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- All Subjects: Entrepreneurship
- Creators: Balven, Rachel
We completed in depth secondary research, focusing on environmental trends (social, economic, technological, political/legal, and natural) that affect the business environment in America, as well as produced a current market analysis of the American restaurant industry. This market analysis includes the discovery and evaluation of the history of the American restaurant industry, its evolution, its forecasted trends, and more specifically, taking a closer look at the nearly visible presence German cuisine establishments currently represent in America’s marketplace. By uncovering forecasted trends and determining the important presence the restaurant industry holds in America’s economy, we confirmed that designing and opening a German inspired restaurant is a great investment in an industry that continues to grow and prosper.
Before settling on a concept, we tested three unique German inspired models. Option 1, Prost, uniquely resembles a bar. Prost is described as a very casual and spacious beer garden placing an emphasis on quality German beer and small shared plates or appetizers. In contrast, option 2, Geister Haus is described as an upscale sit down restaurant that not only provides a wide selection of beer, wine, and spirits, but also an extensive menu with traditional German plates. Geister Haus is meant to provide its consumers with the authentic German experience. Lastly, option 3, Das Good is a modern concept that creates a fusion of German and American culture by providing traditional German specialties with a twist.
After conducting a survey testing all three concepts, the feedback we received from our test subjects (41 individuals representing diverse demographics) confirmed that Das Good was the most interesting German inspired concept that they would most likely visit. However, Prost was a close second, and many respondents suggested a combination of the two concepts; that is how the finalized Das Good restaurant was formed. Das Good’s business plan includes:
Company mission and values centered around diversity, community, and celebration
Target consumer profile otherwise known as Jackson Nelson that represents the specific demographic and psychographic qualities of a potential consumer we intend to attract
Competitive analysis of three carefully selected primary competitors (The Yard at Culinary Dropout, Brat Haus, and Pedal Haus Brewery) located within the Valley
Beyond the details of our business plan, we placed an emphasis on the marketing campaigns and design aspects of Das Good. For example, we researched three specific locations in which we will consider to invest, and developed a full menu including item descriptions and prices. We focused on physical evidence of store blueprints including indoor seating and outdoor patio layout and explained the value of our community centered open floor plan. Finally, we crafted a two-fold marketing plan that integrates digital exposure via local influencers and customer engagement via prize-worthy games featured at music, arts, and food festivals.
‘Aventure,’ which means “experience” or “adventure” in French, defines this upscale boutique and its essence of inclusion. This store does not aim to be your traditional retailer; instead, Aventure aims to build a community within and around the store for individuals with similar styles and passion for fashion. At the moment, the city of Scottsdale (and the Metro Phoenix area as a whole) does not have its own identity in the fashion world. There is no reason why Metro Phoenix cannot, with time, become more recognized in the global fashion community. With an array of exclusive luxury merchandise and an urban atmosphere, Aventure aims to pioneer the Valley’s establishment on the national high-end fashion scene.
The boutique is a result of the vision of its founder Ahmed Imam. Ahmed is a graduating Honors student at Arizona State Univeristy’s W.P. Carey School of Business, pursuing concurrent degrees in Finance and Business Entrepreneurship. Having been passionate about fashion for as long as he can remember, Ahmed will leverage his connections to the industry and excellent understanding of the Metro Phoenix market to turn Aventure into a hallmark of the community. Through his professional experience and educational background, Ahmed also brings the necessary knowledge and skills to the table to effectively run a startup.
The retail industry is experiencing steady growth, with the luxury goods sector expected to perform very well in the coming years. Using market-based sales forecasting, Aventure is estimated to break even by the third year of operations. Sales are expected to grow 20 percent after Year 1, and grow 5 percent thereafter. Net operating income of $83,643 is estimated in Year 1, growing to $141,351 by the end of Year 3. Overall, total startup expenses are estimated to be $206,574, made up of investments from owners and a term loan from Bank of America. The owner investment will be used to cover capital equipment, location, and administrative expenses. These include furniture, equipment, machinery, rent, utility, legal and accounting fees, prepaid insurance, and other expenses. The majority of the term loan will be used to finance opening inventory and advertising expenses, with the rest going towards cash on the balance sheet to ensure liquidity.
Ctrl+P is a start-up business created through the founder's lab class at W.P. Carey. Our group created a 3D print shop that specializes in making products, such as customizable key chains and prominent landmarks, as well as custom 3D printed solutions for local businesses and companies.
Classic & Current is a sustainable e-commerce business that provides affordable, appropriate, and fashion-forward business clothes for college female students. Through customer discovery and market analysis, we have identified a need for trendy, affordable business wear that is tailored to a younger demographic. Our strategy includes a circular component where customers can send back items for a discount on a new piece, which will be listed on “Our Closet,” along with hand-picked, thrifted items exclusively available to verified college students at a lower price point. Classic & Current targets females ages 18-25 who are either college students or young professionals in the United States. Our mission is to provide affordable, fashion-forward, work-appropriate, comfortable, and durable clothing while also addressing sustainability concerns. Our marketing efforts will focus on social media, specifically Instagram and TikTok, using micro-influencers and paid advertisements to push our brand and gain traction. Our financial plan includes seeking funding opportunities through ASU’s entrepreneurship programs. Classic & Current distinguishes itself from competitors by providing unique solutions for sustainability while offering elements of a classic wardrobe and trendy, seasonal items to keep customers current.
Classic & Current is a sustainable e-commerce business that provides affordable, appropriate, and fashion-forward business clothes for college female students. Through customer discovery and market analysis, we have identified a need for trendy, affordable business wear that is tailored to a younger demographic. Our strategy includes a circular component where customers can send back items for a discount on a new piece, which will be listed on “Our Closet,” along with hand-picked, thrifted items exclusively available to verified college students at a lower price point. Classic & Current targets females ages 18-25 who are either college students or young professionals in the United States. Our mission is to provide affordable, fashion-forward, work-appropriate, comfortable, and durable clothing while also addressing sustainability concerns. Our marketing efforts will focus on social media, specifically Instagram and TikTok, using micro-influencers and paid advertisements to push our brand and gain traction. Our financial plan includes seeking funding opportunities through ASU’s entrepreneurship programs. Classic & Current distinguishes itself from competitors by providing unique solutions for sustainability while offering elements of a classic wardrobe and trendy, seasonal items to keep customers current.
For our Barrett Honors thesis, our team decided to complete the Founders Lab thesis pathway. Founders Lab offers Barrett students the opportunity to spend their year working on developing entrepreneurial ideas into innovative new businesses by designing not only a business model, but the marketing, sales, and financial models of it as well. This team-based thesis/creative project empowers Barrett students to find solutions to a challenge and gain valuable experience launching a new business of their own.