1. I think my exit strategy will involve expanding the business for a decade or so and then selling it. I think that my knowledge and tastes concerning makeup have a shelf life, and one day my products will be irrelevant. I think I will sell the business before that happens. That way, some ambitious newcomer can make something of the brand name and I can retire.
2. As I've stated in previous posts, many big names in the makeup industry will start by selling one product and then expand into other product lines. I hope to do the same thing since I obviously love makeup and would like to create a makeup collection of my own. Expanding the business for 10 years or so will give me the time I need to establish my brand name and accomplish everything I want to accomplish before selling.
3. I really hadn't thought of my exit strategy before now since I was so concerned with getting my venture off the ground. I think I was aware that whatever I chose as my business idea for this course, I didn't want to be involved with it for the rest of my career, so I chose something as ephemeral as makeup. The fleeting nature of makeup and what makeup is en vogue definitely suits an entrepreneur who eventually wants to sell the business and retire.
2. As I've stated in previous posts, many big names in the makeup industry will start by selling one product and then expand into other product lines. I hope to do the same thing since I obviously love makeup and would like to create a makeup collection of my own. Expanding the business for 10 years or so will give me the time I need to establish my brand name and accomplish everything I want to accomplish before selling.
3. I really hadn't thought of my exit strategy before now since I was so concerned with getting my venture off the ground. I think I was aware that whatever I chose as my business idea for this course, I didn't want to be involved with it for the rest of my career, so I chose something as ephemeral as makeup. The fleeting nature of makeup and what makeup is en vogue definitely suits an entrepreneur who eventually wants to sell the business and retire.
Hey Peyton! I think that using this venture as a stepping stone to pursuing more adventurous projects in the future is a really smart plan! Additionally I think that putting serious thought into understanding what projects you could see yourself pursuing into the unforseeable future would make your potential ventures both more fulfilling and give them a larger chance of success. Great Post!
ReplyDeleteHi Peyton! I think your overview of your exist strategy is really well done and thought out. I also hadn't really considered what these final steps would be for my own idea so I'm glad that's something you brought up too. Your idea is really strong and I think that with this type of implementation in can go really far. Nice work!
ReplyDeleteHey Peyton, great job with this post. I think your strategy is a very smart one, and probably a popular one among lots of new entrepreneurs, in order to build a brand and use that to start another business that they truly want to stay in for a long time. I chose a similar strategy, and it wouldn’t surprise me if other people in this class went the same route. Great job!
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