Assignment 28: Your Exit Strategy


1.       My business exit plan is to ride it into the ground. Realistically, the app that I am developing is going to substituted by a larger, more established company. Social media sites will use their vast market share and large user base to run me out of business. Before then, I hope to make a little bit of money on the app so that I can be proud of my achievement and have a tangible reward for my efforts. After that, I expect people to just transfer over to the other social media sites and mine will just go out of business, and I am fine with that.
2.       I have selected this exit strategy because it is the most realistic and I am not too heavily invested in this product so it is not an issue if it fails. I think that larger social media sites will take me over if I get relatively big because consumers will just say “why doesn’t Facebook just make this on their own site?” and Facebook will listen. When this happens, my product is doomed.
3.       This exit strategy has made me hesitant to start this product because I think there is a limited amount of success that I can experience. It has also made me expect less returns from my product and I would use it as more of a resume builder or an interview answer or a hobby that I want to pursue. I do not expect this product to be too successful but I think it would improve the attitudes of the community that I am in so it could be very beneficial to others and not necessarily myself.

Comments

  1. logansheffieldNovember 20, 2019 at 10:55 AM

    Hi Jonathan,

    I like how you used the phrase "ride it into the ground," I think this shows how you want this opportunity to succeed and that you have thought about the long term goals and plans for your venture. I think that you have thought a lot about your venture and the longevity of it and I think that this shows how passionate you are about your idea. I think that instead of being hesitate about your idea, you should just go full force and see what happens. Good job this week.

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  2. Caroline JungelsNovember 20, 2019 at 7:14 PM

    I think that your take on this is respectable because it is realistic. Most people would not be willing to sell their business for a payout because as Pryor has said, entrepreneurs marry their business endeavors and do not part with them easily. However, I do agree that a huge company like Facebook would be able to take the business idea and make it way bigger than an individual ever could, so realistically it would be the best thing for your business venture.

    ReplyDelete
  3. Daniel SuarezNovember 24, 2019 at 8:33 PM

    Hi Jonathan,
    Good job on this reading assignment I really enjoyed reading this post. I think that you did a great job on figuring out the idea behind this assignment. The idea is to be realistic on what you want to do after your idea makes it. And that is really good because you can see yourself doing something else after you make it.

    ReplyDelete
  4. Benjamin NormanNovember 24, 2019 at 11:22 PM

    Hello Jonathan,
    I like how you take a realistic approach to this business venture. I think with the exit strategy of riding it out to the ground would be beneficial to your business plan but if you trademarked your idea then instead of bigger companies stealing your idea and making their own version you could try and sell it to them and make one final gain from this business venture.

    ReplyDelete

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