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Chapter 5

Lecture 10 - chapter 5.doc

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Department
Global Management Studies
Course
GMS 200
Professor
Horatio Morgan
Semester
Fall

Description
Lecture 10 16/nov ← Entrepreneurship & Small Business Management ← Entrepreneurship & entrepreneurs • Company for today = Cupcakes • Pin down entrepreneurial traits • Examine some of the real challenges of starting + operating a new business Cupcakes: Quick Facts • Best friends: Heather White + Lori Joyce (2002) • Mission: celebrate every day •  Started in Vancouver 3/6 locations in BC are in Vancouver • Specialized cupcake bakery • Cupcake trademark/brand represents fun, hip, youth, nostalgia and celebration • Employs 50-60 workers (depending on the season) Cupcakes: Heather & Lori • BFFs since high school days in Victoria, BC • Always had this dream of starting a business together o Dream = put on hold as both women held corporate jobs in NYC o After a visit to the Magnolia Bakery in NY, they became convinced that a bakery business was the way to go o Heather & Lori returned to Vancouveincorporated their bakery company in Dec. 2002 o Each invested $40,000 into the business (neither of them got paid the first year) • Made cupcakes for their boyfriendtasted horribledecided their talents were NOT baking  “not to be bakers ourselves, but to hire bakers” • Focused on developing the brand + marketing the business • Sought help + advice from family/friends • April 2002: Heather + Lori were in their late 20s, made the big move in opening their first Cupcake location in Vancouver (Denman St.) • How did they develop their product offering? o Stood in front of customers & asked for feedback. Evolved recipes constantly (
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