Hi all. Found an excellent article that I am sure many will relate to. Hope you get something useful out of this…
Here are some explanations:
1. 3 years is a huge time commitment. Entrepreneurship is a highly risky business. Many people enter it without ever realising how tough the journey can be.
In 3 years, it is a sufficient runway to determine whether a company is a viable business to be sold, to be taken to the next level, to be handed over to an operations team, or even to divest and wind down.
Running your own business calls for sacrifice and commitment. It is a 24/7 job. Putting a target of 3 years give founders the known end-point. Founders may put off their plans, for example, marriage, other ventures, etc. during these 3 years and give their best.
If there is no timeline, founders may get confused and make different arrangements, losing the full commitment and energy to the startup.
2. An exit strategy is a long-term goal setting in place. When you plan to exit, you help to focus and steer the company towards that direction.
This gives clarity to where you are going and what you should do to reach it. The planning for the amount of funds needed to be raised, which markets to reach for in 3 years, and so forth, would all be clearer.
Looks like really useful info, eh? Just click here to find out more. If you’d like to share perspectives or discuss how it relates to your business, call me on (0407) 764-261 or email me at email@example.com.