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?
This venture is a get in and get out, make the money while you can plan. Technology moves so rapidly that my innovation will be quickly replaced or matched by competition. The key for me is showing the potential and need for my product before others competitors enter. Once the need is shown I will sell the business for a nice profit and move on.
2) Why have you selected this particular exit strategy?
I like to be well rounded in all areas of my life. I would rather have the money and risk it on another venture or multiple ventures with a little more money involved.
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?
The way identified the opportunity was affected by the fact that I am solely motivated on profit while I have noticed others care more about social or emotional beliefs that may help others with little to no profit. Further, growth for the business is minimal in my mind. I want to start the business, show potential, then let someone else either make it bigger or change it. I just do not have the funds to grow it and the risk is still quiet substantial for me, but an investor may be willing to take on the risk.
The way identified the opportunity was affected by the fact that I am solely motivated on profit while I have noticed others care more about social or emotional beliefs that may help others with little to no profit. Further, growth for the business is minimal in my mind. I want to start the business, show potential, then let someone else either make it bigger or change it. I just do not have the funds to grow it and the risk is still quiet substantial for me, but an investor may be willing to take on the risk.
Hey Caleb. I think that we share similar feelings about possible ventures in the future. You said that you're looking to staying well-rounded in your moves which explains why you wouldn't be eager to pursue an idea past a point when it would be smarter to move on. I'm also into the idea of creating ventures and showcasing their values to investors who are willing to take a risk.
ReplyDeleteHi Caleb,
ReplyDeleteIf I were to start your venture concept, I would want to sell it in a few years too. As you said, technology is changing so rapidly. When you are dealing with technological innovations, you have to move fast, make your money, and move on or continue to innovate. Like Bill Gates said, “Innovate or die.” Or in this case, innovate or sell. I intend on doing something similar. Here's my blog post: http://cogentshift.blogspot.com/2016/07/my-exit-strategy.html
One more thought: I saw a commercial yesterday for a business that sounds very similar to your venture concept. Check it out: https://www.mtailor.com/