28A- Your Exit Strategy
1. My exit strategy
Within a few years from now, it is my hope that my business will have grown into a large company known for its environmentally friendly practices. I have 2 full years left at the University of Florida, and after that I hope to go to graduate school somewhere. With that being said, I hope to be done with my studies in four years, at which point I will sell off my business to any of our partners. By that time, we will be in alliances with multiple retail stores and food shops, and I will sell off the business to one of those partners who will probably change the name and make it their own.
2. Why
I have selected this because to me, this has always been a hobby of mine and not so much a life goal. I never intended to extend this business and dedicate my whole life to it. In fact, I only started it because I needed some extra money as a college student. When the four years are up, I will have enough money and education to find a steady job elsewhere that does not give me enough time to dedicate to this business as I have for the past few years. I also see increased competition arising within the industry, which will make company functions much more complex, and I do not have the time anymore to dedicate.
3. The influence
I believe that since I know I will not continue on with the opportunity for the rest of my life, i have decided to not dedicate an insane amount of time to the venture right now. I know that it is not something I want to prolong for the rest of my life, so there is no point in stressing about it too much right now. It has definitely affected how I identify an opportunity because it has made me not concerned with widening our company portfolio right now. I am currently just focused on getting our first product out, and if that goes well, then maybe I can look into releasing more products. But since I know this is a short-term business, I don't think it is worth trying to acquire as many resources or jump onto new opportunities.
Within a few years from now, it is my hope that my business will have grown into a large company known for its environmentally friendly practices. I have 2 full years left at the University of Florida, and after that I hope to go to graduate school somewhere. With that being said, I hope to be done with my studies in four years, at which point I will sell off my business to any of our partners. By that time, we will be in alliances with multiple retail stores and food shops, and I will sell off the business to one of those partners who will probably change the name and make it their own.
2. Why
I have selected this because to me, this has always been a hobby of mine and not so much a life goal. I never intended to extend this business and dedicate my whole life to it. In fact, I only started it because I needed some extra money as a college student. When the four years are up, I will have enough money and education to find a steady job elsewhere that does not give me enough time to dedicate to this business as I have for the past few years. I also see increased competition arising within the industry, which will make company functions much more complex, and I do not have the time anymore to dedicate.
3. The influence
I believe that since I know I will not continue on with the opportunity for the rest of my life, i have decided to not dedicate an insane amount of time to the venture right now. I know that it is not something I want to prolong for the rest of my life, so there is no point in stressing about it too much right now. It has definitely affected how I identify an opportunity because it has made me not concerned with widening our company portfolio right now. I am currently just focused on getting our first product out, and if that goes well, then maybe I can look into releasing more products. But since I know this is a short-term business, I don't think it is worth trying to acquire as many resources or jump onto new opportunities.
Hi Beca,
ReplyDeleteI respect your honesty when stating that this project hasn't been a life goal, rather just a hobby and a way to make some extra money. I think it is admirable that you put so much effort into a "temporary" project even though it is something that won't have an ever lasting effect on your life. It is important to dedicate yourself into everything you do. This kind of motivation will get you far!
Hi Beca,
ReplyDeleteI have seen a lot of small business start, grow, and be sold for a lot of money to bigger companies! I believe that you have a good plan moving forward. I also like your honesty in the sense that you are able to identify that this will only be a temporary thing. If only temporary, it is a good idea to push it as much as you can now to get the most out of it that you can!
Hey Beca,
ReplyDeleteIt's so interesting to read what other people plan to do with their businesses, especially because my plan was the complete opposite of yours. I don't think there is anything wrong with starting a business you're not super passionate about and having it as just sort of a hobby. You'll have gained so many unique skills and experiences with this venture that will probably be really helpful down the road.