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What risks did Cheri Garcia face with trying to launch Luminous Envy? Select all that apply. a. She saw a valid opportunity in the tanning market. b. She needed a large sum of startup funding. c. She got national media exposure. d. She borrowed money from family.

What risks did Cheri Garcia face with trying to launch Luminous Envy? Select all that apply. a. She saw a valid opportunity in the tanning market. b. She needed a large sum of startup funding. c. She got national media exposure. d. She borrowed money from family.

Practical Management Science
Practical Management Science
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Risky Venture

Cheri did not give up. She eventually found a developer who would help get her business off the ground if she was able to raise $38,000. But as a 23 years old, it wasn't easy coming up with $38,000 for inventory. She was able to borrow money for a new idea can be super risky. Cheri remembers, "I had to take the risk of borrowing $20,000 from two different people, when I didn't even make that much in a year." However, the extra pressure to succeed made sure made sure that she that took that risk head on. "Some people say, 'the greater the risk, the greater the return.' I don't believe that. I say, 'the greater the risk, the harder you should work.'"

What risks did Cheri Garcia face with trying to launch Luminous Envy? Select all that apply.

a. She saw a valid opportunity in the tanning market.

b. She needed a large sum of startup funding.

c. She got national media exposure.

d. She borrowed money from family.

Inspiration Strikes At 21, Cheri Garcia was originally planning to pursue a career in news broadcasting, but her entrepreneurial spirit pulled her to become an Inventor. She first drew inspiration while swimming with her family. While hoping to get a suntan that day, she wished there was a way she could accelerate the tanning process, without having to use suntan oil. This lead Cheri to her invention: the first-ever tanning bed you can inflate, deflate, and take with you. By 23, Cheri had started, and was operating her business, Luminous Envy (www.luminousenvy.com). Luminous Envy has since been picked up by "As Seen On TV", Leslie's Pool, and many other pool supply retailers. However, her quick path to success was not free of challenges. Cheri Garcia. After inspiration for her portable tan- ning bed struck, Cheri started sketching the vision for her product. From these sketches, she came up with the design for the Luminous Envy tanning bed, making it inflatable, and with a reflective material on the bottom and angled side panels to maximize results. She was extremely excited about her idea and was ready to market it to developers who would make it for her. However, there was one problem, "I called every factory in America," Cheri said. "Nobody would touch it without $100,000 up front."
Transcribed Image Text:Inspiration Strikes At 21, Cheri Garcia was originally planning to pursue a career in news broadcasting, but her entrepreneurial spirit pulled her to become an Inventor. She first drew inspiration while swimming with her family. While hoping to get a suntan that day, she wished there was a way she could accelerate the tanning process, without having to use suntan oil. This lead Cheri to her invention: the first-ever tanning bed you can inflate, deflate, and take with you. By 23, Cheri had started, and was operating her business, Luminous Envy (www.luminousenvy.com). Luminous Envy has since been picked up by "As Seen On TV", Leslie's Pool, and many other pool supply retailers. However, her quick path to success was not free of challenges. Cheri Garcia. After inspiration for her portable tan- ning bed struck, Cheri started sketching the vision for her product. From these sketches, she came up with the design for the Luminous Envy tanning bed, making it inflatable, and with a reflective material on the bottom and angled side panels to maximize results. She was extremely excited about her idea and was ready to market it to developers who would make it for her. However, there was one problem, "I called every factory in America," Cheri said. "Nobody would touch it without $100,000 up front."
Cheri's risk paid off. After making a first batch of 1,000 beds, she quickly gained national attention and media buzz for her invention. With the exposure to a larger customer and investor base, her business took off. She continued to grow her business and obtained the patent rights in 2013. Her $38,000 risk paid off, allowing her to make ten times what she did as an employee of a business. Risk with Unexpected Rewards Cheri's experience with Luminous Envy has given her credability to pursue numerous other opportunities. Since then, she has started several other businesses. This has included inventing an apartment evaluation app called RentEval (http://www.renteval.com/). Her new inventions have given her media buzz, including a segment on the Steve Harvey show. She has also used her new ventures to help her on the path to her ultimate goal of becom- ing a motivational speaker and invention consultant. Cheri said of her goals, "I not only want to motivate, but INSPIRE others to realize their passion and take risks to achieve their goals. It is my personal challenge to be a part of helping others make their wildest entrepreneur dreams come true!"
Transcribed Image Text:Cheri's risk paid off. After making a first batch of 1,000 beds, she quickly gained national attention and media buzz for her invention. With the exposure to a larger customer and investor base, her business took off. She continued to grow her business and obtained the patent rights in 2013. Her $38,000 risk paid off, allowing her to make ten times what she did as an employee of a business. Risk with Unexpected Rewards Cheri's experience with Luminous Envy has given her credability to pursue numerous other opportunities. Since then, she has started several other businesses. This has included inventing an apartment evaluation app called RentEval (http://www.renteval.com/). Her new inventions have given her media buzz, including a segment on the Steve Harvey show. She has also used her new ventures to help her on the path to her ultimate goal of becom- ing a motivational speaker and invention consultant. Cheri said of her goals, "I not only want to motivate, but INSPIRE others to realize their passion and take risks to achieve their goals. It is my personal challenge to be a part of helping others make their wildest entrepreneur dreams come true!"
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