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(solved) Assignment on Management skills and entrepreneurship

   

Added on  2020-01-28

19 Pages5439 Words96 Views
MANAGEMENT SKILLSAND ENTREPRENEURSHIP

TABLE OF CONTENTSINTRODUCTION................................................................................................................................1TASK 1.................................................................................................................................................1New venture concept...................................................................................................................1Aim & objectives........................................................................................................................1Opportunity Gap.........................................................................................................................2Feasibility....................................................................................................................................3TASK 2.................................................................................................................................................3Requirements..............................................................................................................................3Management skills......................................................................................................................4TASK 3.................................................................................................................................................5Market segmentation...................................................................................................................5Competitor analysis.....................................................................................................................6Market strategy...........................................................................................................................6Business Model...........................................................................................................................7SWOT Analysis...........................................................................................................................8Porter Five Forces.......................................................................................................................9Financial projections...................................................................................................................9Proposed plan of action.............................................................................................................12TASK 4...............................................................................................................................................13TASK 5...............................................................................................................................................14CONCLUSION..................................................................................................................................15REFERENCES...................................................................................................................................16

INTRODUCTION Entrepreneurship is a process which requires application of different types of managementskills. It is regarded as the capacity to develop and manage a particular business venture. Thisresearch study is about a new business start-up. It finds out whether the new venture is feasible ornot. Opportunity gaps in the market are analysed. Further, requirements and management skillsneeded for the business are also identified. It will also explain the risk assessment and conditionswhich are required to avoid the failure. An appropriate business model will also be proposed withinthe context of new business.TASK 1 New venture conceptThe new business is a health club named the Health Planet. It facilitates a great environmentunder which people can achieve their respective fitness goals. The club will provide the latesttechnology in term of health equipment and machines for the users. People will be trained in amanner that they will have an unforgettable healthy experience (Allio and Randall, 2010). A choiceof healthy living options will be offered at very low and competitive prices. It will not only be agym but it will also offer a variety of aerobic, box, yoga and group classes for the customers. The Health Planet is located in Hampshire that is one of the most beautiful countries onSouthern coast of England in UK and also known as the most populous Ceremonial Country in thenation (Bangs, 2002). The gross domestic product and the per capita income of the city are strongand quite effective as compared to other cities in the UK. The employment level is high ascompared to the national average. Visitors can find many places of tourism also. Demographicconditions are very good and favourable for the new venture (Bowhill, 2008). Climate in Hampshireis very mild and quite liked by the people. Residents in the county are capable of availing servicesof the Health Planet. The location is quite suitable for the new business. Aim & objectivesThe major goal of the new venture is to open a highly flexible health club for the urbanpeople in Hampshire. Health planet’s objectives can be resumed in the following points:To create a healthy environment for the customers where they can come with confidence.To teach people about how they can lead a vigorous and stressful life.To assists them in achieving their respective fitness goals and objectives.1

Figure 1: Physical outlookThe Health Planet’s area will cover 5500 square foot location. It consists of two big exerciserooms, one primary equipment room and one room for child care. The leisure centre has capacity tohold 100 people at a time and offers wide type of fitness machines and health equipment which aredesigned for human bodies. These include:Step mills Treadmills RowerCross aerobic trainersSteppers Stairmaster Upright and recumbent bikes Opportunity GapThe main purpose of introducing this new venture is to raise the awareness of a healthylifestyle for local people. Special focus will be given on the females because generally speakingmales are highly concerned about their health and their body shapes, comparing to females who areseen less concerned about all these things (Brunsman, DeVore and Houston, 2011). The urbanprofessional workers remain very busy with their life and they do not get chance to spend sometime on the fitness. They also seem to be conscious about maintaining a healthy life style. In suchconditions, opening a health club sounds a good opportunity for an entrepreneur (Morato, 2013).2

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