Being clear about what business you are to start with is absolutely critical, and you must be able to identify your goals at the very beginning.An entrepreneur must assume the risk of starting a business as he makes the best possible use of scarce resources such as people, machines and materials for the production of goods. In this video, we take a look at starting a business and eventually selling it.
Jay Adelson , a CEO-Entrepreneur-investor, offers some pointers to consider when forming, and eventually, selling your company. First, is to have a positive emotional element in starting a business; passion is particularly important. Second is to stay focused, not on the exit strategy during the early planning, but on the aspects that would be most beneficial for the company.
The third pointer is for you to understand that companies variably mature until they reach a transition period where an entrepreneur need to make important decisions. Will he engage in a partnership with another company? Will he continue to do it alone all throughout? Or will he sell his company?
How about exits? They are certainly not the end. Adelson shares that someone will keep the ball rolling to earn a profit. That someone would also need to invest a lot of effort to make the business work, just like you who have started the business.
Run time: 7:09 minutes
Watch video for more insights.
How should you sell your company? Share your thoughts by writing the comment section below.
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