is consistent. With this exit strategy, there is less stress about finding resources and using them because I will gradually build them over time.

Comments

  1. Hi!
    I really like that you don't want to label your business as one that would be passed down to your kids because you don't know if your children would enjoy the industry. I agree that entrepreneurship for me is not part of a way to make fast money, but for me it is to eventually make a dream project. You had everything that was needed for this assignment.

    ReplyDelete
  2. Kelsey,
    I like your decision to keep the company until you retire as I would plan to do the same thing with my business. Instead of confirming to pass down to my family, I would make the best decision at the time to either sell the company to set up my family for life or keep it running if I feel who ever I am passing it down to can keep the growth. Having a love for the industry is the most important thing since it will take a significant amount of time running the business.

    ReplyDelete

Post a Comment