Introduction
This report provides information obtained through the Canadian government, regarding recent successful businesses. This report will pay particular attention to the qualities of this successful business and how it deals with competition with other traditional businesses for customers. This will highlight challenges and favourable outcomes that make Hexa Foods a prospering business.
Background and Findings
Hexa Foods is a Montreal-based company that is founded by Philippe Poirier, Paul Shenouda and Mathieu Poirier. Their company specializes in manufacturing eco-friendly and sustainable pet foods made with edible insects. For this business to be deemed successful, it certainly has to have these following qualities.
Risk-Taking
Potentially losing something of value to acquire a preferred result
Seeing new problems as opportunities
Analyzing risks
What are the possible advantages or disadvantages?
How much would it cost or what will you gain?
Is it really worth it?
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Going from bank analysts and mechanical engineers to the world of entrepreneurship was really risky, but they took the leap. However, these young people definitely faced many complications. As a matter of fact a problem that they faced was changing the mindset of traditional consumers who wanted to stick with old goods. This led them into finding ways of balancing the new innovation with the traditional way of creating pet foods. Philippe, Paul and Mathieu shared a common goal, namely to reduce the environmental footprint of food production. They saw a potential way to fulfill their dream of making a new and innovative way to reduce environmental damage by modifying something that was already done, eating insects. Working together as a team, they invested their time in manufacturing premium dog treats that used less natural