Entrepreneurial Development Assignment

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Added on 2020-10-23

Entrepreneurial Development Assignment

Added on 2020-10-23

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Table of ContentsINTRODUCTION...........................................................................................................................3Identification of problem.............................................................................................................3IDEA FORMATION.......................................................................................................................3Market Research & Analysis......................................................................................................6Problem present in market..........................................................................................................6Solutions......................................................................................................................................7Customer Segmentation..............................................................................................................9VENTURE DEVELOPMENT........................................................................................................9CONCLUSION..............................................................................................................................15REFLECTION...............................................................................................................................15REFERENCES..............................................................................................................................16

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INTRODUCTIONEntrepreneurial development refers to the process of organising, developing andmanaging a new business by bringing some new or innovative idea. It generally depict thecapability of an individual who take up all the risk by setting up new venture in order to makeprofit (Amaka Cordelia, 2018). This project is based on an idea of developing a resort named asPerfect fun centre which is basically formed for children and teen in order to provide a placewhere they can have fun by performing in-door activities and get socialised for entertainmentpurpose. This idea has been finalised after analysing the market requirement of customers in thisregard as there are only 28 such institutions are available in Hertfordshire city which offerlimited services (Play areas, 2019). Current report includes analysis of problem along with theproper solutions to overcome those issues Identification of problemToday, parents are more conscious about provide a healthy lifestyle to their children byinvolving them in several physical activities which support in promoting good physic. But themain issue is that in UK there is very few such places that offer service for in-door and out-dooractivities of children. This is the main issue in Hertfordshire city and in order to resolve this ithas been decided to setup a place where these services are available to children for their physicaland mental development (Higgins and et. al., 2019). Being a CEO it has been decided to set up aresort that provide children's an opportunity to entertain themselves by performing severalcurriculum activities and sharpen up their skills for future development.IDEA FORMATIONEntrepreneurial development plays a crucial role within the growth and development of acountry by setting up new business with unique idea that support in improving the livingstandard of people by fulfilling the need and demand of society. After analysing the market anopportunity has been determine which is related with the scope of institutions or club thatfacilitate services related with curriculum activities. So to avail opportunity it has been decidedto design an area for children where their would be numerous of equipments and tools that theycan use to play games or for performing several physical activities.This would be done by setting up a resort for children which is a kind of entertainmentcentre named as Perfect fun centre where there are number of sections for playing games and

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performing several curricula activities such as Karaoke, Bowling, dancing, singing, playroomsetc. Along with all these services it provide an environment which is safer and doesn't have anytype of accidental risk that may lead to children injury due to any of resort's equipment. Butbefore working over the development of resort it is very essential to deeply analyse forces orfactors that may affect the business in order to avoid any sort of future risk that may hamper thepractices performed by this resort (Jha, 2019). In order to determine this porter's five force modelcan be used which help in determining the viability of business idea on the basis of industrialcapability along with several threat and opportunity present in industry that help in improvingthis business idea for best outcome. From this information it would be easier to determine thestrength of this resort business and weakness which are required to improve. The porter's fiveforce model is explained below:Competition within the industry:- This sections focuses toward determining thecompetition present in industry that may create issues for the business and affect futurepractices. For Perfect fun centre resort the competitors risk is lower as there are very fewplaces present in market which provide such services. This is because there is a businessgap present in market as options are limited and services provided by these resorts as wellas playground are not as per requirement of children which parents see usually whiletaking them over such places. This is a greatest strength for Perfect fun centre resort as itwork toward developing a place that consists of various sections which offer a range ofservices for children growth and development. This includes bowling, Karaoke, Bowling,dancing, playrooms, snow centre, fitness section etc. which help in sharpening up theskills and talent of children at early age. With the help of this it also get a greatestopportunities to attract large number of customers as they get numerous of activitiessection at one place which is a positive side of Perfect fun centre resort.Threat of new entrant:- This sections work toward analysing the number of potentialplayer that can enter into the industry with similar but more valuable services and affectthe business operations of an existing organisation. The threat of new entrant in this areais relatively higher as the industry in UK is not much competitive and existing playerwhich offer similar services are only offering limited services that are not fulfilling thedemand of parents (Nwanekezie and Onyiro, 2018). Hence, new businesses withaddition services can be easily acceptable by customer base. Therefore the risk of new

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