July 27, 2022- First Sip

One advantage of the subscription model used by Brew Box is they are receiving constant revenue from customers on that plan. They can receive money without necessarily offering an entire new product or idea to their company. A limitation of the subscription plan is one bad experience could end in an entire cancelation of the subscription itself. Instead of just not buying the next product the customers have stopped funding the company through that model. The subscription model also limits how much you will receive from any given customer in a month. That can be a good or bad thing because on one hand you know you’re receiving this much from the customer per month, but on the other hand you know that is all the revenue you’re going to generate from that customer. Although there are gifts and other various boxes you can buy the basis of the company looks centered around this subscription model.

Supporting the different specific types of owners such as women, veterans, and minorities allows First Sip to create partnerships with these companies to gain either support directly through those companies they support or through the customers of these businesses. The customers will more likely than not want to support like-minded businesses with similar social missions. Seeing the company, they always buy from support another local business can convince them to buy a subscription or just try a product from First Sip. The one issue to supporting these businesses is that it could limit your potential partnerships with other brands that may be bigger or may be a male owned business. The challenge of would you steer these great opportunities away would arise for First Sip. Steering these companies away could lead to missing a large opportunity.

I would be very interested in doing an unpaid internship that would be supported by the Tafel scholarship because I am still receiving the important experience from the internship and getting compensation for my work at the company. As someone planning to major in finance at Pitt it would be very interesting gaining this experience to see different models on business such as the First Sip subscription model or Global Links in the nonprofit social entrepreneur sector of business.