Assignment 28A
1. In the next 5 years I plan on taking my business to the next level rather than selling it. Being that I am currently only 20 years old, I still have a ton of room to grow as an entrepreneur and that this is only the beginning. Possibly I have a large and loyal workforce behind me that I won’t have to pay attention as much but still be the man in charge. If this business blows up in the right direction, then I plan to stick with it for a couple decades before I hand it down to a long-term employee or family member for half a share in it. I could be half retired or possibly working on another project that may be involved with Smart Park.
2. I have selected this particular strategy because I think there is more, I could add to my product or make similar, smaller products that can go along with the story and goal of Smart Park. You can’t grow a tree overnight and you definitely can’t complete this business over night. I believe it will take a few years to grow a reliable target market and let everyone know about what Smart Park has to offer to the world of navigation.
3. My exit strategy has helped me make a list and schedule of how I plan to run and expand the business. I now have a timeline that I will try my best to follow and conquer every obstacle set in place. I would definitely say that the exit strategy but more so the venture concept has helped me plan the acquired resources I will need to become successful.
Christopher,
ReplyDeleteI think that you have the makings of a solid plan right here. If you expend all this effort to get your business up and running, why on earth would you leave it? It is a brilliant idea, if you want to continue as an entrepreneur, to stay and see where this venture goes. I particularly like your statement, "You can’t grow a tree overnight, and you definitely can’t complete this business overnight." Not only does it show faith in your product, but also the correct mindset for it.
Great job!
Respectfully, Maeghan Solanki
Christopher,
ReplyDeleteI do think your plan is very smart, and practical. As an entrepreneur we are forced to think ahead just to keep our business afloat. I think you’ve really thought about where you would like to take your business, and how it should go. Additionally, I do agree that it may take some time to grow a strong market, seeing as how you’re starting out as a new business owner. I hope your vision works out for you, and your business flourish beautifully. Thank you for sharing!