Don’t have an exit strategy: You shouldn’t start a business with the goal of selling the company. Instead, focus on creating real value for others… “The success of a business really lies on the value it provides,” he says.
Several years ago, while just getting introduced into the world of startups and entrepreneurship, I was privileged to be part of a conversation between two persons. One an entrepreneur who had built and exited a couple of business, and the other a guy who is starting to build one.
The conversation goes like this:
Budding entrepreneur: So what business are you in now?
Experienced entrepreneur: I’m now starting a digital marketing agency
Budding entrepreneur: What’s your exit strategy? Sounds like there’s no exit strategy *snide laugh*
Experienced entrepreneur: Must there be an exit strategy? Not all business need to have one. Why can’t I build a business based on values it can provide?
There was no answer from the budding entrepreneur, or at least I can’t recall one. I learnt from that conversation. Not every idea have to have an exit point. Growth is more essential and growth comes from the value your idea can create.