28A – My Exit Strategy
What my plan is with For
Kid’s Sake is to see how far I can take it. If it works out, then I’ll keep
it going for as long as it’s profitable, helpful, and enjoyable. I want to make
a difference, so I hope I can help at least in some small way. When it stops
being those things, then I’ll know it’s time to move away from it.
I’ve selected this strategy because I want to let the idea
and the opportunity speak for itself. If the community finds it useful, then I’m
all for it. If not, then I’ll look to another new idea that might be. You
cannot force an idea to work. It either does or it doesn’t. But you do have to
give it every chance and help it along the way.
In some ways, it has influenced my thinking about the
opportunity. I’m not at a place where I can pour large sums of money into the
project. I would have to rely on investors which is tough. If I sold the
product idea to a company, like Graco, for example, I would be out right away.
I would see if a patent of the idea is feasible, and if so, that will charge me
up to take it further.
I had a business once before, a freelance graphic design
business that kept me very busy part time. I never was able to take it on a full-time
basis though, since I still worked full time. I didn’t have enough money in
savings to go further. The projects they needed were due immediately, and I had to work the next day. I wasn’t able to complete all of them on their time frame. Until I could make it
my priority, it just wasn’t going to work. The business finally settled into a
hobby and then I shut it down to make it an official hobby. So, it failed at
the time due to different things. I thought I may start it up again one day if
the hobby generated enough money to claim it on my taxes, then I would take it
to that next level again and more.
I think many inventors/entrepreneurs have the same idea as you, that selling your idea to big names is much more financially conservative and profitable than trying to build from the ground up. I love how passionate you are about this product and that you see the value it could create for many people!
ReplyDeleteHello! Great job with thoughtfully considering this assignment and putting clear effort and reasoning behind your response. You went above and beyond in explaining your plan for the future based on what is important to you and how this business idea will work in that vision. I really like what you said about making a difference, I want to do that in my career as well.
ReplyDeleteHey Virginia! I really like your exit strategy, because it is similar to mine. I also want my idea to speak for itself and I want it to be more fun rather than it be a burden. I agree that you have to give the business a chance and see how it plays out. There is only so much you can do, so you really do have to let the idea speak for itself. Great job!
ReplyDeleteThank you everyone for these great reviews. I really value all of your opinions!
ReplyDelete