Hi guys!
How often do you hear entrepreneurs asking "what's your exit strategy?"? I guess too often.
Would you be going into a relationship planning a break-up? I hope not.
We don't need an exit strategy. What we need instead is a commitment strategy. We need a proper strategy of how to weather storms, instead of jumping a ship and swimming back to the shore.
By concentrating on an exit strategy, we emphasise different things. We start building a business with a concentration on who is going to buy us out and for how much - when we hit a specific revenue target. Instead, we should be building a business with an emphasis on how we will scratch our target audience's itch...
Liquidating and taking your well-deserved break (entrepreneurs never fully retire) isn't bad and is a dream of many folks (including me), but diving into a business with an obsession to sell it out and retire with a pile of cash in Hawaii isn't the right mind-set to begin proper business with...
Provide value to customers who are willing to pay for your service/product and the suit-man will eventually knock your doors begging to take a truck-load of cash for your successful business.
Chasing an exit strategy (suit-man) is like chasing a woman - if you have nothing to offer she will ignore you and make fun of you. But if you concentrate on improving yourself (your business) and become the best version of yourself...women will crawl after you, begging to lick some of your success syrup (it usually doesn't apply to women who are actually trying to make something out of their lives - such women are confident, independent and require a different lure and hunting equipment).
How often do you hear entrepreneurs asking "what's your exit strategy?"? I guess too often.
Would you be going into a relationship planning a break-up? I hope not.
We don't need an exit strategy. What we need instead is a commitment strategy. We need a proper strategy of how to weather storms, instead of jumping a ship and swimming back to the shore.
By concentrating on an exit strategy, we emphasise different things. We start building a business with a concentration on who is going to buy us out and for how much - when we hit a specific revenue target. Instead, we should be building a business with an emphasis on how we will scratch our target audience's itch...
Liquidating and taking your well-deserved break (entrepreneurs never fully retire) isn't bad and is a dream of many folks (including me), but diving into a business with an obsession to sell it out and retire with a pile of cash in Hawaii isn't the right mind-set to begin proper business with...
Provide value to customers who are willing to pay for your service/product and the suit-man will eventually knock your doors begging to take a truck-load of cash for your successful business.
Chasing an exit strategy (suit-man) is like chasing a woman - if you have nothing to offer she will ignore you and make fun of you. But if you concentrate on improving yourself (your business) and become the best version of yourself...women will crawl after you, begging to lick some of your success syrup (it usually doesn't apply to women who are actually trying to make something out of their lives - such women are confident, independent and require a different lure and hunting equipment).
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