I'd like some input on a thought.
For the sake of simplicity, let's focus on one aspect of a fastlane business: the exit strategy.
When considering ideas to pursue, I generally try to work my way backwards from the exit. This effectively drives business decisions along the way from how it's structured, to how the books are kept, how management is established etc.
As most on this forum can attest, coming up with BIG ideas is not difficult, but so is coming up with smaller ideas that might be simpler and easier to implement even if they aren't big enough to have a fastlane exit. The thought is this: newbies might be better served by pursuing smaller businesses that can either sell at a lower valuation (not set for life) or be completely automated in order to then use that experience and capital pursue the big fastlane idea.
Just a thought.
For the sake of simplicity, let's focus on one aspect of a fastlane business: the exit strategy.
When considering ideas to pursue, I generally try to work my way backwards from the exit. This effectively drives business decisions along the way from how it's structured, to how the books are kept, how management is established etc.
As most on this forum can attest, coming up with BIG ideas is not difficult, but so is coming up with smaller ideas that might be simpler and easier to implement even if they aren't big enough to have a fastlane exit. The thought is this: newbies might be better served by pursuing smaller businesses that can either sell at a lower valuation (not set for life) or be completely automated in order to then use that experience and capital pursue the big fastlane idea.
Just a thought.
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