Celebrating Failure

My biggest failure this semester had been not doing the assignments that require video or audio taping strangers. I have done a couple of them, but have not done three of them. One time was a lack of planning on my part; I did not read the assignment until the last minute. But others I did not do because I do not like to do them. I get very nervous talking to strangers, especially when I am asking to tape them. I am my harshest critic, and often beat myself up after failing. Nonetheless, I know I missed out on an opportunity to grow and get better at a skill I struggle with. ENT3003 has helped to push me out of my comfort zone on many occasions, and has helped me to be willing to take some new risks that I might now have taken at the beginning of the semester. The most successful entrepreneur’s I have met or read about are ones who took a big risk and were willing to fail if necessary.

I am including a picture of my son for this post because he is my inspiration in many ways. At three year old he is speech delayed. Despite the fact he sometimes get frustrated at his lack of ability to communicate, he still tries to learn knew words and improve his pronunciation every day. He also doesn’t let his lack of verbal communication get in the way of achieving his own little goals, like getting us to get him a Popsicle from the fridge or take him to the beach.

My Exit Strategy

1) Identify the exit strategy you plan to make. Do you intend to sell your business in the next 5 years for a large return? Do you intend to stay with the business for several decades and retire? Do you intend to protect the venture as a family business, and pass it down to your children?

I intend on selling the business in the next 5 years for a large return. 

2) Why have you selected this particular exit strategy?

This business is the baby of my partner. He was seeking someone with business experience to handle that end of things and help get the business off the ground. Helping get the business off the ground is the fun part for me, I have other ideas I want to pursue.

3) How do you think your exit strategy has influenced the other decisions you've made in your concept? For instance, has it influenced how you have identified an opportunity? Has it influenced your growth intentions or how you plan to acquire and use resources?

I want to do a good job, since I want it to be well set up for my partner in the future. Therefore I still looking at the long run even though I only intend to be around for the short-run.

Week 12 Reading Reflection

I really enjoyed reading about the SWOT analysis. I have done a SWOT before for other classes, but this provided a better understanding about how to do one. I would ask the author about transitioning from an entrepreneur to a manger: specifically about how often an entrepreneur does this since most entrepreneurs enjoy the creation process more than the management process. Also, how often do businesses fail due to the entrepreneurs “fatal vision”? There was nothing particularly confusing or that I disagreed with as far as this chapter goes.