Baskin Delight: Innovative Venture Idea for Entrepreneurship Report

This report provides a comprehensive analysis of Baskin Delight, a family-owned business in Melbourne, focusing on their innovative venture idea: a restaurant offering customizable food options near Lake Caribbean. The report explores the business opportunity, leveraging Porter's Generic Strategy to highlight differentiation. It details the design tools used, such as Slack and Typeform, to develop and refine the business concept, including communication with the target market. The analysis covers findings from market research, the concept of Minimum Viable Products, and the application of a lean marketing canvas to outline the business plan. The report highlights the importance of innovation, customer engagement, and strategic marketing in the success of the entrepreneurial venture. It also includes references to relevant literature on entrepreneurship and business strategy.

Develop an innovative venture idea
for any type of entrepreneurial
venture

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

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.
 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.

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.

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.

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.

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

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.
 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
 .
 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.

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
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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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behind the lean startup model. Small Business Economics. 52(3). pp.667-679.