Know your exit before you start

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Exit Strategy

If you don’t know where you are going, it’s hard to know when you’ve gotten there.

Eric Dobson starts us out with a simple, yet profound statement, “If you don’t know where you’re going it’s hard to know when you’ve gotten there.” What’s more, he focuses in on his role as an angel investor.

“There’s nothing more impressive than an entrepreneur who knows the plan: ‘I’m going to accomplish this [specific thing] and I know who I’m going to sell it to.’ [I love this approach because] it shows maturity. It shows the kind of planning that you need in today’s market to get a company from its inception all the way through its growth pains and into a marketable form where someone else is going to buy it and create new wealth.”

We’re reminded of the old adage that “failure to plan is planning to fail.” What’s interesting is this runs in the face of some other advice that says “just get out there and do it.” Too much planning can cause analysis paralysis, while too little planning can leave you without a rudder. In a theme we see over and over again, being a founder is all about balance.

Listen to the full interview part 1 and part 2.