2. I want to sell the business because the business is very risky with the constant changing legal environment. Since it is dealing with a lot of illegal drugs, many may find it to be harmful, and the music industry is also constantly changing through the years that I think would be better to sell my business.
3. My exit strategy influenced the other decisions because I have never thought about the long-term goals of this business. All my decisions seem to be short-term, and so the long-term growth of the business could be held back.
Hi Duc,
ReplyDeleteI think that it is important to sit and think about your long term goals as well as your short term ones. At the beginning of this class when I was picking my opportunity, I sat down and thought about both types of goals and I think that has led to different success and creativity for my venture. I think it is important that you have thought about the drug correlation and how this contributes to your opportunity. Good job this week.
I think that the decision to sell is a sound one. I also think that in 5 years when you are slightly older, you may not be as relatable to your target audience as you always were. As I have mentioned before, with this business concept, trust from your market segment is very important. In 5 years you could sell to someone who is actively participating in the music and festival industry so they would be more up to date on the laws and the market.
ReplyDeleteHi Duc,
ReplyDeleteI agree with you that your business venture is risky as drug use laws are constantly changing in todays world and that this would be a good reason to sell your business for profit after a couple years. However, when you are trying to sell your business this is something that will likely be brought up and used to lower the value of your company so you should have some long-term plans or explanations to counter this point.
Hi Duc,
ReplyDeleteThat is a great exit strategy. I also intend to sell after 5 years after I do some expanding. I think it is a good idea for you to sell because of what you said about this business being risky. Great post.
I think that this is a good exit strategy considering the nature of your business. I agree that it is risky to run this kind of business that coincides with the legal environment and its constant changes. Good post.
ReplyDelete