28A- Your Exit Strategy
1.) I plan to make my business into a family business. With my automatic sunscreen application machine, I think there is a lot of opportunity for growth and improvement with time. I believe that if I hold on to the business through the tough startup phase and get it to the point where it is making a steady profit, I will be able to quickly expand to hotels and resorts all over the world and then update and change the product to be even better.
2.) I think I have selected this exit strategy because family is very important to me. I do want to have kids in the future, but I also want to have a career. I think that having a career that your children can go into is very beneficial and can connect the family together.
3.) I think that my exit strategy has influenced the other decisions in my business concept by making decisions for the long run. I understand it will take time for my product to be perfect and for it to be a commonly used appliance/machine. I am willing to take the time to develop a product to being extremely popular and well known. I have made my decisions based off the fact that I will be putting in my time to sell and develop the product until it is so well known that it sells its self. To do that I had to make decisions like working with legit companies rather than cheap companies and to make a product that is customizable.
Hey Olivia, I think you have devised a really great exit strategy for your business venture. I personally did not think to turn my concept into a family business, but that is an excellent idea! I also believe that having a career that your children can develop into is a really great idea for your future family dynamic and would be really beneficial for your kids. Finally, it is nice to see that you acknowledge how long it may take for your product to be perfect and I think that is why it'll be a success. Great job!
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