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“You don’t always need an exit plan – especially with small companies, where life and business are really interwoven,” says Stefano Maifreni, founder of business-expansion consultancy Eggcelerate. “It all depends on what you want to do: do you want to conquer the world, or do you want a decent life with no real dream of being the next ‘unicorn’ [a start-up worth $1bn or more]? It’s perfectly OK to keep running a business for as long as it makes you happy.”
Maifreni agrees that finding your niche is imperative: “Look for something that is not quite grabbing the headlines yet, but is growing,” he says. “Ride on a trend that you will be able to scale.”
He says it’s equally important for founders of ‘lifestyle’ businesses to know that their market will probably be very different in five years’ time to what it looks like today. “You need to be open and to constantly question your business model,” he says. “You need people who can help you, and you’ll also need to be able to delegate as you’ll have less and less time to do the things you did when the business first started.”
Read the full article on Natwest Content Live.