Should my business actually take off, because I'm simply selling a line of furniture. I'd begin hiring designers in order to take over this job for me, at which point I'd begin taking a more logistic job. I except I'd become something of a CEO for my company, managing the finances and worrying about the stocks and marketing. Granted, I wouldn't be growing the company past a few designers and ensuring that my suppliers continue to provide me with the necessary materials. Similar to the Eames line of furniture, I intend on making my line a sort of household name to maintain royalties and potential to maintain business even after I inevitably retire.
I've selected this particular because it ensures that no matter what I do, I will always maintain some sort of income or acclaim from my furniture. While I may not gain a ridiculous amount of money or vast political power as some innovators do, I will ensure that my name will live on far past my life span.
Personally, my exit strategy has only had one big effect on my business strategy, and that is branding. More than anything, I need to ensure that my furniture line has a name on it, whether that be my own family name or one I come up with. This way, any possible imitations will be just that, imitations of my product. Thusly, I can act accordingly upon any imitations, taking a cut from their profits, or simply shutting down competition using my innovations.
Hello Lucas,
ReplyDeleteI truly like that your arranged leave system is to keep on keeping it running and grow it too. Having confidence that your business will keep on developing is an extraordinary activity since it will keep you on the correct way. I concur that it is actually difficult to stop when your continue to develop so I would do likewise as you.
Lucas,
ReplyDeletePeople are always gonna need furniture, especially within market you intend to target. With that being said, it makes sense as to why you envision yourself running the company, hopefully until retirement if it were to take off. Additionally, I agree one of your primary concerns rests in creating and building your brand. This will distinguish how you separate yourself from existing and potential competition.
Lucas,
ReplyDeleteI see this exit strategy being one of the most effective that I can see, and an excellent choice for the company and opportunity you chose to undergo. It makes sense to question your own interest and success in the venture. Selling the business for the right offer is something every entrepreneur must undoubtedly do.