After being part of three big exits (total value over $600 million) in three years, I am frequently asked, “What must an entrepreneur do to successfully build and sell a company?” I have one piece of advice I give—not necessarily what you would hear from an uber-VC—that I think is the key to creating and selling a business. It comes down to building a company another company needs.
Think about your customer
Just as it is crucial to understand the consumer need when creating a product, you must also understand why your company would be attractive as an acquisition target. In a competitive marketplace, you need unique selling points to gain market share. As I have previously written, your best chance of success is pursuing a blue ocean strategy; rather than competing with everyone else (in a red ocean) you create a unique offering. In other words, rather than create another hamburger store, sell fast food hot dogs and sausages. The same can be said for building a business that will have an exit. Continue reading “How to build a company you can sell”
