Assignment 28A – Your Exit Strategy
1) As I have stated in previous assignments, I intend to exit this market at the end of deployment. I do not intend to continue cutting hair back in the United States. I will consider re-entering this market if I identify that this opportunity exists once again. For example, I may re-enter this market and begin cutting hair again on my next deployment.
2) I have selected this exit strategy because the opportunity that I identified primarily exists here on deployment in Australia. Getting a haircut for us Marines on base is a very time-consuming and expensive process. Once we redeploy and are back in California, I will no longer continue cutting hair. This is due to my lack of desire to compete with local barbers, whom give haircuts for as cheap as $8. They also give better fades than I can give, so I do not believe that Marines will be willing to pay me even $10 let alone $20 to cut their hair. I have already asked several Marines if they would be interested in me continuing to cut their hair back in California, and they all said no.
3) My exit strategy has certainly influenced other decisions that I have made in my concept. I identified this opportunity for cutting hair, while on deployment. All along, I have known that I will most likely not continue cutting hair once we return to the States. It has influenced how I purchase and use resources. Since the total time that I will be cutting hair is only a few months, I chose to spend only $60 on a pair of clippers. If I were planning to cut hair for longer, I probably would have purchased higher-quality, more expensive clippers. I may have also considered purchasing a barber chair if my cutting of hair was going to be a long-term venture.
Reece,
ReplyDeleteI believe with your venture that keeping it as a short-term venture when you are on deployment would be the most ideal situation for you. The issue I see with it if you were to make it a long-term venture would be the increasing costs and time to improve your skills to attract more and more consumers to your service. I think what you identified here as a short-term situation would be more beneficial for you than making it long-term.
Reece,
ReplyDeleteYour venture was one of the few I came across that had a short term operational life. You were able to identify and adapt to a demand in your local market which is a great way to start up a business. Knowing your venture had a short life, you were able to use this experience as a trial and error for future ventures. Hopefully you were able to gain the necessary insight to tackle your future endeavors more effectively.