Entrepreneurship, Enterprise And Innovation

Situational Analysis

Entrepreneurship, Enterprise and Innovation

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.

Entrepreneurial Opportunities

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).

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.

Entrepreneurial Analysis

Exploration of Behaviours, Characteristics, Competencies and Personality

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.

Factors affecting Development and Creation of Entrepreneurial Culture

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:

• Strengths:There are various aspects that impact entrepreneurial culture in a positive manner. These elements are important and could influence the culture in contributing way. As for entrepreneurship in Tune-In, first and foremost is family background. It plays a very important role in developing a contributing environment for entrepreneurs for actualisation of their ideology. Another aspect is education, effective and appropriate education allows a person to develop analytical and problem-solving skills which help them to take calculated risks and ensure future business growth.
• Weaknesses:There are various other factors, absence of which could lead to disruption in creation and development of entrepreneurial culture (Rae and et. al., 2012). For Tune-In, one such factor is attitude induced by the society. The society in which I belong does not promote aggressive risk-taking. This is one weakness that might hinder my performance as an entrepreneur. However, to overcome this, I plan to perform crucial analysis and necessary evaluation of prospects which assist me in taking calculative risks for Tune-In. Such practices would help in business growth and development of entrepreneurial culture.

There are different external factors as well that influences creation and development of entrepreneurial culture. These factors are mentioned below:

• Economical:Aspects covered under this give insight to the overall economic scenario of the location and how it could be contributing to the success of the company (Mitra, 2013). Tune-In has planned to be established in London, United Kingdom. However, the country is suffering from reduction in value of pound Post-Brexit and this could be tough for Tune-In to effectively establish its business operations. However, crowdfunding as a financial option could effectively eradicate the possibility of any financial needs remaining to be unmet.Suchsupport from people would create effective opportunities for entrepreneurs having contributing and creative ideas. Such aspects would allow establishment and development of entrepreneurial culture within the country.
• Social:These factors are quite contributing for development and creation of entrepreneurial culture. This is because, with ongoing health concerns of the industry, it would help in creating various entrepreneurial opportunities in the country for Tune-In. With advanced access to technology and various essential equipment, the firm would hold potential to establish itself as a very strong organisation covering a range of problems of its fitness clients.

Business Start-up

Process of Starting Up Tune-In

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:

• Associate 150 members with the gym by end of 2019.
• Establishment of at-least one more branch by November 2019.

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:

• Fitness trackers, which would allow customers to track their distance, steps, burnt calories, remaining workouts, etc.
• It would also provide Fitness boards for customers to cover their overall workout sessions using this product.
• In addition, the firm would be providing its clients with VR gears to effectively carry out their workout sessions without even physically present in the centre.

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.

Human Resources:

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:

• One manager that would be in charge for the whole gym and its facilities each day. They will be required to manage customers as well as employees. Their role within the gym would be to manage each customer and make sure that they are happy and meet each of their requirements are fulfilled. They would also be required to assess the effectiveness of each equipment within the gym. As for employees, they would be in-charge of interviewing and hiring potential employees for the gym which would serve as a driving force for Tune-In.
• Alongside managers, the firm would require front desk employee that would be handling check ins and sign ups of new customer membership and handle their paperwork.
• A financial employee that would be handling the financial requirements of the gym and handle all the expenditure and manage accounts effectively.
• Four trainers with effective knowledge of nutrition, exercising and fitness with expertise in various forms of workouts to train and manage the physical requirements of different customers. They are also required to be medically equipped to handle unexpected medical situations with utmost ease and effectiveness.

Marketing Strategies

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:

• Number of Memberships:These would be the customer count of the gym. These customers would be the one who are some way or the other will be associated with the company and would be using its products and services.
• Number of Followers:These individuals would be either customers or potential customers who could be attracted to join membership and acquire the offerings of Tune-In.
• Number of retweets, reposts, shares: This count would be concerned with the times people would be sharing Facebook posts, retweeting the content on twitter and sharing and reposting YouTube videos which would help in enhancing the popularity of the gym.

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.

Budget:

The projected budget for Tune-In is as follows:

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.

Sales Forecast:

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 4^thand 5^th.

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.

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.

Impact Impacting on the growth and sustainability of Tune-In

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.

Conclusion

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.

References

Books and Journals

• Drucker, P., 2014.Innovation and entrepreneurship. Routledge.
• Durkin, C. and Gunn, R. eds., 2016.Social entrepreneurship: A skills approach. Policy Press.
• Huybrechts, B., 2012.Fair trade organizations and social enterprise: Social innovation through hybrid organization models. Routledge.
• Küttim, M., and et. al., 2014. Entrepreneurship education at university level and students’ entrepreneurial intentions.Procedia-Social and Behavioral Sciences. 110.pp.658-668.
• Landes, D. S., Mokyr, J. and Baumol, W. J. eds., 2012.The invention of enterprise: Entrepreneurship from ancient Mesopotamia to modern times. Princeton University Press.
• Lowe, R. and Marriott, S., 2012.Enterprise: Entrepreneurship and Innovation: Skills and Resources for Entrepreneurship and Innovation. Routledge.
• Maclean, M., Harvey, C. and Gordon, J., 2013. Social innovation, social entrepreneurship and the practice of contemporary entrepreneurial philanthropy.International Small Business Journal. 31(7). pp.747-763.
• Mitra, J., 2013.Entrepreneurship, innovation and regional development: an introduction. Routledge.
• Rae, D., and et. al., 2012. Enterprise and entrepreneurship in English higher education: 2010 and beyond.Journal of Small Business and Enterprise Development. 19(3). pp.380-401.
• Romano, A., and et. al., 2014. The innovation ecosystem as booster for the innovative entrepreneurship in the smart specialisation strategy.International Journal of Knowledge-Based Development. 5(3). pp.271-288.
• Sahut, J. M. and Peris-Ortiz, M., 2014. Small business, innovation, and entrepreneurship.Small Business Economics. 42(4). pp.663-668.
• Thorp, H. and Goldstein, B., 2013.Engines of innovation: The entrepreneurial university in the twenty-first century. UNC Press Books.
• Woodside, A. G., Bernal, P. M. and Coduras, A., 2016. The general theory of culture, entrepreneurship, innovation, and quality-of-life: Comparing nurturing versus thwarting enterprise start-ups in BRIC, Denmark, Germany, and the United States.Industrial Marketing Management. 53. pp.136-159.

UPTO50%

Avail The Benefit Today!

To View this & another 50000+ free

Enter Email

Submit