Everything in our lives comes to an end. Even our own lives
ends as soon as we die. Therefore, it is essential for us to plan how are we
going to take the best from our lives and, if we can, in what circumstances we
will be when we die. The same applies to our relationship with our business
plan, but in this case, we can dictate the life of our venture even after we
die.
The Exit strategy that I plan to make will be based on the
results of my venture. It is really hard to make an assumption and decide to
sell, close or continue with the venture when we don’t have any results we can
base our decisions on. For Example, what if I say today that I plan to sell the
business 5 years from now, and during these 5 years I am really successful with
the business and continue working on it will be beneficial for me. Or by the
other hand, what if I say that I want to keep the business and leave it as a
family business, but after 5 years, I don’t see positive results from the
venture, and keep trying and pushing will only cause my bankruptcy. In both of
these cases, I will have to modify the type of exit that I was expecting.
However, choosing the exit strategy of our business in an
early stage will help us to follow the path that we trace ourselves. This is
the reason why I want to sell my business 8 years from now. This specific time
will help me gain experience and also work on my full potential for my business
at a relative young age. I will work hard and invest my time, money and effort
on building and shaping my venture, and I expect that 8 years from now all this
effort and commitment will pay off.
This exit strategy helps me to focus on obtaining positive results
in the long and in the short run. But I believe that it is critical not only
for me as an entrepreneur, but also for other entrepreneurs to understand that
planning an exit will definitely help us shape the type of business that we
want, but we must also understand that the exit strategy must be volatile and
flexible if something unexpected occurs.
I found this video describing three basic exit strategies
which helped me to understand the exit strategy concept in a better way.
Hey Alejandro,
ReplyDeleteGreat post! I like how you acknowledged the importance of being open when it comes to deciding on an exit time frame. What we think now might not be the same in 5 years because things change, especially when you are running your own business. I think 8 years is a good starting point because it gives you enough time to grow your business and find out if it is something that you want to be involved with forever or if you rather move on to another idea. I also liked how you included the video! Good luck with your business! Feel free to check out my blog post here: http://wsentrepreneurship.blogspot.com/2016/04/my-exit-strategy.html
Nice post. You did a good job when considering all options and the different ways your venture could go! I too want experience when it comes to building a business, whether that means starting it while I work at a job on the side or directly out of college. Best of luck!
ReplyDeleteHere is a link to my post:
http://paigecarlent3003.blogspot.com/2016/04/exit-strategy.html