1. This puts an interesting perspective on the business' we've created, since the vast majority of us haven't actually started the business yet. With my venture, I think I'd likely run it for about 5-10 years and most likely end up selling it to one of the larger app manufacture's (i.e. Microsoft/Apple). If my name became something of a trademark for this product, might consider expanding into other industries that were related (such as the Amazon Whisperer assignment we've learned about). I wouldn't make it a family business, just because the field my product is in is so vast and dynamic; the knowledge to create their own business would be what I'd hope to pass down.
2. I picked this time frame because that's its foreseeable lifespan in my opinion, until the next "big thing" comes out of the shadows to makes my product irrelevant. There would be a point where I can't expand my product any further, which I think is somewhere around the 5 or 6 year point.
3. It definitely makes me think about how much time and effort I want to put into the service/product. If I want an app to take off near the beginning of it's life-cycle, I'll put a lot more effort into it from the get-go. This app will likely have a short lifespan (ranging from a few months to year). Apps that I think could retain popularity will likely consume my attention for several months to year, since I'd want to be sure all the negative cons of the service are worked out in their entirety.
Tyson, I admire your understanding about the lifespan of application software. It is true that many of the applications and platforms we use could be obsolete within ten years. I also admire that you would rather pass down you entrepreneurial wisdom than your business. My father owned a landscaping company and offered it to me but I declined. By working with him though, I learned some important lessons about running a business and am forever grateful. Great job. Here is a link to mine: http://guntotinghippie.blogspot.com/2016/04/my-exit-strategy.html
ReplyDeleteI like your thinking in basing the operating decisions based on the life and popularity of the app. I like your idea as well,are you going to make more apps? Why is this your exit strategy? Many of the apps we use now become irrelevant very quickly and people move on. I can see why you would want to sell at the end of it though. Here is my assignment http://entreprenuershipisamindset.blogspot.com/2016/04/my-exit-strategy.html
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