Nexus Business Solutions Experiential Description: Exit Strategies for the Small Business Owner
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The content of this paper highlights aspects of business advisory pertaining directly to the various obstacles associated with being a small business owner. As a Junior Analyst interning for Nexus Business Solutions, I was exposed and familiarized with a number of common · problems and misunderstandings these entrepreneurs faced. In conducting primary and secondary research to meet these obstacles head on, I was able to determine an underlying inefficiency among many small business owners. While many entrepreneurial-minded individuals possess the ability to passionately sell a product or service through the creation of a small business, they commonly rush preliminary start-up procedures. In doing so, these small business owners neglect one of the most vital aspects of formulating a business plan: constructing and implementing an exit strategy within the parameters of that plan. As a result, nearly half the small businesses started fail within the first five years. Through my connections essay I touch on various situations that commonly result in the demise of a small business. I then present possible solutions to these problems which all support my claim that exit strategies are crucial to the success of the small business owner. I argue that with nearly every company in the United States falling under the definition of being a small to mid-sized business (SMBs), stronger and more successful SMBs would have positive implications regarding the current economic conditions.