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1615 Downloads1 I Published: 31 Oct ,2019
Entrepreneurship is process for designing, running and launching new business that is often a small business. In order to survive in competitive market, it is very important for organisation to bring innovation in their new business and products (Drucker, 2014). Following is the business proposal report which is based on “Tune-In”, which would be a Gym planned to be opened in London, United Kingdom. The chosen finance option for this gym is CrowdFunder, which is a crowdfunding platform utilised for acquisition of funds. The report would cover a detailed business proposal focusing on appraisal of theories and practice of entrepreneurship, enterprise and innovation and opportunities for entrepreneurial activities in the local, national and global economies for start-ups and existing organisations. It would also cover behaviours, characteristics, competencies and personalities to assess potential for entrepreneurs and evaluation of internal and external factors affecting development and creation of an entrepreneurial culture.
For a new business, it is imperative that various aspects and practices related to entrepreneurship, enterprise and innovation are appraised in order to determine the scope of the business activities that are required for an organisation.
For entrepreneurship, it is crucial to determine the type of venture which would be appropriate for Tune-In. There are two types of entrepreneurial ventures, Lifestyle-which are run by individuals for accomplishment of their passions and Survival-which is run by people with aims to sustain the position and enhance market share (Woodside, Bernal and Coduras, 2016). Entrepreneurs of this gym would be adopting Survival Venture as the most appropriate entrepreneurship practice for Tune-In. In addition, the company would be adopting sociological theory of entrepreneurship as its products and services would be as per the recent trends and beliefs of the customers in the UK. In addition, they would also be adopting psychological theory of entrepreneurship as there is a need of achievement in the entrepreneur which would help in achieving success.
As for Enterprise, out of all the types of practices and enterprise types, Scalable Start-Upis considered to be the most apt form for Tune-In. The practices would be concerned with implementation of innovative ideas and creative solutions to enhance profitability and growth.
Out of all the elements necessary for effectively establishing an enterprise, the most important is Innovation, which is a process of creation of value in standard offerings by applying creative methods. It is required from fitness organisations to implement innovative ways of serving their customers. To achieve this, Tune-In would be utilising creative ways to serve varied needs of different customers. In addition, it would be using brainstorming as an effective theory of innovation to find potential and creative solution to managerial problems. Moreover, it would also be implementing a culture of innovation within the structure of the organisation.
New business organisations are required to effectively analyse entrepreneurial opportunities which serve as an agenda for assurance of its success in the long-term. Tune-In would be a gym, more a fitness club which would be serving different needs of various customers. For this, the organisation will be assessing various fitness trends at local, national and global levels to analyse entrepreneurial opportunities.
The gym is planned to be established in London. There are quite innovative and useful entrepreneurial activities for the gym as well as existing fitness clubs like Blok London and Another Space as per the analysed trends. On the local level, the country is following different styles of fitness, like Third Space which is concerned with High-Intensity-Interval-Training (HIIT Workout), Inhere- Meditation Pods for meditating and practice of mindfulness and Les Mills, which is virtual spinning exercises for millennials (TOP 5: NEW HEALTH AND FITNESS TRENDS IN LONDON, 2019).
However, where national level opportunities are concerned, overall the people of United Kingdom are demanding more ways through which fitness could be well achieved. More inclination towards fitness is witnessed in the country lately. On National Levels, Tune-In could experience various entrepreneurial opportunities. One of these opportunities is At-Home Sessions as people are demanding more convenience by exercising at home. The firm could offer its services via fitness videos and training sessions to people of different localities within the country. This is also being planned to utilise by existing fitness organisations too which would enhance their entrepreneurial opportunities. Another trend within the country which could be driving entrepreneurial activities for the company is On-demand fitness. People of the UK are demanding fitness options at different settings like Airports and Hotels and this could help the company establish its operations within these sectors (THE BIGGEST FITNESS TRENDS OF 2019, 2019).
Globally, fitness is an element which is being recognised and is required as per the ongoing health concerns all over the world. According to various surveys, there are many countries where there is high level of obesity levels and people actually are required to establish a well structured fitness Culture to effectively handle the issue. These places are various countries in Asia, United States, Countries in Middle-East, etc. (World Obesity Day: Which countries have the biggest weight problem? 2019).
(Source: World Obesity Day: Which countries have the biggest weight problem?, 2018)
Many existing organisations through cultural integration are moving towards finding new ways to satisfy their customer and enhance their global reach. As per different cultures, Tune-In could provide diversified services like Yoga, Traditional gymnastics, Cross-Fit, Strong-Man training, etc. to its customers worldwide depending on the type of training the clients are interested in having. Such entrepreneurial opportunities present in local, national and global efforts would allow the Tune-In to establish itself as a successful venture.
Each entrepreneur must have certain attributes which could contribute in the success of a business venture (Thorp and Goldstein, 2013). These attributes are very crucial that assists entrepreneurs in driving a company towards growth and profitability.
Entrepreneurs are required to inherit and develop specific behaviour patterns, like having self-confidence, enthusiasm, clear targets and optimism. There are various entrepreneurs that possess these behaviours like Jeff Bezos which is very crucial to develop the management and leadership for the company. As for characteristics, risk-taking, flexibility, innovativeness and persistence are of vital importance. A prime example of this would be one of the most successful serial entrepreneurs who possess all these characteristics and effectively adopt practices to enhance their effectiveness (Sahut and Peris-Ortiz, 2014). There are various competencies as well like problem-solving, systematic planning, organising, management and financial skills, etc. which could allow entrepreneurs to stand ahead in the game and be different from other market players. Entrepreneurs must also be visionaries, focused and analysts and all these elements must be an effective part of their personality to achieve success. As important as it is to have such a positive personality, it would be opening up gates of opportunities for new entrepreneurs. The biggest example of entrepreneur having such personality was Walt Disney. He is known to be a visionary regarding his animations and was focused on developing various different styles as per the latest trends. Moreover, he used to analyse the trends and aspects on which his animations could appropriately get acknowledged worldwide.
Out of all these aspects, there are various behaviours, characteristics, competencies and personalities, I, as an entrepreneur of Tune-In possess most of them. I am optimist and believe in setting clear targets for my projects. However, I tend to evaluate more and thus, self-confidence arises only after effective analysis of each aspect required by me to accomplish my goals. I tend to mould my operations and functioning pattern as per the demands of the situation. Though I'm not an extensive risk-taker, but I tend to take calculated risks which ensures me of positive outcomes. I tend to think creatively and focus on developing more innovative approach towards developing plans and procedures for Tune-In to effectively fulfil demands of each of its clients. Lastly, I possess effective financial and management skills, along with effective focus and enthusiasm which I believe is necessary for starting up a new entrepreneurial venture and drive it towards success.
Within an organisation, and entrepreneur as well as its employees are required to be well-versed by the concept of entrepreneurship. Development and creation of entrepreneurial culture is essential for a business (Romano and et. al., 2014). For Tune-In, there are various internal as well as external factors that affect this development and creation. These factors are described below:
There are different external factors as well that influences creation and development of entrepreneurial culture. These factors are mentioned below:
Overview of Concept:
Tune-In would be a gym and a fitness club which would be working to establish fitness culture in the country. The company would be operating under fitness industry in the UK and would be providing a range of services to its customers. The concept which this gym is being established would be to change the way exercising and fitness is being witnessed in the country.
The various SMART objectives of this company include the following:
The mission of Tune-In is to provide varied and innovative approaches to fitness to all of its clients as per their requirements and customise fitness practices according to their needs (Maclean, Harvey and Gordon, 2013).
Products and Services:
Another important aspect for an organisation is to determine its products and services it will be offering within the market. This would give a clear idea for further resources which are required by the company. As per the ongoing health concern and agenda of the company to change the perspective of fitness, the gym would be providing multiple types of ways in which fitness could be achieved. All of these methods will be opted by client to ensure long-term customer engagement. The products would include:
The gym would also provide varied services to all of its clients associated with the firm. To achieve this, the company would be offering different sections within the infrastructure which would be covering different forms of exercising, like Yoga, Aerobics, Weight Training, Strong-Man Training, Cross-Fit, etc. All these workout forms are being included as per the convenience of the customers as different customers prefer different kind of exercising habits. Furthermore, the company will also be providing session DVD's and interactive sessions to customers who could not be physically present in the gym and prefer At-Home workouts.
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For any new business organisation, it is crucial and competent to determine the Human Resources which are required to sustain and carry out business operations in a smooth and effective manner (Küttim and et. al., 2014). There are various kinds of employees that would be required for Tune-In. These types are discussed as under:
After determination of necessary resources, it is of vital importance, that customers are targeted to market the products and services offered to them. It is very crucial for Tune-In to differentiate and target the most appropriate type of customers for their services (Durkin and Gunn, 2016). Customer segments are required to be created and effectively evaluated to divide customers into the most appropriate group for which the marketing strategies would be analysed. These would be created on the basis of demographical, geographical location, psychographic and behavioural segments would be utilised. It would be tracking customers from the urban areas of United Kingdom, with age group 15-65, income level more than £5,000, who are inclined towards living a healthy lifestyle and have a positive attitude related to different forms of workouts.
There are various forms of marketing methods that could be used to reach these customers in an appropriate manner. For Tune-In, it is imperative that cost-efficient yet effective methods are utilised that serve this purpose of the business. The firm would be using Social Media portals like Facebook, Twitter and YouTube as core methods to communicate with customers. They will be posting contents, compelling videos and training sessions to attract more customers to join their membership. They would be giving various benefits associated with the membership and details about the packages through the same. Another method would be using print media to reach older customers who are not very much active on social media.
Key Performance Indicators:
These would be serving as appropriate methods to evaluate the effectiveness of the business and the extent up to which objectives have been achieved by the company.(Landes, Mokyr and Baumol, 2012). There are various key performance indicators for Tune-In which are described below:
Budget and Financial Plan:
The final aspect is related with projection of financial plan of the firm which would be providing a structure of acquisition of funds, projected expenditures and Cash Flow, etc. Tune-In would be using CrowdFunder as a medium to acquire funds. For this, it is imperative that the company would be specifying the type of deal it would be providing to people funding the project. For Tune-In, funders would be getting a deal of Revenue Share, where the ownership will be with the entrepreneur, yet, the funder could get a share from its revenue.
The projected budget for Tune-In is as follows:
Materials and Equipments
The company will be investing more on materials and equipment like treadmills, spinning wheels, fitness products, etc. In addition, the company will be investing a lot of amount on marketing and advertising of Tune-In.
The company is planning to provide various different packages to its clients within the country and on the basis of which, services and product will be divided amongst them. The image projects these packages as per the enhanced services provided by the gym especially in the package 4thand 5th.
Cash Flow Forecasts:
Illustration 3: Cash Flow Forecasts
As per the given forecast, the firm plans to invest more on its website development managements, rents and contractors, these will be the prime focus for Tune-In.
Illustration 4: Personal Expenditure
These are the projections related to the personal expenditures and which would be effective for the firm to assess its income. As per these, utilities, rent, council tax and savings plan would be the major sources of personal expenses.
It is very crucial that elements are determined which impact the growth and sustainability for the company (Lowe and Marriott, 2012). For Tune-In, these factors would be customer engagement, employee engagement, popularity within the country, etc. All these factors have wide impacts on its growth and sustainability and this, it is imperative that efforts are made in the way which ensures its maximum achievements. For this, focus would be on employee welfare activities, customer relationship management and assurance of effective provision of products and services to its customers. However, unhealthy physical conditions, inconsistent employees and enhancement of similar firms have a wide impact on the creative solution offered by the company. All these elements encourage firm to come up with creative solutions to ensure customer and employee engagement and to maintain their popularity within the country.
Thus, it is concluded that entrepreneurship, enterprise and innovation are quite crucial for growth and development of a business organisation. It is very important to perform situational analysis to determine employment opportunities and factors influencing growth and creation of entrepreneurial culture. Lastly, start-up would effectively communicate the agenda and purpose of the establishment of company along with a framework required to develop the enterprise in an appropriate manner.
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