In addition, selling Recycle Rewards would open up a lot of free time that I could use towards developing my next venture concept. I am a creative person and am always coming up with new ideas. I love the process of conceptualization so I think I would want to create more venture concepts and then sell them once they reach maturity.
I don't believe that my exit strategy has really influenced the decisions I have made in my concept. Even though I plan on selling, I would still want to create a solid structure for my app and would still tackle the development of Recycle Rewards with passion. The opportunities I have identified aren't affected by my exit strategy. On the other hand, my exit strategy would affect my plan to acquire resources. I would want to create my application in a way that is economically efficient, since I would not be holding onto it as a long-term investment. My plan would be to utilize organic marketing to help cut costs. The less money I can put into my venture concept (without sacrificing the quality of Recycle Rewards), the more profit I can make when I sell it.
I agree with your decision to form a company with the long term goal being to sell it. Hopefully, you will make enough money off of the idea for it to be worth it and so that you can try your hand at the next venture. I also like you idea of being especially thrifty with your marketing, etc.
ReplyDeleteI think exiting through selling is a great strategy. To come up with a great and useful concept and then cash out will allow you to keep continuing with your creative endeavors. In addition, it's awesome that you will still develop and finalize the beginning stages so the app will be just what you dreamed it would be!!
ReplyDeleteCarolyn,
ReplyDeleteIt seems like you have a very logical and realistic exit strategy. The one thing that really stood out to me was that you were willing to sell Recycle Rewards to another company with the plan of that company developing and refining the application to it's full potential. It's cool that you want to make a profit but also have an interest in your idea reaching greater heights and being put into the hands of a company that has the resources to make that happen. You can be extremely profitable by approaching entrepreneurship in this manner and move onto the next great idea to mobilize and sell once you have maxed out your resources for this venture.
I like how you understand that you may only be able to take your venture so far. I also like that you realize that letting it go to pursue other interests may be the best thing for yourself, and your concept. I think it will be interesting to see how your organic marketing goes. Certainly the way to go when you look at the long run. Good job.
ReplyDeletei can see why selling would be your best option. a bigger larger company could refine the application and use their technologies to bring it to what you fully envisioned in the end. i like that you said this because it showed that yes you are selling but you still want to make sure that the business continues to be successful and can continue to help people like you started out doing.
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