This is the case for the Nelson’s. To bring the cupcake concept to L. A. during a time that the United States was deeply influenced by the “South Beach Diet” a diet that inspired low-carb eating was a major risk to take. Success in the beginning was uncertain yet they quit their jobs and made a go of it. Having a high energy level is critical in any small business. Hard work was something the Nelson’s were used to. They both were obviously college educated and I am sure it takes a great deal of hard work and energy to be an investment banker. The Nelson’s brought their high energy level to Sprinkles.
This is observed through Candace’s actions to get 300 cupcakes ready and flying on a red eye flight to be on the Oprah Winfrey show. Her hard work here gave Sprinkles the publicity it needed to gain a steady customer base. The Nelson’s ignored the negatives surrounding them and pursued their dream. One could argue that they desired independence. This could be the reason that they left lucrative careers that paid them well to venture out and open a cupcake only bakery. Here they are the owners, bosses, employees. They work for themselves and their success or failure is their own.
Other traits and characteristics that may be necessary to possess for an owner of a new Sprinkles franchise is; being action orientated, having an internal locus of control, and flexibility. To be successful, a new owner needs to be action orientated and make plans before problems happen. Crisis management can help a new owner stay ahead of problems and lead to a more successful franchise. Having an internal locus of control is important for a new owner. Having the belief that one is in control of their destiny and being self-directed will give a new owner otivation to work hard for a successful future. Flexibility is an important characteristic for a new owner. Willingness to admit problems and errors, and willing to change a course of action when plans aren’t working can be the deciding factor between success and failure. Being humble and adjusting plans to meet goals is important for a new owner. 2) Sprinkles are in the maturity stage in its life cycle. This stage can be characterized by a firm refining its strategy for future success and continued growth.
The Essay on In My Own Work Setting
In my own work setting we have health and safety policy, child protection/safe guarding, fire safety,first aid, security ,confidentiality. In the regards of health and safety in my work setting I report any issues to Rachel Hancocks(manager) or Paul Hancocks(deputy manager). All staff have there own responsibilities to health and safety in the workplace as well. A risk assessment is the ...
This stage also see financial stability with continuing management challenges of remaining competitive in a changing environment. The Nelson’s face management challenges include possible global expansion. They encounter a type of succession problem similar for a family business. The problem here is transitioning from entrepreneurial leadership to professional strategic leadership. Entrepreneurial leadership brings the venture into being and sees it through the early stages of the life cycle. Professional strategic leadership manages and leads the venture into maturity as an ever-evolving enterprise.
If the Nelson’s are incapable of meeting the firm’s strategic leadership needs the continued success of Sprinkles may depend on their business being sold, or management control being passed to professionals. With many other stores opening, the Nelson’s face another management challenge of keeping their firm organized and on the same plan and quality. As Sprinkles grows so those needs of proper management and leadership. The Nelson’s will not be able to tend to every store location personally all the time. They would need to hire and rely on store managers to management individual stores and keep the same quality as the original Sprinkles.
This can be a major issue to keep the firm successful as it grows. 3) To assess the potential for a new venture on campus called “Sweet Bites,” I would pay close attention to the potential value of the venture, using calculations and predictions to determine the anticipated profit and loss for that venture. Understanding that business owners tend to be more optimistic in their business, as an investor I would need to be more cautious in were I invest my money. The assessment of a new business venture must evaluate many different situations and accounts to find a feasible utcome to determine the value of the new venture. To help in my assessment I would need to see a business plan that projects business activities and growth for the first 5 years. By developing a clear business plan, the owner can present his or her expectations for the business over the course of the next few years, and I as the investors can review this plan to determine how much value the business venture currently has and is expected to have in the future. I would also determine the business value which is what the business is worth if it was to be sold.
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Funding A Business Running head: FUNDING A BUSINESS VENTURE Funding a Business Venture Jason L. Morales American Intercontinental ...
Subtracting liabilities from assets will give a rough estimate of the value. To help with my assessment I would contact other investors to see what they would off for the new business venture. This will help determine the value of “Sweet Bites” and give me as an investor, a good assessment of the potential for making a profit on this new venture. To make a business plan more attractive to investors, I would include items presented in Management Smarts 6. 2 diagram. I would include an executive summary, plans that cover certain business fundaments, as well presenting organized topics for success.
I would present the plan with proper headings and make it easy to read and 20 pages or less. There are no single templates to business plans but following these simple guidelines will help a business plan get its point across to investors. No one wants to read a 100 page business plan, keeping it short and to the point is simple which an investor would appreciate when they have numerous business plans to read. 4) How far can a cupcake-only business grow? Well research and current trends indicate that this business can grow and has grown into a successful venture.
The Business plan on Business Model and Strategic Plan
For any journey the path must be defined with clear and recognizable details for it to be successful. The concepts of markers and landmarks which define the direction of a journey apply to that of any business. We need detailed plans and objectives as well as landmarks and directions we would like the business to travel. The objective of Two Brothers food truck is to create a trusted and popular ...
So successful that cupcakes shop has flourished across America and the popularity of cupcakes is spreading to Europe and South America. The cupcake craze has even gone to television. Years after launching Sprinkles Cupcakes, Nelson was contacted by Super Delicious, a Los Angeles-based production company, to help judge a cupcake show. “The people at Super Delicious were driving around L. A. and noticed an abundance of cupcake shops which spurred them into coming up with the idea for Cupcake Wars; they thought I would be a good judge,” Nelson says.
The pilot aired last year, showcasing a competition for the best cupcake, and was picked up by Food Network. The weekly show is now in its third season. Looking to the future, this firm is attractive to venture capitalist investors because they are profitable, provide something that people want and has gotten the attention of celebrities and social media. Nationwide, cupcake sales, according to the market research firm Mintel are projected to rise 20 percent over the next five years at a time when other baked goods are expected to grow in the single digits. Cupcake stores are taking the place of ice cream stores,” said Adam Borden, whose venture capital firm, Bradmer Foods, based in Baltimore, specializes in food-focused enterprises. “Cupcakes aren’t seasonal like ice cream, and they appeal to people who want the authentic experience. They have an allure based on nostalgia. ” Along with its website, the company also maintains a Facebook fan page, complete with 77,600 fans. These Facebook fans relate to other people’s money which is a dollar value to Sprinkles. One way to calculate the value is to compare it with the value of OPMs.
For example, The Los Angeles Times would charge Sprinkles $972 per column inch for a one-time access to its print audience. If Sprinkles wanted to purchase a non-discounted full page ad, it would cost them $125,388 (at 129 inches per page) to deliver its message to the paper’s 657,000 daily readers. In this example, Sprinkles is paying $0. 19085 per LA Times reader for a single day. But with its own audience on Facebook, Sprinkles doesn’t need to rent OPMs. Assuming conservatively that a Sprinkles Facebook fan equals an average LA Times then the Sprinkles’ Facebook audience might be valued at $14,809.
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Sprinkles have access to its Facebook audience 365 days per year–at no incremental cost per new message delivered. This can be considered a corporate asset of $5. 4 million. A downside to Sprinkles is that they are so successful and spreading everywhere that they run the risk of losing their local owner appeal and become another home brand such as Betty Crocker. This could lead to potential customer lose and lose of profits. In my opinion I feel that Sprinkles is a good bet for the future. In these economic times of hardship, People are looking for ways to cope with daily problems.
Cupcakes are considered a comfort food that most Americans can relate with to a simpler time. They buy cupcakes because they are smaller than regular cake therefore makes carb conscious people less guilty in eating them. Having celebrity backing such as Katie Holmes, and Oprah makes them more appealing to the average viewer. In today’s times social media can be a good predictor of future success. Sprinkles Facebook following only continues to grow resulting in more customers meaning more profit for the company.
