1) So my idea is LitVille, an all in one entertainment park. Mini golf, go karts, trampoline arena, Ferris wheel, human slingshots, indoor laser tag, it's going to be lit. Students can definitely understand that the city of Gainesville can be quite boring, with nothing seemingly to do for those who can't partake in social drinking. This gives an avenue for students, kids parties and adults to come relieve some stress.
After a few years of booming business, I will decide to sell the venture when its value is the highest. I will then use my profits to explore other business ventures.
2) Why have you selected this particular exit strategy?
I believe that the park will lose its local appeal and turn into a major financial loss due to litigation and lack of participation.
3) How do you think your exit strategy has influenced the other decisions you've made in your concept? For instance, has it influenced how you have identified an opportunity? Has it influenced your growth intentions or how you plan to acquire and use resources?
I feel that this assignment made me rethink about the long term success of this business venture and how realistic it is. After looking at similar businesses like Boomers, Fun Spot I figured that it is very difficult for a theme park to be hugely successful and sustainable at the same time. So my decisions are now reflective of ways of how I can easily remove myself of the business once I sell it.
Hey Kevin,
ReplyDeleteWow, what a name haha. Litville? That's gold. This is the second venture I've commented on where the entrepreneur chose to sell short term, and in a lot of ways I think it's the better option for students like us with little business experience. It's not very effective an exercise to come up with an idea, which will probably be too broad and dysfunctional, and press with it further despite making mistakes during the class. I think it's much better to burn this venture. Burn after reading , if you will. I like your idea, though, and I think you could make it work in a different demographic. Good job! Take a look at my work if you have a chance.
Good job!
http://coffeemumbles.blogspot.com/2016/04/your-exit-strategy.html
Hi Kevin,
ReplyDeleteReally neat business venture you have here. I could not agree with you more on the whole sense of how boring GAinesville can be at times. It would be cool to have a mini amusement park in town to go have fun in, especially in a place called Litville! Another thing I admire about your post is the thought you put into when you would like to give up the business and why. It was a good point you brought up about how the park over time would lose it's value and be a money drainer instead of producer. I am glad this assignment made you think about long term success, and it was quite different from things I said in my post. Thanks for sharing, and check out my post at:http://karinatamayo.blogspot.com/2016/04/my-exit-strategy.html
Hi Kevin,
ReplyDeleteI just have to say the name of your business made me laugh a bit but for a good reason because your idea sounds like a lot of fun and it’s meant to entertain. I think your exit strategy could work because in the long-term it will cost you possibly more to maintain and repair rides and games as it gains more popularity.
http://saraentrepreneurshipjourney.blogspot.com/2016/04/my-exit-strategy.html
Hey Kevin,
ReplyDeleteLove the name, it's lit. All the posts I have seen want to sell short term for money. I think in a young entrepreneur's mind we want to sell soon for money, in order to live comfortably and generate more business ideas. Taking as much time as necessary on the business is important however to create a strong product and make strong profits. I sadly did not do this assignment.