1) I intend to keep my business for many, many years and retire off of it. I see this as a never-ending market therefore I think that once it becomes big, it will pay for itself and a comfortable lifestyle. My product is the best of both worlds: something that everyone needs on a daily basis, as well as something new and edgy which is the fact it is environmentally-friendly. Once the business grows and I receive investments from people across the country, my goal would be to create regional locations that product the straws, therefore it is not only creating more jobs, but also less travel and wait time for straws to get places that are far from the distribution site. My end goal would be to grow the business so large that all I did was really watch over all of them and have people below me running the true operations.
2) I have selected this because I think it will be successful for so long and it is something I am passionate about. I do not want to create this and then sell it in five years for a profit, because that it not my goal behind this. My goal is to make money, yes, but it is also to create a daily product that is good for the environment, which this is. I think the pay off is wonderful, the work is not that time consuming, and it is a product I am passionate about and one that I want to be tied to.
3) I think my exit strategy has influenced my growth concept. I want to grow the business to be regionally in certain parts of the US, which obviously has to deal with growth. I think that in the future every restaurant, regardless of location to our oceans, will want to switch to environmentally-friendly straws, which is exactly my product. Therefore, my market will be literally every restaurant, shop, gas station, and literally every place that has a need for a straw. That market is so large, therefore growth is the main priority in my vision.
I like how your exit strategy was different from mine, I planned on selling it in 5-6 years so I can reach my main goals in life. I can see how you would want to keep this business though. The market is definitely never-ending and I think you can eventually make enough profit off of it to retire and not worry about it. I also like how you talked about regional factories for the straws, I think it is a smart idea!
ReplyDeleteHey Danielle,
ReplyDeleteYou wrote a great blog post. It was different from mine, and interesting to see how it's something you are so passionate about that you would like to pursue it until you retire. It's awesome that you're that invested in your product. It is definitely, as you say, something that is both new and edgy as well as environmentally friendly. Great job on your blog post!
Your blog post sounds great and is well detailed. I definitely think that your market is one that will be around for a long time, so I think it would be a great idea to retire off of it. I also picked to retire off of mine, simply because it is something that interest me. It's so cool to see that two people could pick the same exit strategies for completely different reasons.
ReplyDeleteHello Danielle,
ReplyDeleteI share the same exit strategy as you which is to keep the business for the foreseeable future. I'm curious, though, why you don't want to pass down your business to your children. My reasoning was because it's their choice if they want to continue my business or not, and I don't want to full them into it. Anyways, I believe your product could be taken globally. So I think instead of taking your product to certain regions of the US, you should go global with a partnership with Amazon to ship the product or create oversea factories.