1) Identify the exit strategy you plan to make. Do you intend to sell your business in the next 5 years for a large return? Do you intend to stay with the business for several decades and retire? Do you intend to protect the venture as a family business, and pass it down to your children?
  • I plan to stay with my faux leather product until I make enough money to be financially stable enough and can afford to not work for a good amount of time. I would keep this plan until I decide to start another business or work on another project. After working on my product for a while I would probably sell it to a company who has the same ideals and ethics that I have and will maintain the value of the product.

2) Why have you selected this particular exit strategy?
  • I selected this exit strategy because I want the opportunity to branch out creatively, and this would give me that chance. In order to keep life interesting and creatively fulfilling, I need change and the opportunity to be completed with a project and move on to something else. 

3) How do you think your exit strategy has influenced the other decisions you've made in your concept? For instance, has it influenced how you have identified an opportunity? Has it influenced your growth intentions or how you plan to acquire and use resources?
  • I think this exit strategy reflects my importance on maintaining a certain ethical code with my product and the people who would be working on it. I would make sure that the company I sell my product to would have a good background and would make it a priority to stick with the morals that I have, and also have the same passion about the product. Knowing that I would eventually leave the business would impact how I present the product and would allow me to open myself up to other business owners since I know that I want to work on other things at some point. It would allow me to make connections and network, and not close myself off and focus solely on one project.