1. My goal is to build my company up and then sell it in about 10 years from now. Creating the formulas for my nicotine addiction drugs has always been the most important thing to me. There is no way I can compete with the huge companies that are out on there. The most likely scenario is that I create my products and then I sell my formulas for a lot of money to one of these huge companies. This would be a win-win situation for everyone.
3. This exit strategy has definitely influenced other decisions I have made in my concept. I have always be more focused on the formula of the drugs themselves rather than how I will grow my business and advertise/market my products. This is mainly because I have always thought that selling my formulas to a major company would benefit me the most. This way I am able to make a lot of money from my business and then I am able to move on and start other businesses.
Tyler,
ReplyDeleteI like that you realized that your exit strategy has affected the development of your venture concept. Mine has affected mine too. The only feedback that I have is that it is hard to pinpoint how long it will take to formulate an effective drug, so that might play a role in your time frame of 10 years. Additionally, technology and industries change so much that it is highly likely that another company (with more resources) will make a successful product before you can. That is just something to keep in mind! Maybe you can speed up your time frame?
~Izzy C.