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?

If my business were to be a success, I would stick with it until I am able to retire and then pass it down to my kids.  

2)    Why have you selected this particular exit strategy?

I want my kids to have success in their future, and if taking over my business will do that for them, then great! It would also be nice knowing that my business is in good hands and will continue to succeed and flourish after I have retired. I would hope it would then get passed down to grandchildren and farther down the line.  

3)    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 think that sticking with this business for the long run has influenced my decisions in a way that I take this business much more seriously and plan for big growth that will last many years to come. It has acquired me to use my resources wisely and plan not only for the present but for the future as well. 

Reading Reflection 3

1)    What was the general theme or argument of the book?

I chose: The Art of Social Media: Power Tips for Power Users by Guy Kawasaki.

The general theme of this book explores how to successfully use and navigate through social media in order to use it as a marketing platform.  

2)    How did the book, in your opinion, connect with and enhance what you are learning in ENT 3003?

It certainly connected with this class as we often talk about how entrepreneurs can be successful through the right marketing skills and by targeting the right audience through all different platforms- including social media.

3)    If you had to design an exercise for this class, based on the book you read, what would that exercise involve?

This book talks about social media marketing outlets in as simple of a form as twitter. For an exercise, we could have to come up with several “tweets” that fit the character limit that could be used to promote our product.

4)    What was your biggest surprise or 'aha' moment when reading the book? In other words, what did you learn that differed most from your expectations?

I never realized just how in depth social media can be as a platform for one’s business. I always thought of it as more simply a way to interact with friends and show more of your personal life. I have learned a lot about the different tactics and tools you can use through social media in order to successfully promote a brand or business.

Celebrating Failure

1) Tell us about a time this past semester that you failed -- whether in this class, or outside of this class. Don't spare any details! It'd be even better if there was something you tried several times this semester, and failed each time. 

This past semester I failed one of my financial accounting exams. I thought I had studied enough and knew the material fairly well, but when I got my exam score back, I was sadly mistaken.

2) Tell us what you learned from it. 

 I learned that I needed to do more practice exams. Although I understood the material, I didn’t know how it would be asked on the exam.

3) Reflect, in general, on what you think about failure. Failure is hard, isn't it? It's embarrassing, sure, but it also means that we have to change something about ourselves. Talk about how you handle failure (emotionally, behaviorally). Finally, talk about how this class has changed your perspective on failure -- are you more likely to take a risk now than you were just a few months ago?

I handle failure by finding ways to improve on it. Using the financial accounting exam as an example, I learned that I needed to devote more time each week to studying and learning the material, and also spend more time doing practice problems. In fact, I did this for the second exam and was able to get a really good grade on it.

This class has taught me that failure is okay, and might even be necessary in order to reach your goals. Failure doesn’t mean you should give up; it allows you to learn and work on your mistakes. You should never be afraid to take risks with fear of failure.