Starting a Pastries Business: Key Considerations for Young Entrepreneurship assignments
Question
Task: What are the key factors young Entrepreneurship assignments should consider when starting a pastries business?
Answer
Introduction
Setting up businesses delivers many benefits such as unlimited income, finances and profits as well as freedom and many other privileges making it an attractive option for young Entrepreneurship assignments, but one which required in-depth research and studies before venturing into. Young Entrepreneurship assignments must maintain an open mind towards business and be able to capitalize on ideas which can yield major gains (Investopedia, 2017). This means Entrepreneurship assignment needs to scan the business environment and identify unique ventures which can be investigated closely to determine their viability. For this research paper, we shall be evaluating a Pastries venture and evaluate important points which must be taken into consideration to determine the ventures viability.
Customer segment
One of the first steps linked to starting up new Pastries businesses is assessing the target customer segment. This helps the Entrepreneurship assignment determine important statistics linked to the customer basket which can be used by the business to determine potential growth and expansion (Bell, 2016). Factors like the average number of consumers, per capita income and consumer spending power all play an important role towards determining the viability of the proposed idea. Customer segmentations helps the businesses heads separate the different types of customer groups and their preferences thus allowing the businesses determine the number and type of products the businesses internet on developing
Value proposition
Another important aspect linked to starting up the Pastries business would be determining the target consumer group based on their standard or the consumer class. The Entrepreneurship assignment must determine the consumer group they intend on targeting thus allowing the business determine the product value proposition (Investopidia, 2017). This is important since value proposition helps filter the number and type of targeted customer which has a direct effect on the product value and cost. These elements can then be used to filter the target consumers the Pastries business intends on attracting.
Value proposition is achieved by elutriating the customer’s expectations and the businesses service pro products delivering and developing a product or services which targets a specific consumer group. This is important as it helps set the business brand image and social stature thus helping the brand be distinguished by the consumers. A perfect example of this is Baskin Robbins which is classified as being a leading pastries brand and store where as other claim the pastries are the same as other major brands. Simply due to the brand targeting high end consumers Baskin Robbins has being classified a superior and continues to register consistent growth and expanding across the globe.
Customer relationships
It’s also important to maintain a close relationship with the businesses customer and maintain pen communication lines at all time. This is especially important in today’s age of social media where negative information can easily go viral on the internet (msG, 2017). This makes it important for the businesses owner to maintain communication with customers and monitor their comments on the internet as well as intervene before negative sentiment has a chance to go viral. Public and customer relations have grown to become an important aspect linked to any businesses image and success. With most customers having accesses to social media today maintaining a positive public relationship image among employees, customers and stake holders has become critical towards any brands success.
Barriers
Licencing, competitors, specialized labour and other factors which could hinder the Pastries businesses performance or productivity. This makes understanding barriers and pitfalls important towards helping the business owner repair more secure businesses plans and avoid such complications when encountered (Cross, 2017). This is especially important while dealing with the Pastries business as it involves perishable goods thus needed for the Entrepreneurship assignment to consider putting in place important measures to protect the business from encountering unexpected losses. There are also other factors such as health consciousness whereby the public is growing more health conscious on a daily basis.
This makes it important for the pastries businesses proposal to consider barriers which could hinder the proposed businesses growth and success. Being able to classify as many barrier and complications or hurdles as possible demonstrated the businesses heads and management understanding towards the businesses thus helping reduce the risks associated to the proposed venture.
Conclusion
The Pastries business is an attractive venture due to most people being prepared to share pastries over tea, meeting or during parties but to protect the business from unseen losses it's critical for the businesses to consider various aspects which could lead to loses (GROCO, 2017). Entrepreneurship assignment involves being able to come up with attractive businesses ventures but at the same time, it requires reviewing them closely to determine the best approaches and strategies a business needs to adapt so as to maximize its success.
References:
Bell, E., 2016. Customer Segmentation: 5 Ways to Divide the Consumer Base. [Online] Available at: http://www.thebridgecorp.com/customer-segmentation/ [Accessed 28 Nov 2017].
Cross, P., 2017. barriers to investment. [Online] Available at: https://www.fraserinstitute.org/tags/barriers-investment [Accessed 28 Nov 2017].
GROCO, 2017. The Qualities That Define A Successful Entrepreneurship assignment. [Online] Available at: http://www.groco.com/readingroom/lead_successful_Entrepreneurship assignment.aspx [Accessed 28 Nov 2017].
Investopedia, 2017. Entrepreneurship assignment. [Online] Available at: https://www.investopedia.com/terms/l/limited-Entrepreneurship assignment.asp [Accessed 28 Nov 2017].
Investopidia, 2017. Value Proposition + SUBSCRIBE. [Online] Available at: https://www.investopedia.com/terms/v/valueproposition.asp [Accessed 28 Nov 2017].
msG, 2017. Customer Relationship Management - Meaning, Need and Steps in CRM. [Online] Available at: http://www.managementstudyguide.com/customer-relationship-management.htm [Accessed 28 Nov 2017].
