Assignment 28A- Your Exit Strategy

Assignment 28A- Your Exit Strategy

Since the world is becoming increasingly cyber, and my business involves developing a cybersecurity system that can protect private data, I think it will be a product in demand for a long time. Obviously, as new technology emerges, the software and programming of the system will have to adapt to reflect these changes. Since I project this product potentially helping millions of people for a long time, I intend to stay with the business for several decades and then retire. Despite this, I definitely plan on hiring different people that can take over different sectors of the operation so that I don’t have to concentrate on every little aspect. Having people that I can trust and are from the cybersecurity field are going to be critical in the success of this product. Since I have so many people in my family that are part of the IT and cybersecurity field, I plan to delegate the operations side to them. I would primarily focus on marketing and selling the product to different types of consumers. Once I retire, I plan on giving this responsibility to someone who is just as passionate, if not more, in the venture as me. I plan on staying with the business for decades because I am really interested in helping people protect their sensitive information. As someone who has experienced being hacked, I am aware of the dangers and uncertainties that can exist online. I’ve also had my credit card number stolen, which is actually becoming common with a lot of people. I want to help other people like me, and those who have experienced event worse intrusions.

Since everything is moving online, I believe the market for an effective cybersecurity program will only expand. I hope to make my product a success and help people for decades to come. My exit strategy has definitely influenced my growth projections and use of resources. Since I am dealing with social connections that I am very close with in my own family, and they have resources to get this business started, I don’t initially plan on investing on new resources. Obviously, once my product is launched I will have to invest in additional resources to support the growing business. In addition, as a result of staying with the business a long time I expect a higher growth rate than if I passed the business to someone after 5 years. This is because there won’t be an intermediary transition phase in which someone else has to be trained to fill my position. With this transition, another individual may have trouble familiarizing themselves with the operations, or relating to other members of the team. So I definitely think if I stay on the project for a longer time, it will help growth projections. From my experience, I’ll also know what works and doesn’t and can implement various changes to make the business more successful.