Venture concept is business idea individual search to venture to profit big. New business idea takes more than just launching the new idea in hope its target consumer accept and support it and call it a success. Venturing out new business idea is a high risks to take because no one knows for sure if the targeted consumer will accept the new business idea; therefore planning for success takes more than just the idea. It takes intensive planning, researching, and preparation before the targeted consumer experience the new business idea; a formula new business owner will need to follow to start a new business. Understanding the meaning of venture concept is important to know, including the new business idea to venture and comparing new business idea to similar type of business already out in the market.
Defining Venture Concept
Venture concept, according to Business Dictionary is a, Start-up entity developed with the intent of profiting financially. A business venture may also be considered a small business. Many ventures will be invested in by one or more individuals or groups with the expectation of the business bringing in a financial gain for all backers. Most business ventures are created on demand of the market or a lack of supply in the market (2013, p. 1). If the new idea is accepted by investors or entrepreneur the development of the new idea will begin and all supporting cast will help develop and market the new idea to profit financially. Food retail industry, for example, specifically bake goods is continued to become a consumer demand. Fresh bread, rolls, pastries, and cakes are products consumers seek in a daily basis. Innovative bakery goods and services consumer seek are just what the new venture concept of Love 4 Sweet business is about to start.
Introducing New Business Idea – Love 4 Sweet Company
Starting up new company, such as Love 4 Sweet will require hiring at least 10 new employees. Before opening its first store to the public the company will need to hire bakers, cake decorators, donut fryers, and bakery clerk. The company will also need to find a perfect location to open its new store. Location within an industrial bakery facility with enough space to have a drive-thru service for pick-up orders adding a convenience to its service offerings, and of course, enough parking space for its consumers and employees to park. Acquire all necessary bakery equipment is necessary to produce and provide innovative service to its target consumer. The list of equipment is as follows: donut fryer, dough rounder, dough mixer, bench table, dough divider, bread slicer, donut case, walking freezer, walking refrigerator, working tables, freezer cake case, refrigerated cake case, tables, chairs, and register.
These are the basic equipment a bakery store will need before opening its new store. Researching its target consumers is important. Love 4 Sweet Company’s target consumer is mass market because it target all ages from children to older age consumer. Another important aspect of the company’s success is to know its marketing channels it will use to start Love 4 Sweet Company. Marketing channels that the company can use is participating in local community events, local newspaper, Internet, local radio, and local TV advertising.
Similar company to compare Love 4 Sweet Company is Turtle Bread Company with three locations in Minneapolis, Minnesota, and soon to open its fourth store in Longfellow, Minnesota. Turtle Bread Company offers hearth breads, sweet breads, pan loaves, rolls, cakes, cookies bars, cheesecakes, pies, croissants, Danish, puff pastries, muffins, scones, and beverages (McLain, 2009). Turtle Bread Company was founded by owner Harvey McLain in 1996. His mindset was to produce only the highest quality artisan bread. He invested his own money to open its first new store in downtown Minneapolis. The success of its first store has given him the opportunity to show sign of growth by opening his second, third, and on the works his fourth store. He also has broadened his mix of products and added service offerings (McLain, 2009).
Emulating the success of Turtle Bread Company is one goal of Love 4 Sweet Company has in mind. Similar to the initial personal investment of Harvey McLain to open Turtle Bread Company is Love 4 Sweet Company’s owner will also take the risk opening its first new store. Love 4 Sweet Company is predicting to replica’s Turtle Bread Company starting up strategy to open its first new store. The added innovative ideas of producing bakery goods and special touches of innovative services offering of Love 4 Sweet Company want to have the opportunity to put in action.
Venture concept is making key players to believe that new business idea or re-inventing existing business idea to produce financial benefit is the key ingredient. Idea can only be an idea without believing the new idea will not exit. Entrepreneur, investors, and business owners must also believe to the new idea to pursue and help the making of the new idea until it makes out in the market. Creativity is in everyone, some are just better at translating creativity. How far innovative creative individual fights to market his or her new business idea are the factor will differentiates creative individual successes.
Business Venture. (2013). Business Dictionary. Retrieve from www.businessdictionary.com/definition/business-venture.html McLain, H. (2009). About turtle bread. Turtle Bread Company. Retrieve from www.turtlebread.com/about
University/College: University of Arkansas System
Type of paper: Thesis/Dissertation Chapter
Date: 19 October 2016
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