The exit strategy I plan to make is to sell my business in the next five or ten years for a large return. I have selected this particular exit strategy because I believe that I could have some competition with this business once I sell it. Once I have competition, it will be hard for me to find customers and still produce lots of revenue. If my business doesn’t make any revenue when I first introduce it, then I will have to tweak some parts of my business plan. It is not easy to start a new business at first, so that is why it’s ok to learn from your mistakes. I think my exit strategy has influenced other decisions I’ve made in my concept because I have also talked about getting my business started right away in some of my other blog posts. I am hoping to start my business as soon as I graduate from UF. I will play everything by ear and see how it all goes.
Jacob,
ReplyDeleteI really enjoyed reading your blog post for this week's assignment. I chose the same exit plan -- to sell the company within 5 - 10 years for a large return. I chose this for my business because apps are usually volatile in today's society. I am really excited to learn that you want to pursue your business idea as soon as you graduate from UF! I really hope it works out, it is a really awesome idea! Great job and good luck!
hey jacob, I like the idea of getting the weight off your shoulders and moving on to bigger better things, but I decided that I would rather hold onto the owner ship but give command to a responsible, capable person who would do the company good. I would probably do a big application process and hire people with a lot of management experience who deserve to start moving up and add more work under their belt. Possibly could be a payed internship with a mentor or something to start assisting people with their professional lives.
ReplyDeleteJacob,
ReplyDeleteI think this plan can be very beneficial for a couple reasons. For one, I think even though you plan on selling it, you will have gained a lot of knowledge and experience in running your own business especially at a young age. I think it is also smart for you to sell it off if you think that is the right move once it gets bigger because of the greater competition.
Hi Jacob, it is good that you are recognizing early on that you could get competition. Understanding the market before you go in could definitely help you avoid mistakes. The more you know about your business and what you want from it the stronger it will be internally. Its awesome that you want to start as soon as you graduate, the sooner you can start the sooner you can make money.
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