Entrepreneurship – Starting A New Pastries Business

Entrepreneurship – Starting A New Pastries Business

Contents
Introduction......................................................................................................................................1
Customer segment...........................................................................................................................1
Value proposition.............................................................................................................................1
Customer relationships....................................................................................................................2
Barriers............................................................................................................................................2
Conclusion.......................................................................................................................................2

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
entrepreneurs, but one which required in-depth research and studies before venturing into. Young
entrepreneurs must maintain an open mind towards business and be able to capitalize on ideas
which can yield major gains (Investopedia, 2017). This means entrepreneur 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 entrepreneur 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 entrepreneur 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