28A- Your Exit Strategy
1) I plan to either sell my idea to retailers or patent it and have it in stores. Ideally, I'd like to sell my business for a large return.
2) My main goal besides being passionate of my work is making a profit. This is my plan because I want my product to make me money- of course. The need for the SmartPen is important to me as I feel the idea has potential
3) I feel maybe if I was slightly more confident with my product I would not even think about selling my idea for a large return. However, since I know the SmartPen is not one of my best ideas I wouldn't be as opposed to selling the idea off for a good sum of money.
2) My main goal besides being passionate of my work is making a profit. This is my plan because I want my product to make me money- of course. The need for the SmartPen is important to me as I feel the idea has potential
3) I feel maybe if I was slightly more confident with my product I would not even think about selling my idea for a large return. However, since I know the SmartPen is not one of my best ideas I wouldn't be as opposed to selling the idea off for a good sum of money.
Skylar, I feel very similar in that my business idea is not my greatest idea. I feel that my exit strategy depended a lot on that. I choose to keep my business till retirement as a side hustle because I do not think anyone will be willing to buy it for a large return. Also, I feel it will be good to have extra cash flow coming in. Also, because we are full time students focusing on getting a degree, it makes total sense that we would not be prioritizing a business at the moment.
ReplyDeleteHi Skylar,
ReplyDeleteWell done with your blog post! I can totally understand your sentiment for wanting to sell it off- that's where I stand with my business as well. There are just many more things in life that I would rather tend to and devote time to than a business. Also, well done acknowledging that this may not have been your best idea- I'm sure that with time and throughout this class, you have been able to think of even more ideas! Don't be afraid to throw those around and flesh them out, too. You never know what you might find! Keep up the great work!
Hi Skylar. I have a similar outlook on my business as you do on yours. I definitely do not see my business as something that can be successful long-term. Ideally, my business, like yours, would make a short term profit and I could sell it for a nice return. I think in cases like ours, we have to just keep coming up with new ideas and new products. Great post Skylar!
ReplyDeleteHello Skylar. Like you, after a short amount of time, I want to be finished with this entrepreneurial idea of mine, and move on to different things in life. Similar to you, while I am passionate for my idea, and believe society really needs it, it is unfortunately not one my best, and thus, maximizing it as soon as possible then offloading it is my goal. It is special that you can be honest with yourself, and admit this idea may not be so successful long term, and I believe I possess that same trait. Awesome post.
ReplyDelete