Send a reply to the following three points in your own words .

I am a person who likes to innovate, create and push the boundaries and I once I can no longer do those I move one. I had a boss say to me a few years ago ''I took this department as far as I could, don't get me wrong I could stay and plateau but its time for new challenges.'' When I will no longer be able to think of innovative ways to bring EducAction to the next level, will be the day that I need to step down and look into a new venture and challenges. I was never planning on running full time for the rest of my days, I'll keep shares in the company and move on to different projects and other challenges.

The new enterprise I am creating is basically creating a new career for myself. It is exciting that with learning more about business we can apply the knowledge to one of our passions and create a career for ourselves that will be personally fulfilling. Of course the goal in any business is to maximize profits, however I feel that quality of life and inner happiness are something that we cant necessarily place a monetary value on. If I can earn a very decent salary to live a comfortable life at the end of the year with my business then I feel it will fulfill its intended purpose. As a goal driven individual, I will always strive to better my business and in turn also increase revenues. In terms of my exit plan, I will be renting a commercial space for my business so that if I choose to leave it will be as easy as terminating the lease and communicating to clients that I am closing.

My venture, Kaizen Furniture, is a rental furniture company that will hope to provide rental furniture to consumers looking to have trendy decor at a low price that can be switched in and out as needed.

I believe this business would have the main goal of becoming a career for me, then expanding as growth permits to be a fully successful business.

BDC provides a list of the three most common exit strategies for entrepreneurs (Succession planning: 3 exit strategies for entrepreneurs).

1. Passing the business to a successor (likely a family member, founding executive or manager in the company). This reduces external involvement and provides the entrepreneur with opportunity to be involved in the operations. However, a successful successor may be challenging to pick when relationships and expectations are involved. For example, it is all to common for an entrepreneur to pass the business off to a family member who is not as passionate for the business.
2. Transferring ownership through a buy-out. This ensures that the business can continue on in a similar manner with rewards for loyal supporters. However, the buyout by employees may be unsuccessful if there exists a lack of capital amongst buyers.
3. Selling the business through an IPO, private equity purchase of sale to another business.