Baskin Delight: Developing and Analyzing a New Venture Idea Project

This project analyzes the entrepreneurial venture of Baskin Delight, a family-owned restaurant in Melbourne, focusing on its innovative concept of customized food and a multi-concept approach near Lake Caribbean. The project explores the business idea, highlighting its opportunity through differentiation strategy and Porter's Generic Strategy. It discusses the design tools used, such as Slack, Typeform, Clarity.FM, Google Trends, and Start-up Stash, to develop the business idea and communicate with the target market. The analysis includes findings on continuous idea development, the use of social media for promotion, and the selection of a differentiation strategy. The project also covers the minimum viable products offered by the restaurant and concludes with a lean marketing canvas to communicate the business plan to stakeholders. The restaurant targets customers seeking leisure time and unique dining experiences, offering a full package of innovation and differentiation through customizable food options and special weekend events, making it a compelling business opportunity in Melbourne. The project provides insights into venture analysis, business strategy, and marketing techniques.

Develop an innovative venture idea for
any type of entrepreneurial venture

Table of Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................3
Innovative Idea and Venture.......................................................................................................3
Why the Business Idea is an Opportunity...................................................................................4
Design tools that helps to develop business idea........................................................................4
Developing venture idea by discussing with target market........................................................5
Analyse the findings....................................................................................................................6
Minimum Viable Products offered by the restaurant..................................................................7
Lean marketing canvas................................................................................................................7
CONCLUSION................................................................................................................................8
REFERENCES................................................................................................................................8

INTRODUCTION
Entrepreneurs are considered as a national asset, as they are motivated and possess the
ability to change the way an individual live and work. A successful entrepreneur with their
innovation can improve the standards of living , create wealth & jobs and thus contribute to the
economic growth. Innovation is needed for economic growth, competitive advantage, better
returns and higher revenues. Baskin Delight is a family owned small business venture in
Melbourne(Bayraktar and et.al., 2017). The presentation includes the innovative idea brought by
the them, how their idea is an opportunity, design tools used to make the business idea, potential
target market, findings of the innovative ideas and a lean marketing canvas that describe the
business plan of new venture.
MAIN BODY
Innovative Idea and Venture
Baskin Delight is a small business venture started by a family in Melbourne. The
innovative idea they brought up for starting their business is a restaurant near Lake Caribbean
which is an amazing family spot where there is something for every family member. The family
has chosen this spot as the lake is spread over 100 acres area with adjoining gardens and a
market area too. Baskin Delight is totally based on a new concept which has never been brought
up by any entrepreneur across Melbourne.
The new innovation that is brought by the family is Customize food that means the customer's
can themselves cook their own food according to their taste & preferences, spices and toppings
that are mostly appealing to them with the help of the chefs at the restaurant. This new concept
has the power to attract almost all the younger generation with addition to it can influence the
older one's as well. This process will involve the customer's as well so will be more attractive
and satisfying for both the restaurant and the customer's.
For promoting this new venture the family used social media marketing, they even made a blog
post , Instagram profile that provides details about all the new concept they will delivery to the
customer's(Block and et.al., 2015). Another addition to this, the restaurant though of bringing
something new like on Saturday's and Sunday's their would be live band performances and beer,

wines will be served. This like an multi concept that from Monday- Friday their will normal food
and shakes but on rest two days of the week their would be special performances that will make
the restaurant more attractive to the people of Melbourne. As the location is based on a lake view
it will make the restaurant more fascinating for the customer's to visit once and again.
Why the Business Idea is an Opportunity
As the idea was totally a new concept for the people of Melbourne it is definitely an
opportunity for the family. This can be proved by using Porter's Generic Strategy that shows
how a company can pursue the opportunity in target market to gain competitive advantage that
leads to growth. It is as follows:-
Cost Leadership:- This strategy is useful when the firm tries to capture market that is price
sensitive. This technique will be successful when the product of the company is offered at the
lowest price and that can be achieved when the operations cost is lowest.
Differentiation:- This strategy will target those people who are not cost-conscious and whose
needs are yet not satisfied by others(Cruz, Hadjielias and Howorth, 2017). It can be achieved
when the company brings something new that has never been experienced by the target market.
Focus:- In this strategy the company focus on narrow concept like small target market. For
example distinct groups that have special needs and desires.
Baskin Delight has chosen Differentiation Strategy as they will be offering new ideas of
customize food and multi concept at restaurant. The people targeted by the restaurant are the
one's who are not price sensitive. People of Melbourne need to have some leisure time with
proper enjoyment and this restaurant is the exact place they were looking for. The restaurant is a
business opportunity as what the people were looking for, they are offering exactly the same.
The restaurant is a full package of innovation and differentiation as customize food will be
attracting the customer's. The premium price charged by the customer's are worth the services
that they will be getting at the restaurant.
Design tools that helps to develop business idea.
Business idea refers to a new concept that is developed by an entrepreneur to offer
product or service to the customers for money. To develop start-up idea entrepreneur should
consider and communicate with target market, note down new ideas, conducting competitive
analysis, performing market survey etc. There are various types of tools that helps entrepreneur
to generate new business idea. These are as follows-

Slack
It is a chat app that helps to communicate with other people. Entrepreneur will use the app to
discuss various types of business ideas for new business venture. It will help to evaluate various
topics regarding different aspects of new Baskin Delight restaurant. It will also help the
entrepreneur to brainstorm the ideas with team members that will help to develop business idea.
Typeform
Survey plays an important role in developing business idea to satisfy needs and demands of the
customers. Typeform is a type of service that will help entrepreneur to create surveys. This will
help businessmen to communicate effectively with target customers. This will support
entrepreneur to develop business idea.
Clarity.FM
It is another important tool that help people to generate idea for starting a new venture.
Clarity.FM is a tool that helps entrepreneur to communicate with community of experts. It will
help entrepreneur to look for professionals that will provide expert advice. It will help to get
answers of various queries. Further, this will assist the entrepreneur to develop new business
idea.
Google Trends
Google Trends is a tool that helps to determine the type of products that are demanded by the
customers. Further, it also helps the entrepreneur to find out the products customers are searching
online. Therefore, Google Trends will help the entrepreneur to create business idea for starting
new restaurant that is Baskin Delight which is based on multi concept and customized food
items.
Start-up Stash
It can be described as the directory for tools or resources that helps the entrepreneur to start own
business venture. It is considered as a good starting point. Further, it will help entrepreneur to
execute business idea for starting new venture.
Developing venture idea by discussing with target market.
 Target market refers to the group of people that exhibit similar characteristics like
income, age, lifestyle etc. Firm aims its resources and efforts to satisfy the demands of
target market that offers wide range of opportunities for growth and development of the
organisation.

 Communicating with target market plays an important role in generating idea for new
business. Firstly, entrepreneur will develop strategy to determine people that will be
targeted for offering products of new business venture.
 There are various tools that will help businessmen to gain understanding of their demands
and preference regarding food items. Social media platforms like Facebook, Instagram
etc. will be used by the entrepreneur to communicate with target market. This will help to
collect information regarding the views of customers in respect of fast food and other
services etc. Further, entrepreneur will use different strategies to communicate with
targeted segment of customers by collecting feedback etc. This will help to determine the
problems and to provide solutions for these problems by offering product or service
through starting a new business.
 Further, entrepreneur will conduct the interview form a sample of customers from target
market. This will help businessmen to understand the demand of people that can be
satisfied by starting new venture. This will also help to understand the level of
competition existing between various restaurants. Further, communicating with targeted
customers will also help entrepreneur to determine level of differentiation required in the
products or services to effectively compete with other firms.
Analyse the findings
It was found that the ideas need to be continuously developed and keep on modifying
until a product is available in the market. Entrepreneurs creates ideas for a new ventures and
even engage others in their success. It could be, engaging the customer's with them as Baskin
Delight is doing by offering Customize food and generating jobs like on weekends their will be
band performing live at the restaurant(Kogan and et.al., 2017). This entrepreneurial venture is a
family established business. It was analysed that for entering a new zone the entrepreneur should
be bringing something and different, that fulfils the demand and desire of the customer's in the
ways that was not previously taken care off. It is also found that social media is an effective
platform to promote businesses that needs customer's attention. Porter Generic Strategy is used
to found the opportunities and it can be evaluated that the restaurant chooses Differentiation
strategy.

Minimum Viable Products offered by the restaurant
Minimum viable product is the form of improvement method where a new product or
website is formulated with adequate characteristic to fulfil the needs of early adopters. Baskin
Delight has bring a new concept of customize product and has even developed social media
accounts on Instagram and wrote a blog post for promoting the new business(Kogan and et.al.,
2017). The design tool for the business includes type-forms that is a application that record the
feedbacks given by the customer's and the restaurant can analyse the feedbacks given by the
initial users. These feedbacks are helpful for the restaurant to further modify the product or the
services.
Lean marketing canvas.
 Lean marketing canvas refers to the tool that helps the entrepreneur to present the
business idea. Lean canvas helps to formulate possible product launches, marketing
campaigns etc. It also helps to communicate business plan to stakeholders.

CONCLUSION
 The presentation has outlined that Baskin Delight is a family business that is based on the
concept of customized food. Further various strategies has been used to promote new
business like social media platforms, blog post etc. Porter generic strategy strategy helps
to gain competitive advantage by differentiating the food items as compared to other
firms.
 Further, design tools like Typeform, Slack etc. helps the entrepreneur to generate new
business idea. Moreover, interview has assist the businessmen to gain information
regarding demands of customers that helps to start business venture.
 At last, Lean marketing canvas is very helpful in developing and communicating
marketing campaigns, product to customer.
REFERENCES
Bayraktar, C.A., and et.al., 2017. Competitive strategies, innovation, and firm performance: an
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Block, J.H., and et.al., 2015. Necessity entrepreneurship and competitive strategy. Small Business
Economics. 44(1). pp.37-54.
Cruz, A.D., Hadjielias, E. and Howorth, C., 2017. Family entrepreneurial teams. Research
Handbook on Entrepreneurial Teams: Theory and Practice.
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Halinen, A., 2017. General Process for Business Idea Generation.
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