1)
I ultimately plan to either sell this app to
someone else or keep it as a side business for as long as I can. My reasoning
is the fact although this was my first entrepreneurial venture and was a fun
and valuable experience, I never stay put for long.
2)
I want to
continue investing in and launching new ventures. I had my experience and I
would like to cash out on my app and use the money to help others have their
experience. I would like to not have “all my eggs in one basket.” I want to be
a part of many ventures and if I continue with this venture for too long I may
get too consumed with it to move on. If no one is willing to buy it I would
create a small department of employees to keep maintaining the app while I move
on to other ventures.
3)
I think the way I like to move from one project
to another helped influence my decision on the problem I chose to solve and the
way I went about solving it. I chose a problem me and my close peers personally
experienced. This is because I believe if you are not happy with something
change it. I hated wasting a ton of money foolishly on a night out and
vacations so I created a plan to fix it. The reason I chose an app as my
solution is because the idea never expires. I can use this app for as long as I’d
like and the effectiveness will never diminish. However I also needed a
solution I do not have to manage 24/7 so I can continue to search for day to
day problems in my life and fix those. If I had come up with a solution that
took up to much of my time I would not have a chance to experiment with other
ventures. This venture helped me locate resources I did not have as well as
shed light on myself being a huge resource to any venture I choose to take on.
Collin, it sounds like the entrepreneurship world is for you! I think it is great that this venture has taught you so much and that you wish to continue creating more concepts. I also cannot stay put for too long so I can relate to how you would like to sell your concept. I also chose a similar exit strategy, wanting to sell my business within the first five years to move on to other things. Great post!
ReplyDeleteThank you for your post Collins, I think it is great to see that you do not want to "put all your eggs in one basket". Sometimes new business owners get so excited on an idea and invest all their money on it to later on lose it. I chose a similar exit because I want to change things up and work on a new idea every so many years.
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