1. What I intend to do with my business strategy I think is very situational. In general though, if the business is very profitable I would like to hold onto it for as long as I can and continue to make money off of it. But, if someone offers me an amount of money that I simply cannot refuse I would gladly sell. If I do sell for a large amount of money, this will give me time and resources to come up with potentially a new business idea that could be more lucrative.
2. The reasoning for this two options is because the entire reason why I would want to get behind starting up my own business and coming up with ideas that I think could be successful would be to make money. I think these are two outcomes that happen the most with new businesses. Either someone is set on keeping the company and working to better it as much as possible or someone gets an offer for their company and sells it for a large amount of money. Either way I would be happy with both decisions as long as I was making money and enjoying myself while doing it.
3. I think it definitely has influenced my decision making with this business idea. I would want this business idea to be as lucrative as possible, so that would mean that I would want it to appeal to the masses. This may mean that some ideas that I have that I would enjoy a lot may not be something that the general population would enjoy. I would try to make my business idea something that the general population would enjoy as a whole. I think that this would be the best way to make money off of it.
Hey Nick, nice post here. I think something that is clear after this assignment is that your exit strategy is inextricable from your purpose for starting a business. If you start a business in order to make money, you will only exit that business when you have done so. If you start a business to fulfill a need in society, you will only exit that business when you have done so. An exit strategy is also sometimes a difficult thing to predict. This is because our economic environment is volatile. One venture might be lucrative one day, and irrelevant the next. Nice post.
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