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Entrepreneurship, Enterprise & Innovation

Added on - 22 Nov 2020

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ENTREPRENEURSHIP,ENTERPRISE ANDINNOVATION
Table of ContentsTITLE - MAKING IT HAPPEN.....................................................................................................1INTRODUCTION...........................................................................................................................1SITUATIONAL ANALYSIS..........................................................................................................1Entrepreneurship, Enterprise and Innovation.........................................................................1Entrepreneurial Opportunities................................................................................................2ENTREPREUNIAL ANALYSIS....................................................................................................4Exploration of Behaviours, Characteristics, Competencies and Personality.........................4Factors affecting Development and Creation of Entrepreneurial Culture..............................5BUSINESS START-UP..................................................................................................................6Process of Starting Up Tune-In..............................................................................................6Impact Impacting on the growth and sustainability of Tune-In...........................................12CONCLUSION..............................................................................................................................13REFERENCES..............................................................................................................................14
TITLE –‘MAKING IT HAPPEN’INTRODUCTIONEntrepreneurship is process for designing, running and launching new business that isoften a small business. In order to survive in competitive market, it is very important fororganisation to bring innovation in their new business and products (Drucker, 2014). Followingis the business proposal report which is based on “Tune-In”, which would be a Gym planned tobe 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 adetailed business proposal focusing on appraisal of theories and practice of entrepreneurship,enterprise and innovation and opportunities for entrepreneurial activities in the local, nationaland global economies for start-ups and existing organisations. It would also cover behaviours,characteristics, competencies and personalities to assess potential for entrepreneurs andevaluation of internal and external factors affecting development and creation of anentrepreneurial culture.SITUATIONAL ANALYSISEntrepreneurship, Enterprise and InnovationFor a new business, it is imperative that various aspects and practices related toentrepreneurship, enterprise and innovation are appraised in order to determine the scope of thebusiness activities that are required for an organisation.For entrepreneurship, it is crucial to determine the type of venture which would beappropriate for Tune-In. There are two types of entrepreneurial ventures,Lifestyle-which are runby individuals for accomplishment of their passions andSurvival-which is run by people withaims 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 appropriateentrepreneurship practice for Tune-In. In addition, the company would be adopting sociologicaltheory of entrepreneurship as its products and services would be as per the recent trends andbeliefs of the customers in the UK. In addition, they would also be adopting psychological theoryof entrepreneurship as there is a need of achievement in the entrepreneur which would help inachieving success.1
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 withimplementation of innovative ideas and creative solutions to enhance profitability and growth.Out of all the elements necessary for effectively establishing an enterprise, the mostimportant is Innovation, which is a process of creation of value in standard offerings by applyingcreative methods. It is required from fitness organisations to implement innovative ways ofserving their customers. To achieve this, Tune-In would be utilising creative ways to serve variedneeds of different customers. In addition, it would be using brainstorming as an effective theoryof innovation to find potential and creative solution to managerial problems. Moreover, it wouldalso be implementing a culture of innovation within the structure of the organisation.Entrepreneurial OpportunitiesNew business organisations are required to effectively analyse entrepreneurialopportunities which serve as an agenda for assurance of its success in the long-term. Tune-Inwould be a gym, more a fitness club which would be serving different needs of variouscustomers. For this, the organisation will be assessing various fitness trends at local, national andglobal levels to analyse entrepreneurial opportunities.The gym is planned to be established in London. There are quite innovative and usefulentrepreneurial activities for the gym as well as existing fitness clubs like Blok London andAnother Space as per the analysed trends. On the local level, the country is following differentstyles 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 LesMills, which is virtual spinning exercises for millennials (TOP 5: NEW HEALTH AND FITNESSTRENDS IN LONDON,2019).However, where national level opportunities are concerned, overall the people of UnitedKingdom are demanding more ways through which fitness could be well achieved. Moreinclination towards fitness is witnessed in the country lately. On National Levels, Tune-In couldexperience various entrepreneurial opportunities. One of these opportunities is At-HomeSessions as people are demanding more convenience by exercising at home. The firm could offerits services via fitness videos and training sessions to people of different localities within thecountry. This is also being planned to utilise by existing fitness organisations too which wouldenhance their entrepreneurial opportunities. Another trend within the country which could be2
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