Developing my venture concept of the Water Harvest has been rewarding in unique and unexpected ways. For my exit strategy from this venture, I would like to see this business flourish and to leave a positive impact on everyone involved. After five years or so, I would like to sell the business to one of my larger competitors. I would hope that at least some aspects of the improvements and innovations of my product would be adopted in their business practice.
In developing a business plan for the Water Harvest, I
noticed that the initial cost incurred by the consumer may be quite substantial. There are ways to minimize the retail price
of the Water Harvest, including using recycled materials for assembly. One excellent suggestion that I received in
my feedback, is that I should market this product to municipalities rather than
the individual homeowner because this sector can more easily absorb the costs. Another barrier to the growth of the business
is the manufacturing cost of the Water Harvest.
Reducing the overall expense of the Water Harvest will remain a
significant challenge to overcome.
I believe that my exit strategy has influenced decisions
that I have made regarding my project. I
feel that I have always known that this venture concept would not be a lifelong
commitment for me. What I found to be an
interesting result of this perspective is that it allowed me to be completely
objective and unattached to this idea.
In other words, I could more effectively consider the strengths and
weaknesses of this idea without taking it personally. Not only did it become easier for me to
accept both the positive and the negative aspects of this idea, but I also
found myself being more open and broad-based in my approach towards developing
this venture concept.
I think that your opportunity is more aimed to a cause than profitability especially since it's to conserve wasted water. I believe that it's a beautiful idea and the government should definitely become involved in something like this in order to better the community. It's too often overlooked when it involves something that isn't necessary. I think that one should figure out how to make this without it being an obstruction to someones property and it could become very profitable.
ReplyDeleteNaturally, your service is benefitting everyone involved. You have the opportunity to develop something that improves society as a whole, which I think is great. I agree with you when you state that this probably won't be a lifelong venture. Getting the government involved would allow for it to benefit more people at a lower cost.
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