Exit Strategy

Many businessman have contingency plan but many failed to outline exit strategy

Exit strategy in my definitions is strategy to safely exit existing venture with no or minimal lost. Defining exit strategy is first by identifying what is worse case scenario that could be face in one venture. The scenario where how much effort we have done, we still cannot recover the business.

I would like to share exit scenario for Boeing 747 project. They have multiple plan to market the Boieng 747 into passenger jet. But if the Boeing 747 failed to become a leading passenger jet, then then the double decker design of Boeing 747 can be easily turn into cargo gate to turn the Boeing.

In conclusion, put up the best contingency plan for your business or even your career plan. But at the end of the day, you should plan your exit strategy just as you plan which is the nearest exit in the plane should the plane crash landing.