I think for my exit strategy for my product I would sell my most of business after 5 years of success. I would like to earn as much money as possible from it and then retire from that venture happily. I do not see a need to pass it down to my children nor stay with it except to keep a small portion to continue to earn money. I would like to continue with other future ventures.
I choose this exit strategy because although I believe using the phone while driving is extremely dangerous and needs to be solved, it is not one of my biggest passions. I would want to take a different route. I do find it important, but it is not something that I will love to continue for the rest of my life or until retirement.
I think this exit strategy didn't affect my concept because it is a very simple concept with a simple exit strategy. I do not see it going farther than what it already is, but I can't think of anything else it could expand into like most driving/map apps. The exit strategy influenced my growth intentions because I choose not to continue with it after 5 years. It doesn't affect how I plan to acquire and use resources. The main issue I would need to work on is selling my product to another company or buyer.
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30A – Final Reflection
Goodbye ENT 3003, Looking back through my assignments and experiences, I thought, "Damn it. I probably could have done better for a c...
Hey Shelby,
ReplyDeleteI can understand not wanting your concept to become your entire life, I felt a similar way about my business venture. Instead of dropping it entirely, maybe your app concept can be evolved to survive years into the future with someone else running it, or it can be sold off to a company that can put the technology to good use. I think that spokespeople against texting and driving would be happy to take your venture off your hands and use it as a powerful marketing tool that not only sends a message, but provides a realistic means of achieving that message.