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"Exit Strategy" ...? #189

Closed nelsonic closed 7 years ago

nelsonic commented 7 years ago

What is DWYL's "Exit Strategy" ?

Today we were asked what our "exit strategy" is for DWYL ... This is not the first time this question has been asked ... (in fact it's a common question among "Tech Startups") so maybe we should answer it somewhere ... so we can link people to it. @iteles and I have discussed this question extensively but, we have not clearly communicated it to everyone else in the team/community... so this is our attempt to clarify.

Start with the Definition of "Exit"

"Investopedia" defines/describes a "Business Exit Strategy" as: "An entrepreneur’s strategic plan to sell his or her investment in a company he or she founded. An exit strategy gives a business owner a way to reduce or eliminate his or her stake in the business and, if the business is successful, make a substantial profit. If the business is not successful, an exit strategy enables the entrepreneur to limit losses." see: http://www.investopedia.com/terms/b/business-exit-strategy.asp and Exit Strategies for Your Business: https://www.entrepreneur.com/article/78512

By that definition, we (the co-founders of DWYL) do not have an "Exit Strategy" (to sell the company to anyone...)

Why did you Start a Company if not to have an "Exit"...?

It's worth understanding the reason why we created DWYL in the first place.

The reason we are working in our own company rather than anyone else's is described way more eloquently by Clay Christensen: How Will You Measure Your Life? Clay Christensen

Summary of his book on the Harvard Business Review: create a life with purpose

  1. "is there something that I can leave the world, that is bigger than me? that will help other people become better people..."
  2. "how will I measure whether I am achieving that goal...?"

We started DWYL to do what we love doing (make things with our brains/hands that solve problems) and make the most of our finite lives (if you have never worked somewhere depressing, don't bother reading any further...)

Watch Advice to Entrepreneurs: https://youtu.be/QoqohmccTSc 50 Entrepreneurs share priceless advice

"Build things for yourself that you would want" ~ Steve Wozniak

Don't you Want to get/be "Rich"...?

We did not start a company to "get rich quick". Else we would have taken jobs in Investment Banking after graduating with our economics/accounting degrees! This song summarises how we feel: https://www.youtube.com/results?search_query=Make+the+money (excuse the bad language)

Is there anything "wrong" with having a financial goal for yourself and your loved ones? of course not! In fact having a financial goal is essential! Without a clear understanding of finance you will be stuck doing something you don't love for most of your life.

Perhaps a better question is:

"how much money do you need to live you best possible life...?"

We've discovered that as long as we have "enough" cash to pay all our bills, eat healthy food and live a fullfilled life with meaning/purpose the number of dollars/pounds/euros/ren/yen/etc. we have in the "bank" really does not matter...

What does this mean for DWYL?

We have no intention of ever selling ("out"). We want to build something sustainable that creates value for people. And as long as everyone in the team/community/company has "enough" money to live their best life, we will continue to be happy.

“Having money isn't everything, not having it is.” ~ Kanye (Good Life)

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If you were lucky enough to get to spend "enough" time with your loved ones throughout your life then feel free to take this for granted, but the rest of us who feel sadness or regret for not spending more time with loved ones who are no longer alive can understand this:

image

nelsonic commented 7 years ago

@iteles I'm thinking of fleshing this out into a "post". where should it go? on my own notes or somewhere in DWYL? e.g: https://github.com/dwyl/start-here ?

iteles commented 7 years ago

It should got on our blog! But for now, in start-here with a link to it from our manifesto.md.

ghost commented 7 years ago

Has this been recorded in an MD? @nelsonic is it ok to close?

iteles commented 7 years ago

@markwilliamfirth There are no linked commits or PRs so it's safe to assume this still needs doing :+1:

ghost commented 7 years ago

@iteles thanks. I assume best to @nelsonic then

nelsonic commented 7 years ago

Clearly not a high priority, so closing. 👍

ghost commented 7 years ago

@nelsonic it needs to be recorded in an MD before closing (that was my question here https://github.com/dwyl/hq/issues/189#issuecomment-299815861)