My Exit Strategy

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?

I plan on staying with my business for several decades. I can't picture selling my business to another company unless I was entirely sure that they would be able to maintain the core values of my organization. In the time-span of several decades, I could envision myself diversifying my organization into different ventures, like, for example, QuikPay Go, which would allow the consumer the convenience of ordering their favorite meals from home and being able to pick up their customized order at a set time. I would shift my company into data analytics and cloud computing because I believe it would allow my company to predict new trends; furthermore, it would allow my R&D department the opportunity to create new products and services, akin to the vision of Google's parent company, Alphabet Inc.

2) Why have you selected this particular exit strategy?

I selected this particular exit strategy because it allows my company to grow. As I mentioned in an earlier post, no company survives without a constant reinvention of its services or products. By delving into data analytics, my company will be better adept at gauging customers' behaviors, and finding opportunities that other companies may miss. At the same time, my company will be able to function and thrive without my input after I retire.

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?

Yes, my exit strategy has influenced the ways I identify opportunities. Opportunities don't exist, for the most part, in a vacuum. It involves insight, intuition, and innovation. That being said, it's important to gather the feedback of potential customers before investing into a product or service. Analyzing what the customers suggests plays a key role in determining the feasibility of your idea. However, sometimes the consumer does not know what it wants until you invent it. So, my company will oftentimes create new services or products and see how the consumer reacts to it.

via GIPHY