Samantha Twohig
ENT3003
Your Exit Strategy
4/13/20
1. I chose to enter the social media market. With that being said, I will probably sell the business in a few years, not necessarily because I want to but because I will most likely have to. Right now, all social media platforms are very popular but as time goes on and technology advances, it may become less popular. If that happens then my product will useless in the market. This type of product and this kind of market is not a business that is passed down. I hope to stay in this type of business but I believe this product will only last as long as the market.
2. I picked this strategy because my product and business follows the market of social media platforms. If new technology reaches the surface then new forms of social media or something we have not even seen yet, then my product will be useless.
3. After making my exit strategy, I realized that in the few many I should appeal to a market that will allow me keep going. Although this product will give me the maximum benefits it could give me during that time, it may be nice to have a business that I could pass down. On the other hand, I like that I chose this market because I can relate to so many people when addressing it and I am confident with my product. The exit strategy definitely geared me towards certain decisions but I would not change any of them.
Hello Samantha, superb post, looks like you know what you want to do, and have another goal in mind after what you accomplished. You're looking towards what is beneficial to you and to the others who want to buy it. A lot of this comes into planning, and I can definitely see it happen in the future, good luck to you.
ReplyDeleteHello Samantha,
ReplyDeleteI find that you have taken a very realistic approach to your exit strategy. Being able to accept that your product may not be able to survive forever is extremely important. By doing so, you will be able to protect your own fortune. I like how you are able to separate your love for the product from the real forces of the market.
Hi Samantha, you made excellent points about how fast moving the tech world can be, and I believe that it will only become faster over time. It will be an interesting challenge to market your own business as valuable in a changing landscape where innovations can quickly become obsolete. Still, I think you chose the optimum exit strategy, and that will be very helpful in making the most important business decisions.
ReplyDeleteHEllo sam,
ReplyDeleteI really enjoyed reading your post and had a very similar way of thinking about my exit strategy. Your approach is very realistic as far not sugar coating what could happen in the tech world, I have product in the same industry and this problem never really crossed my mind. I think that if you were able to weather a few storms within the industry though you could have a billion dollar product that you sold off for less. Overall great post though, keep up the good work!
Samantha,
ReplyDeleteI agree with your observation that the market for social media startups is really competitive right now. It seems as if the moment a new platform gains traction, it is being bought up by larger companies. I also agree with the crazy pace of technology leads to obsolesce pretty quickly, even for very young companies. I also struggled for a while to decide if I wanted to pass down my idea, or if I just wanted to get out while I was ahead. There are many important aspects of your venture that need to be analyzed when making this big of a decision. Thank you for your post.
Hello Sam,
ReplyDeleteI really enjoyed reading your post. I think you have a great idea for your exit strategy. Realizing that not everything lasts forever is important when running a business and to take what you can when you can.
Hey Samantha,
ReplyDeleteI also have the same plan of selling my company partly because I want to but also because I know if UF creates a competing app I will not be able to keep up with them. I also think I will be able to make more money be selling to someone like UF rather than trying to run the company myself.