Entrepreneurship and Business Development: Feasibility Study of Online Personal Trainer and Competitive Analysis

Entrepreneurship and
Business Development

TABLE OF CONTENTS
1. INTRODUCTION.......................................................................................................................3
MAIN BODY...................................................................................................................................3
2. Feasibility study of online personal trainer .............................................................................3
3. Competitive Analysis...............................................................................................................5
4. Osterwalder’s business model canvass....................................................................................7
5. The business and marketing strategies that entrepreneurs follow to find success...................8
6. Financial techniques, planning tools and decision-making models that can be used to assess
and mitigate risks.........................................................................................................................9
7. CONCLUSION..........................................................................................................................12
REFERENCES..............................................................................................................................13

1. INTRODUCTION
The development of the entrepreneurship is a process where the skills and the knowledge
of the entrepreneurs are enhanced with the help of various training and classroom programs
along with the main idea behind this program is to develop or increase the number of the
entrepreneurs in the world. This report will discuss about the feasibility analysis of the online
personal trainer venture by using the relatable conceptual frameworks along with the views that
the entrepreneurs are known as the engines of creativity and innovation, a competitive and STP
analysis in finding the opportunities gap in the market with the supporting analysis with the
related information taken from the extensive market research, osterwalder's business model
canvas along with a porter's value chain that discuss the business model, the marketing and the
business strategies which the entrepreneurs uses for finding the success along with the common
mistakes that the entrepreneurs make at the initial stage and the strategies which are used for the
consolidation, underperformance and growth. This report also discuss the financial techniques,
the planning tools and the decision-making models which can be used for accessing and
mitigating the risks (Purwanto and Wibowo, 2018).
MAIN BODY
2. Feasibility study of online personal trainer
Conducting a preliminary analysis
The outlining of the plan of the project must be done where it should be emphasized on the
unsolved need and then it must be determined if the feasibility factors are expensive or not,
whether they are able to use the market in an effective manner and much more.
Preparation of the projected income statement
This step needs to perform in a backward way by beginning with what is the expected income
from the project and about the requirement of the project funding which is the foundation of the
income statement (Turkina, 2018).
Conducting market survey or research
Another step is carrying out the research of the market which helps in determining the success of
the feasibility analysis. If any organisation do not have the appropriate resources for conducting
the research of the market then it is recommended to hire for an external firm in doing so.
Planning operations and business organisation

After the execution of the previous steps then it is required to set up the operational and the
organisation's planned project for the purpose of meeting the economic, operational, technical
and the legal feasibility factors that affect them (Urbaniec, 2018).
Preparation of the opening day balance sheet
This involves the estimation of the liabilities and the assets whichever one is correct. In order to
do this, the making of the list which includes the costs, sources, items and the financing is there.
Reviewing and analysing the data
This step is very crucial in making sure that nothing need any kind of the change or
modifications. The income statement and the comparison of it with the liabilities and the
expenses and making the analysis if that is still realistic or not.
Making a go or no go decision
It is considered as that kind of the point where the decision is being made about whether the new
venture of the online personal training is feasible or not.
Entrepreneurs are the engines of innovation and creativity
Creative development
The innovation assists in improving the creativity, nature and the process of design thinking of
the particular brand. The business can also get the success by grasping the steps of the
creativeness. The innovation can help in providing multiple opportunities by assisting the
organisation to work with the existing trends.
Persistent improvement
The innovation provides the organisation with durability while it is in the process of making the
continual enhancement. Also, innovation assist in the enhancement of the creativity of the
organisation (Pérez Paredes and Torralba Flores, 2021).
Reinforcing the brand
The branding process assist in offering the details that help in the innovation of the human
resource innovation leaders to adapt multiple ways of becoming more innovative.
Making the best of the prevailing products
It is important for the introduction of the new products but it is more necessary to maintain the
innovative culture by utilising the best of the old and the used products.
Other points include responding to the competition and the trends, the use of the social media
and having of the unique selling point.