Skip to main content

Assignment 28: Your Exit Strategy

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.

Comments

  1. WadboyJuly 29, 2019 at 4:27 PM

    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!

    ReplyDelete
  2. Megan WordellJuly 29, 2019 at 7:26 PM

    Hi 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!

    ReplyDelete
  3. CarlosJuly 29, 2019 at 10:59 PM

    Hey 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!

    ReplyDelete

Post a Comment

Popular posts from this blog

Assignment 25: What's Next?

Existing Market What I think is next: Assuming the launch goes well, people are buying from my website, and the mirrors make their way to the shelves of Sephora and Ulta, I think my customers will want different shaped mirrors next. Some might want a full-length mirror to get the whole outfit in, some might a small mirror to keep on their desk, etc. I also think we can start making different colors and border designs to fit different room aesthetics. After all, a room with a rustic feel and a room with a mod feel are going to need two very different mirrors.  Interviews:  Boy, my predictions for what's next for my market couldn't be further from what my interviewees saw as the future of my brand. I know that this is the point of doing assignments like these, but I'm always both shocked and impressed by how far my interviewees' answers seem to be from my expectations. I interviewed a few more of my friends who are into beauty and skincare, I will say that all of them...
1 comment
Read more

Assignment 23: Your Venture's Unfair Advantage

1. Human capital: I know makeup. This is a simple thing, but it's the most obvious trait I simply need to pull this off. Because I know the beauty industry well and what tools are needed to make makeup application a breeze, I know the functions this mirror should be outfitted with. Valuable: Like I said, I think it's the foundation of all the resources I possess. Knowledge about the industry is extremely valuable if I hope to break into it. Rare: Not rare at all. Many people have knowledge about makeup, but not everyone wants to start a business. Inimitable: Very imitable. Many people possess the knowledge I have. Non-substitutable: I suppose it is since you can't substitute knowledge on the industry with other knowledge. I guess I could hire people who know the industry better than I do, but that would be a waste of resources.  2. Social capital: I happen to know someone with their own makeup brand whose products are stocked in Riley Rose, a popular makeup store. ...
1 comment
Read more

Assignment 22: Elevator Pitch No.3

Reflection and changes: On my last pitch, I received the feedback to distinguish myself from market competitors in my pitch. I think this was a fair point since there are makeup mirrors on the market that attempt to solve the same problem I am addressing, but with the wrong methods. Most mirrors boast that they have strong, bright light, but that doesn't necessarily mean better quality lighting overall. Just because the light is powerful doesn't mean it is the correct hue or intensity. I think my mirror's unique ability to color correct lighting is what sets me apart from other vanity mirrors, so I included a line about this in my final pitch. I didn't change much else since I think I've got my pitch down to a nice length and level of description. I found that each of my takes hit around the 90-second mark pretty spot on, so I think I've got the timing down to a science.
Post a Comment
Read more