My exit strategy would be fairly simple. If I did get this venture up and running, I would stick with it for no more than three years. Within three years I will be able to see if my Smart Collar is successful. If it is, then I would sell the rights to my product to a company that is able to advance the features of it. Also if this Smart Collar was successful, I'm sure that someone would be trying to copy it within three years. I would be better off selling the venture before any competition starts to happen. I'm sure there would be a large company out there that would be interested in it and could improve it and make it more successful rather than me holding onto it.
I have selected this exit strategy because I really don't have any family that would be interested in keeping the business going after I'm gone. Also, I'm not really concerned about the money I could make if I held onto it. This idea didn't start thinking about possible money. My Smart Collar idea grew out of concern for pet owners who are attached to their pet and consider them as part of the family. It was just an idea to give the owners a boost when they're away because seeing your pet always makes a person feel better.
My exit strategy has influenced how I identified an opportunity because it's all for the benefit of pet owners, and not just about me. I get a wonderful feeling when I see other pet owners bonding with their pet. Anyone who owns a pet knows just how special that bond is even though the pet can't speak. So for my idea to have the chance to grow and become better I need to turn it over to someone who can make it better than I can. The biggest way I would see myself as being successful with this idea is to see other pets wearing the Smart Collar and know that their owners are happy that they can see or say something to their pet when they're away from them.
Victor, your exit strategy seems very selfless and genuine towards pet owners. Your reasons to give up the company were reasons I've never thought about and are valid reasons. It's interesting to read everyone's plan for the future of their business. Everyone has different goals and reasons for either keeping their company or giving it away. Interesting to hear what your ambitions for your product would be.
ReplyDeleteMichelle Lam
I think it’s cool that you’ve set your exit as 3 years, and I think your reasoning for it makes a lot of sense. I’m interested in how other entrepreneurs view their exit strategy, and how that influences their growth models for their business. There’s nothing to critique on the post. I’m interested in how Smart Collar develops in the future.
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