28-A Your Exit Strategy
WOOHOOO it is exit strategy time. I plan on selling my business in less than 5 years, at a loss most likely. In fact the sooner sold the better for me. I selected this option because I did not enjoy my business. I thought there was going to be good money in it, that it would be easy to sell my plans. I found that being outside gave me skin cancer. I found that the smell of paint is awful and stays with you all day, every day. I found that dealing with owners of parking lots, who did not care one wit about the customer that pulled into their parking lot, was no picnic and I are impervious to a good sales pitch.
Because I was unhappy in my business, I found it hard to recognize opportunity. It took one of my interviewees to give me the idea to find other business opportunities of painting on concrete. I was unable to think past my parking lot issue. I think because it was so hard to sell businesses on the idea, I felt that I was a failure at selling and thus, I would not be able to sell anything else. I do also have to say this exercise made me think long and hard about a future, real life, business venture my husband and I were looking to take on in about 10 years. I fear, that doing what we planned to do, would make us hate as a business what we love so much right now as a hobby. I knew it was hard to be an entrepreneur, and now I realize it can make you hate what you love, because it is so hard to do.
Hi Shae! Your post was very descriptive and made it interesting to read. I also found that I was not very passionate about my business. I think that finding our passions is a part of being an entrepreneur. You identified that this business isn't the right business for you, and I respect that. Many people are too prideful to admit their lack of passion, or even failure. But moving forward you will be able to identify a business that would be more beneficial with your lifestyle.
ReplyDeleteThe fact that you admitted this business was not the best fit for you or did not have the market you intended is already a step in the right direction. If anything, it's great you interviewed people who made you realize the logistical errors of the plan because without them, or without your realization, you would have pursued an endeavor that would have ran itself into the ground. As Professor Pryor said, "Fail fast." There are still countless opportunities where you can thrive, it's just a matter of finding them and repeating the same analysis on whether or not it's a viable idea.
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