EXO cofounders is renowned in the food industry for its top-quality protein bars, jam packed with nutrients and cricket proteins. It’s been ruling the market since years now and has hardly seen a downfall in its whole lifespan. Although the company saw a shift of hands, there hasn’t been any drop in their quality standard. The bar of excellence is being preserved over all these years.
You may think why am I promoting EXO cofounders? Actually, I am not! It’s just a matter of fact that I am illustrating with a motive of narrating the story of Greg Sewitz and Gabi Lewis. These eminent personalities credit are goes to the Exo cofounders but a year ago, they had handover the brand to Aspire, another prominent name in the cricket biz.
The proper reason is not known; But over a telephonic interview with Robin D. Schatz, a New-York based food blogger for Forbes, Greg and Gabi said that they love taking new challenges and “cereals” has always been their favorite. They further added that taking up cricket protein as a business at the time, when it was a lesser-known fact, was indeed challenging and selling the baby that grew up in their hands is a bittersweet experience.
Today, they are proud owner of Magic Spoon. On 9th April 2019 with a funding of $1.6 million, Gabi (27) and Greg (26) launched their new venture — a cereal manufacturing company which produces high protein Mueslis, Frosted Flakes, Cinnamon Crunch and Cocoa Puffs, densely crammed with nutritional values. Eventually, the young entrepreneurs have enrolled their brand name in the $10 billion U.S. cereal market by upgrading the nutritional profile of their products and bringing in some nostalgia from childhoods.
Recently, I read their success story in Forbes magazine and it is amazing that they forayed into the 2016 Forbes 30 under 30 in the Food and Drink section. In fact, Magic Spoon is all over the news and internet. Certainly, they have become inspirations for many in such a young age. But, do you know how they actually rose to victory? It’s all about a thriving business plan and surefire strategies. If you wish to be like them, you have to “Be Like Them.”
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In Quest of An Exciting Business Idea?
Being a management pass out, I know how difficult it is to come up with a guaranteed idea in this world of competition. Many thoughts gush in our minds but either those are too cliché or they are already in the market. After much research about the EXO cofounders and Magic Spoon, here are some shreds of advice from my kitty —
Gage and Gauge Your Personal Interests
Business walks in the path of success only if you drain your passion and effort into it. So, before you start a venture, make sure you have keen interest on that particular premise. Following are some of the personal-interrogatory-questions that you must have an answer to, a forehand.
- What are your significant skills and areas of interests?
- Which industries are you familiar with?
- What is your favorite activity? Is there any business idea close to it?
- Why do you wish for a new launch – big bucks, self-determination, independence, or any other reason?
- Product or service – which one do you think suits better for your company?
- How much capital do you want to risk at first?
- Will your venture be part-time or full-time?
- Do you have an inspiration in the business? Think about some of their likeable traits and try to inherit those attributes.
- Does money matter the most to you? Then you have to think of business ideas that bring in a lot of revenue from the very first year.
Never Delve Without A Market Analysis
Got an interesting idea? Well, I will suggest you to perform a market analysis before tagging the ideas as “ultimatum.” It will give you a reality check — whether or not the idea meets the current industry standards. I have listed a few analytical techniques and possible sources from where you will get the industry insight. You can take up those for your help.
- Google search — it gives you the leading names of the industry and also, you will understand the significance of SEO and SMO.
- Communication with the industry insiders — know how to win hearts of the masses, how to choose audiences, and get acquainted with offline and online financial marketing.
- Read autobiographies and success stories of eminent entrepreneurs — their business excellence quotes will tell you the tale of trade and commerce.
- Be updated with the relevant news from online portals and business magazines.
- Meet advertising executives to keep a tab of your competition — statistics and data
- Hire a list broker who can help you in identifying your target demographic and ensure to expand it over time.
- Consult with industry suppliers to get the full insight of market demand and all the other necessary information.
- Find research scholars and students who can happily perform industry analysis, market analysis, company analysis and strategize unique business plans at affordable charges.
“At this point the brand is definitely targeted toward hardcore users and early adopters,” Sewitz once commented in an interview when asked about EXO cofounders. That’s how you should also think for your company. Bear in mind that consumers make the difference and their interest is largely influenced by the quality of your service and product. If you count my suggestion, I will ask you to conduct a pre-marketing (both online and offline) of your brand before launching. Introduce it in a way so that the brand value is uplifted and the brand name reaches all the hearts.
That’s a full set of mindful advice from an experienced blogger. Let us know your thoughts in the comment box, rightly placed below!