That's a fast exit!
All good things come to an end. Eventually, the entrepreneur exists the venture she or he created. Although exit comes at the end of the entrepreneurship process, its implications can be seen throughout. Exit can influence how you identify opportunities, develop products or services, and manage and grow the firm. In this exercise, I would like you to reflect on your own exit strategy.
Here's what you should do and write up for your post:
1) Identify the exit strategy you plan to make. Do you intend to sell your business in the next 5 years for a large return? Do you intend to stay with the business for several decades and retire? Do you intend to protect the venture as a family business, and pass it down to your children?
It depends on how well I am doing this, if I manage to sell 50 units a month, I will keep sending the Ecuadorian Artisans in Ecuador. This business has a purpose to finance my extra spending on my college life. If the business is slow (that I won't allow) I will end it when I graduate around Fall or Spring 2020.
2) Why have you selected this particular exit strategy?
Because this is not an economy of scale business. If I did not study at all, and just focus on this job, then I would continue to study the market and focus and dedicate all my time on this venture. I know I CAN have the time, but college is only once in a lifetime and I need to party and have fun too!
3) How do you think your exit strategy has influenced the other decisions you've made in your concept? For instance, has it influenced how you have identified an opportunity? Has it influenced your growth intentions or how you plan to acquire and use resources?
Since this business concept does not have a particular event to back it up (in contrast to selling collectible sticker albums for the soccer World Cup that occurs every 4 years) the business is supposedly the same through the year. If my life was in jeopardy because of the sales in this business, I would have put more effort and time into the business and my exit strategy would have obviously changed.
By the way..
Check out my webpage! Please give me any feedback.
https://www.etsy.com/shop/BohemianArtisansCo?ref=seller-platform-mcnav
Hey Sebastian! This is a sound exit strategy for your business, as you are currently putting your money on the line to make extra money. This is your part time hobby/job and can tell you wouldn't mind growing it big, but you feel comfortable with a small to medium sized group here at UF. Would you ever consider passing on the connections to someone else when you graduate? Kind of like passing the torch, you can keep the business running and accept a small percentage of sales from whomever you extend the offer to. Could be a win win.
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