28A Your 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?

I do not intend on selling my business, especially if it is doing well. My main priority is to provide comfort for students with my musical therapy facility. Instead, I plan on traveling to more universities to speak about my intentions on improving student experiences while at college. By the time I retire, I’d like to pass the business down to my children, only if they share a similar passion for it because I don’t want to force them into anything. I want people who are as passionate about the business as I am to someday take over.

2) Why have you selected this particular exit strategy?

I believe there is a dire need to accommodate students, especially when their feeling stressed out. I wouldn’t want to sell my business so that it would no longer be available.  

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?

As I’ve mentioned, my goal was always to utilize my passions and strengths towards assisting the community. If someone makes a business just for the sole purpose of expecting a large return without actually helping consumers, then I don’t think the business will last. The owner would be more focused on amassing the largest sumps of revenue that they can achieve as opposed to engaging with their customers and hearing about their experiences.

27A Reading Reflection No. 3

1) You read about an entrepreneur: The Wright Brothers

·       What surprised you the most?

I was amazed at how the brothers were able to progress through all of the obstacles they endured.

·       What about the entrepreneur did you most admire?

Wilbur never gave up on his dreams to create the invention he had always pondered about. He took a bad situation and, along with his brother, turned it into a positive outcome.

·       What about the entrepreneur did you least admire?

There really wasn’t anything that bothered me from the Wright brothers.

·       Did the entrepreneur encounter adversity and failure? If so, what did they do about it?

Yes. After Wilbur experienced that terrible accident that prevented him from doing other activities, he had more free time on his hands to actually brainstorm his ideas. With the help of Orville, they were able to create the first aviation machine.

2) What competencies did you notice that the entrepreneur exhibited? 

Both Wilbur and Orville were hard working men who didn’t give up when faced by factors that could’ve hindered their success. For instance, when they first created the Wright Flyer, the U.S. disregarded their invention and believed that it didn’t really have any benefits attached to it. However, the brothers found success internationally, and that’s due in part to their powerful ambition.

3) Identify at least one part of the reading that was confusing to you.

I didn’t understand why after having established several lucrative venues, the brothers continued to seek more.

4) If you were able to ask two questions to the entrepreneur, what would you ask? Why?

What advice do you have for beginners interested in entrepreneurship?

When experiencing failure, what are some factors that continued to keep you motivated?

5) For fun: what do you think the entrepreneur's opinion was of hard work? Do you share that opinion?

It was definitely inspiring. After a long period of time in which the Wright brothers were unsuccessful in their endeavors, they continued to fight for what they knew they could achieve. I, for one, feel like I possess this same attitude.

26A 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.

Earlier in this semester, I was unable to finish some assignments for this course, resulting in zeros. The thing is, I had finished one of them in time but failed to submit a link. For the other one, I let the due date pass before I could submit the assignment.

2) Tell us what you learned from it.

I learned to prioritize these assignments and not waiting until the very last minute to complete these assignments.  

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 believe failure is a natural experience that everyone encounters. The way that I handle it is by reflecting on the main reason why I wasn’t able to successfully complete a task. Then, I make a plan on how to prevent myself from undergoing that mistake again.