Intro to Business Q&As: Eli Lipke – Looped
Members: Sawyer Jordan, Reese Bonsail, Josie Nugent, Drew Gordon, Priya Mahabir, Riley Koehler, Eli Lipke
Product: Silicone gel bracelets
Why should somebody buy from your business?
“We make very cheap products. It’s made well and affordable to buy, as well as small. We feel like everyone should buy them cause they are tied to FHC and everyone can get it, even specific sports teams can get it. We feel like it can really bring out our school spirit together even more.”
How did you decide on the product(s) you’re selling?
“We brainstormed a lot and we wanted to tie stuff to FHC and wanted people to be able to wear it around, so we settled on bracelets because they’ve been around for a long time, but we still feel people can wear them and we can see them around all the school. We thought it would be a unique way to show that everyone is a part of FHC.”
What has the planning process looked like so far? What’s next?
“It’s a lot of work because it’s not as easy as [only] making the product and buying it. We got to have price points, profit return, who we are selling to, when we are selling, and how we are selling. We also have to get our posters, ads, and sales displays. It’s just a lot of tedious work until we get it all done.”
Explain how your business is similar to a real business.
“I feel like this class and our business models are really well because we follow all the same guidelines that real businesses have to have, even if we are not doing the same scale. We do everything like a real business in terms of paperwork, the math; we have to record sales, business plans, and business models. We have everything [a] real business would, even though we aren’t considered one.”
What does teamwork look like for your business?
“Everyone, at the beginning of the year, was given jobs whether it was marketing, sales, management, or leadership, but I feel like everyone—despite having unique roles—came together and help with everything regardless of the task.”
What “real world” skills have you learned from Intro to Business?
“I’ve learned, especially as the manager, what it takes to run a business and how much pre-planning you need to have done to make sure everything is laid out and have a timeline for everything. You kind of roll and hope that other people will do it and get things done, and you’ve really got to take charge and make sure everything’s done efficiently. The more efficiently stuff is done, the better it sets you up in the business for the future.
If you encountered a grizzly bear in nature, how would you respond?
“I would try to run, but I feel like I would die that way so I would run and hide.”
What’s your favorite word?
“I love the word ‘refrigerator.’ I don’t know, I think it’s cool.”