Some More Tips for the Would-Be Entrepreneur

This chapter presents some tips for the would-be entrepreneur by presenting a summary of lessons the author has learned from experience and from several talented individuals. Typical exit strategies are acquisition or initial public stock offering (also called ?>going public?>). If a person is self-financed, customer-financed, or bootstrapped, his/her exit strategy might not be to exit at all, but instead to create a company that maintains a number of employees in an acceptable lifestyle via lucrative salaries. If the right steps are taken for the long-term growth of the company, he/she will be far more attractive to a responsible prospective acquisition partner. Other tips include having an integrated financial plan and an integrated product/service plan, and practicing integrity of all. Honesty and openness are essential ingredients for dealing with everybody in business: customers, users, employees, colleagues and investors.