#1- In the event my venture becomes successful I would likely develop plans to either sell the business off for a large pay out if it does not end up becoming a very large business, or if the venture does pan out and becomes a very large business I would likely make plans to stay with the business for many years before eventually retiring.
#2- I selected this plan to ensure that the business will generate a large amount of money in the long run should the business become largely successful or simply sell the business to a larger company for a pay out if the business does end up becoming very large and simply accept the large pay out.
#3- I had not considered an exit strategy before this assignment as I was mostly focusing on developing the product that I will be selling. As such my exit strategy has not had much of an influence on my decisions with the product as I have been working on developing a good product that consumers would enjoy before progressing further with my business plans.
I came to a similar conclusion when developing my exit strategy, that at some point I would like to sell and start something else. I bet this is a similar theme for students in this class mostly because this is just our first of many ventures into starting a business. I think its okay to not think of an exit strategy at first, because like you said you were more focused on just getting this thing started then on what to do after the fact.
ReplyDeleteI liked the flexibility that you had in your exit strategy. You were planning for multiple outcomes, which I think is the best way to succeed in business. So overall great work in planning ahead and seeing all of the possibilities.
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