2. I selected this strategy because my product and company mean a lot to me. If you read my Venture's Unfair Advantage post then you know I consider my top resource to be my passion for my product and the motives behind it. Due to this abundance of passion, I wouldn't want to let go of my company after five years even if it was for a large profit. I also feel like I would have a hard time letting go of the company after all of the work that I have hypothetically put into it up to that point. I most likely wouldn't protect the venture as a family company because I wouldn't want to limit my talent pool to a group of people just because they are close to me already.
3. Like I mentioned earlier, choosing my exit strategy relates to my passion for the company and creating a sustainable product that is also highly functional. This relates to my opportunity identification because I was focussed on solving a problem that many people can relate to (including myself) while also putting a lot of effort into making the product as best as it can be for the consumer and the environment. This whole idea of sustainability factors heavily into my passion and decision to remain in the company until I retire. My exit strategy also influenced what I thought were my top resources, two of them being sustainability and company culture. Obviously, I don't actually have a company culture but hypothetically speaking I would want my employees to feel valued so that they stay with the company for a long time, not just two or three years and leave. My growth intentions are still focused on aggressive growth because of the competitiveness of the water bottle market but I wouldn't be growing fast just to sell off the company; I would be growing fast to get my feet off the ground and lead the company for a long time.
Hi Jordan,
ReplyDeleteI really appreciate your thoughtfulness behind your hypothetical product and how you wouldn't want to give it up after a few years. It made me feel guilty about been so ready to give up my product haaha. I thinks its great that your would want to focus so heavily on your employees. Not only is this so important from a human connection stand point, but it is also so much more cost effective to retain employees.
Thank you,
Holly Dixon
I wonder. Would you want to prevent your company from becoming publicly traded? I haven't had to consider it for my venture, since my passion towards it is different than the passion you have for yours. Like, it could help your venture, but then it could also endanger your position at the head of it. It could even, hypothetically, endanger your company culture, although I could not be certain.
ReplyDeleteJordan,
ReplyDeleteI could feel your passion for your company in this post and it definitely seems logical that you wouldn't want to leave it anytime soon. While it is more risky to stay with a company for that long, rather than sell it quick, if you are bringing that dedication and interest to your business than it definitely increases your chances. I still am not totally sure if I would rather go for a quick sell or stick it out with my company, but I am glad to see you are very steadfast for yours.
Hey Jordan! If you are very passionate about your product I think that it is the best strategy to keep with the company until you retire. This will allow you to grow with the company and learn from your past mistakes in order to readjust and better the company for the future.
ReplyDelete