Assignment 28A - Your Exit Strategy
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?
- With my Gym Checker app, I would plan to sell my business in the next few years or so for a return. It's easy right now for me to relate to college student's problems and needs because I am a college student. A few years after graduation I could still probably relate to most issues, but eventually I won't be able to relate as much. I also don't personally see this venture as my biggest project and would want to devote my time to my next big venture. I think it is important for me to build it up as good as I can and then set it up for a nice price tag in the future.
2) Why have you selected this particular exit strategy?
- Like I stated before, I don't see this as my biggest project. I believe my time is a valuable resource, and I have ideas that I think will generate me more income and be more worth my time down the road. As for now, this idea works well, but 5 years in the future, I may have something more profitable that I could use the startup capital for.
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 think my exit strategy has definitely taken a part of the thought processes when I am thinking of those decisions. I am looking for long term opportunities at this very moment; something that I can grow for decades. It's hard to tell the exact lifespan of a venture before you've even began, but it's important to think about. However, I don't think it has influenced my growth strategy much. I still would like for Gym Checker to be as big as it can be, and who knows, maybe it could grow to something that really is worth my time down the road.
Hey Jacob,
ReplyDeleteGreat job with this assignment. It's smart of you to consider how you may not be able to relate to your target audience as much in a few years so selling may be your best bet. Even though this may not be your biggest venture idea, it will certainly help you gain experience to make your big idea as successful as it can be.
Hi Jacob,
ReplyDeleteI am in the same boat as you in wanting to sell our business for a good profit sometime soon. I wanted to sell so that I could then spend good quality time with my family. I think it is smart to exit your business after you are no longer in the targeted group of customers. I wish you the best of luck.
Hey Jacob,
ReplyDeleteThough I really do like your product, I think this is a great exit strategy, especially for your reasoning. I really do like your confidence and your enthusiasm for entrepreneurship. I would like to hear about any other future products you would have in store, since I believe you have a good idea for what the community wants.