Cupcake Glory: Business Venture Concept and Analysis Report

This report presents an individual concept document for a new business venture, Cupcake Glory, a cake shop specializing in customized cakes. The report begins with an introduction to the business idea, emphasizing its potential for financial gain through personalized cake orders. The main body of the report is divided into sections, starting with the entrepreneur's rationale for starting the business, which is driven by the demand for customized cakes. The report highlights positive customer feedback and market research findings that support the business concept. The second section delves into the testing of the business concept, including scanning the business environment, market research, feasibility studies, and customer response analysis. The report then reflects on the approach and the feedback received, emphasizing the importance of aligning the business with market needs and customer preferences. The final section discusses the development of the business idea, reflecting on feedback and incorporating modifications, such as offering a variety of cake sizes. The report concludes by showcasing the final business idea, which incorporates customer feedback and improves the desirability, feasibility, and viability of Cupcake Glory. The report provides a detailed analysis of the business concept, market research, testing, and iterations, which is aimed at providing a comprehensive understanding of the business venture.

Individual
Concept
Document

Contents
INTRODUCTION...........................................................................................................................................3
MAIN BODY.................................................................................................................................................3
Section 1..................................................................................................................................................3
Section 2..................................................................................................................................................3
Section 3..................................................................................................................................................6
CONCLUSION...............................................................................................................................................8
REFERENCES................................................................................................................................................9

INTRODUCTION
A business idea refers to a concept which can be used for the purpose of financial gain
and is centered on a particular product or a service (Amaeshi and Idemudia, 2017). This can
therefore lead towards earning of profits. In this report, detailed analysis will be made on a new
business venture. The name of this venture is Cupcake Glory. It is a cake shop making cakes on
the orders of various types of customers and clients according to their needs and requirements. In
this report, analysis will be made on presentation of original business concept, discussion of
testing of business concept. Also, analysis of second iteration of business concept will be made
as a part of this assignment.
MAIN BODY
Section 1
Businesses have to be started by taking a lot of risk by the entrepreneurs (Han, Shi and
Childs, 2016). As I have always wanted to do something of my own and have entrepreneurial
spirit inside me I decided to start my own business which is related with making cakes as per
orders of customers and clients.
Rationale- The rationale to start Cupcake Glory is that people want specific types of
cakes made as per their needs and requirements and according to their own specifications which
many bakeries are unable to make. This gave me an idea to start a separate business which deals
only in cakes. Here, there will be readymade designs of cakes as well as there will be cakes made
as per specific requirements of the customers. The customers and clients can make the required
customizations in their orders as desired by them so that it meets their needs and requirements.
Feedback- I received a positive feedback of the idea from the customers. I did an
extensive market research and survey to capture the mindset of the customers and what exactly
do they desire from such a business. Accordingly, I have finalized a plan for starting this new
business venture. I hope that due to positive feedback this shop will earn high profits. In this way
it will be able to serve the customers and clients effectively and efficiently without any problems
and issues.
Section 2
Testing of business concept- It is very important for an entrepreneur to test the business
concept before finally adopting it. This will make sure that it is feasible enough to be adopted
and thus in this way will become profitable for the entrepreneur. There are various steps in the
testing of business concept. These are explained as follows-

 Scanning of business environment- It is important for the entrepreneurs to scan the
business environment (John, 2016). As I wish to be an entrepreneur and start my own
business therefore I had to scan the business environment for identifying the different
types of business opportunities which are available. In this way I found out that a
meaningful opportunity exists in the environment for cake shops as the customers prefer
them.
 Market research- Market Research is a process of collecting, analyzing, and interpreting
data about the target market, consumers, competitors and the industry as a whole (Market
Research, 2019). For testing the business concept, a market research is highly important.
This makes sure that the business concept is checked so as to find out whether it will
generate the required response or not. After conducting the market research I found out
that an immense potential exists in the market for the cake shops because the customers
and clients nowadays prefer customizations according to their needs and requirements so
that the goals and objectives can be achieved.
 Feasibility study- For testing a business concept, it is important to conduct a feasibility
study (Källner, 2016). This helps in determining the profitability of the business. After
conducting the feasibility study I found out that starting a cake shop will be highly
profitable and will help a lot in meeting the different types of needs and requirements.
 Customer response- Customer response is quite helpful for the businesses to determine
whether their products and services will be accepted by the customers (Kornish and
Hutchison‐Krupat, 2017). I conducted the customer response and found out that there is a
demand for customized cakes among the customers in market.
Reflection on the approach and the feedback received-
I have adopted an approach in which business will be set-up using the responses received
from the prospective customers and clients. I think that this approach is going to help me
a lot in making sure that the business is successful in the market. In Cupcake Glory, the
customers and clients will be highly important and their tastes and preferences will be
given supreme priority.
I have received a positive feedback for my prospective business from the customers and
clients. They think that it is a good idea and will surely generate the required positive
response within the market. In this way, I think that I can aim for maximizing the level of
profits in the future time period. Also by providing effective and efficient services I can
achieve the desired goals as well as objectives of the business. This will help a lot as this
will lead towards the desired outcomes in the business. Also in the future if there are any
specific improvements desired by the customers and clients then they should be adopted
quickly to ensure their full satisfaction.
Reflection of creation of a process fitting the market needs-

For starting a new business, it is quite crucial for the entrepreneurs to make sure that they
are able to create a process which fits the market needs effectively and efficiently. In this
way they can achieve the desired outcomes.
While designing the idea of Cupcake Glory, I designed a process which would help me a
lot in meeting the market needs. This process is explained as follows-
 Identification of needs and requirements- To be a successful entrepreneur it is
important to analyze the needs and requirements of different types of customers in the
market (Krejčí, 2020). This can help a lot in getting the required business idea which will
help in obtaining sustainable success. I had to identify the various types of needs and
requirements which the customers and clients are having in the market and thus this has
helped me a lot in getting the idea of opening Cupcake Glory. This helps a lot in
achieving the desired goals and objectives and maximizing the level of profits in the
future time period. Thus in this way the work can be done easily without problems and
issues.
 Identification of innovations- Innovation is required from an entrepreneur as this is his
primary skill. In a dynamic business environment, a business is required to innovate
regularly in its processes in order to sustain in a highly-competitive market. For Cupcake
Glory, I identified different types of innovations which can be carried out in making and
customizing cakes as per he needs and requirements of the customers and clients. This
not only helps in making cakes as per tastes and preferences of the customers but also
helps a lot in reducing the costs of making cakes helping in increasing the profits.
 Competitor analysis- Competitor analysis helps the entrepreneurs a lot because by using
it they can easily identify the techniques which are used by their different competitors
within the market (Maravilhas, Melo and Oliveira, 2018). Though the idea of opening a
specific cake shop is still new there are some competitors who are present in the market. I
analyzed the techniques which they use and the ways they use to satisfy their customers
and clients. This has helped me a lot in getting ideas to be implemented in Cupcake
Glory. Thus I have got an idea of the strategies which I have to adopt in order to be
successful.
 Customizations- Customizations are quite important for an entrepreneur if the orders
have to be made as per the specifications of the customers and clients (Nguyen, 2018).
Therefore, for Cupcake Glory I have thought of an Idea of implementing the
customizations as and when desired by the customers and clients for their cake orders. In
this way, they will feel satisfied and will get the required value for their money. Thus this
is a right approach which should be adopted in the organizations to make sure that they
achieve the desired goals and objectives without issues and problems.
 Value to the customers- It is quite necessary that the entrepreneurial idea of the venture
is able to provide the required value to the customers in order to be useful for them in the

short-run and the long-run. Since my idea is related with a cake shop which I have named
as Cupcake Glory therefore I think that it is highly important to provide the required
value to the customers and clients which they require. Cupcake Glory is going to provide
the value to the customers and clients by providing those cakes as per their specific
requirements.
 Applying the idea- It is important for the entrepreneurs to apply the idea which has been
generated by them in the practical scenario (Ritter and Lettl, 2018). As I have designed
the idea for opening Cupcake Glory I have to make a detailed plan so that I can apply my
idea in the market and then identify the response and feedback which I have received the
customers and clients to make the necessary improvements if required in the products and
services. Thus this is going to help a lot in achieving the sustainable level of success
required to be achieved in the future time period.
Section 3
I developed a primary idea for testing purpose for my new business venture i.e. Cupcake
Glory. I received a lot of feedbacks from my prospective customers as well as clients. Most of
them were positive encouraging me to go on with my venture. Some of them however
encouraged me to go on with the business venture after making some necessary modifications to
ensure higher level of efficiency and effectiveness.
Development of business idea- The original business idea as designed by me revolved
around providing small cakes to the customers and clients. However on the basis of feedback
received by me from them I have decided to include medium-sized and large-sized cakes also.
Reflection of the feedback- In the feedback, many customers and clients has placed the
importance for medium-sized and large-sized cakes. This is because they have a demand in the
market. Thus the business idea which I have developed after receiving the feedback from the
clients reflects the feedback. Therefore I have found that providing medium-sized and large-
sized cakes along with small cakes can be quite feasible as well as profitable in the long-term.
Final Idea- The final idea developed by me for Cupcake Glory after making significant
improvements and modifications as desired by the customers and clients has improved a lot in
the following terms-
 Desirability- After including medium-sized and large-sized cakes the idea has become
desirable for the customers. This in this way I feel that I can be able to increase the
profits in the future time period because the desirability has increased in front of the
customers and clients.
 Feasibility- After making significant improvements in the idea its feasibility has
improved a lot. Earlier, it was not providing sufficient profits in the forecasts made by
me. However, now it is providing sufficient level of profits in the revised forecasts which
have been made by me. Thus it has made the required improvements in this regard and

therefore I can make the plans for targeting the maximization of profits in the future time
period.
 Viability- After making the necessary improvements in terms of size of cakes to be
provided to the customers I feel that the idea has become comparatively more viable as
compared to the past. This is so because the more choice which is being offered to the
customers and clients which they can use as per their needs and requirements. Thus in
this manner the right approaches can be used for the purpose of achievement of short-
term and long-term goals and objectives in the future time period so that the level of
profits can be maximized when the time comes to obtain a strategic edge over the
competitors.
Short future research-
 Changes in tastes and preferences- In the future time period, there may be certain
changes which can be witnessed in the tastes and preferences of the customers
(Saukkonen and Pesu, 2020). Thus in this way there are various meaningful
improvements which I can make in Cupcake Glory to adjust according to these changes.
In this way, I can ensure the sustainable success of my enterprise in the future time period
and therefore I can also target to increase the level of profits gradually as the time
progresses which will ensure a strategic edge over the competitors in the market.
 Wide opportunities- There may be various types of opportunities which are available in
the market for the enterprises (van Werven, Bouwmeester and Cornelissen, 2019). In this
business, the opportunities can exist in the form of diversifying the range of products and
services offered and targeting the different types of customers. In Cupcake Glory, the
opportunities which will come in the future time period will be utilized quite effectively
and efficiently which will therefore ensure that the level of profits can be increased as
and when desired so as to achieve the desired goals and objectives in the future time
period to achieve a competitive edge in the market.
Steps statement-
There are different steps which are required to be taken by an entrepreneur so that the
business can be started. These steps are explained as follows-
 Identification of entrepreneurial opportunities- It is important for the entrepreneurs to
make sure that they are able to identify the available entrepreneurial opportunities. I
identified the opportunity for opening a shop dedicated to providing cakes to the
customers and clients as per their needs and requirements.
 Availing the opportunity- It is necessary for the entrepreneurs to avail the opportunity
which is existent in the environment to take the full advantage which it offers. I availed
the opportunity of providing different types of cakes to the customers by opening a
dedicated cake shop.

 Determining profitability- It is important for the entrepreneurs to determine the level of
profits which the business is going to generate for them in the future time period. I
determined the profitability level of my business and thus I have made sure that it earns
sustainable profits.
 Starting the business- Finally, it is important to start the business so that the profits can
be generated. I have to start the business of providing cakes as per needs and
requirements of the customers and clients by taking the necessary steps for it.
CONCLUSION
From the above report, it can be concluded that business ideas help in availing the
existing entrepreneurial opportunity in the market. By availing these opportunities entrepreneurs
can make sure that they earn higher level of profits in the future time period and can obtain a
strategic edge in the market. A business concept is required to be identified for the same.
Feedback has to be obtained in the market about the concept. The idea can also be modified and
changed according to the requirements of the feedback which will ensure that the business
sustainable level of profits in the future time period.

REFERENCES
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Online
Market Research. 2019. [Online]. Available through: <https://www.oberlo.in/ecommerce-
wiki/market-research>