The Impact of Entrepreneurship Development on Economic Growth

The provided document is a detailed solution to an academic assignment focused on entrepreneurship development. It explores various aspects of entrepreneurial activities, including their role in employment generation, sustainable economic growth, and innovation management. The text also delves into the challenges faced by entrepreneurs, such as limited access to resources and funding, and highlights the potential for entrepreneurship to drive economic development, particularly in rural areas.

Contents
SECTION 1: INTRODUCTION.........................................................................................2
Proposed Development................................................................................................2
SECTION 2: OPPORTUNITY FORMATION....................................................................4
Unique selling point (USP)............................................................................................5
SECTION 3: OPPORTUNITY DEVELOPMENT..............................................................6
Business Canvas Model...............................................................................................6
Porter Five Force Analysis............................................................................................7
SWOT analysis.............................................................................................................9
It is missing the following............................................................................................10
SECTION 4: CONCLUSION.......................................................................................... 10

SECTION 1: INTRODUCTION
Entrepreneur is defined as an individual who intends to assume the risks and
liabilities associated with setup of a venture with the sole motive of developing solutions
to the social or economic problem ascertained to be affecting the society. In this
relation, after carrying out a research upon the population as well as market of Europe,
it has been identified that a large quantum of people within the continent is suffering
from osteoporosis (Kurowska-Pysz, 2016). This is a systematic disease influenced by
low mass in bones and micro-architectural impairment of bone tissue which
consequently leads to increased bone fragility and enhanced risk of fracture. Over 50
years of age, every one in eight men and every one in three women are bound to
experience not less than one fragility fracture during their remaining life.
This points out to the social problem that the population of Europe has been
facing over years. In this regard, post the evaluation of consumer demographics, the
entrepreneurial idea selected is to launch a new app which offers the option of booking
services associated with the problem of osteopathy for home users. This mobile
application will be launched under the name of organisation, namely, HomeOsteo. The
app would be based on the business model of Uber eat and Deliveroo. This means that
the organisation will render services close to the user. The purpose of launching this
application will be to create a high quality experience for those individuals who are
struck by osteoporosis at reasonable prices. This has been proposed by entrepreneur to
ensure that individuals belonging to every economic group have the access to receive
medical assistance. In today's modern era, a business idea which strives to fulfil the
social (healthcare) needs of people possess a huge potential as well as scope for
attaining stability and growth in market at a rapid pace. Provision of services related to
healthcare at convenience of people will render strategic and competitive edge to the
application over rivals.
Proposed Development
Being an application that caters to the medical needs of people suffering from
osteoporosis, this idea of expanding the operations of business by launching a new
application and website in the name of company has vast scope for giving a boost to the
existing operations as well as stake of company (Sekliuckiene and Kisielius, 2015). This

project of launch of website and mobile app possess the potential to be marketed by
way of effective channels and initiatives to create awareness about the uniqueness of
this application. Also, the entrepreneur has the option to facilitate business growth and
expansion and increase the scale of this application by incorporating some new features
within it so that it can gain a wider and quick reach to a large quantum of population. By
increasing the scale of operations through entry into digital world, this organisation has
a lucrative chance to retain large number of customers on a frequent basis by making
sure that the services provided by the practitioners booked through this application are
fit to suit the medical needs of people having osteoporosis (Mohamed and et. al., 2012).
Through this, the company will be able to gain popularity within marketplace through
word-of-mouth publicity when the people who are satisfied with the services provided by
practitioners booked through this app “HomeOsteo” and further want their
acquaintances, friends and family members to gain the same service experience as
derived by them.
By giving entire focus upon enhancing the medical assistance driven by people
who are suffering with issues related to joints as per their own convenience and
updating the features of this application on a regular interval, this entrepreneurial
expansion idea has a great opportunity to increase the revenues derived from the app.
The money gained through this application will not wholly go in the basket of company.
Here, 70% of the funds will go in hands of practitioners who visit the home users to
provide medical assistance and 30% funds derived out of it will be enjoyed by
HomeOsteo company. The company aims to enhance the sales and position of
organisation within Europe at a fair quantum in a time period of next 1 year from the
introduction of the mobile application HomeOsteo and the website of organisation. By
incorporating services associated to a number of other medical conditions and issues
other than osteoporosis, this venture development stands a high chance to give a
strong boost to the existing brand value as well as position of company and its services
within market. It will be able to gain recognition within global marketplace by catering to
the medical needs and requirements of population of Europe as per their convenience
and accordance (Leonidou and et. al., 2018). Further, by devising a well-structured
marketing strategy as well as strategic management plan, this organisation can easily

grab rapid growth as well as success by way of the services provided by practitioners
through bookings on the application. It is being assumed by HomeOsteos that the
planning as well as the strategies devised by the management of this entity is capable
of yielding the desirable outcomes within the stipulated time frame.
SECTION 2: OPPORTUNITY FORMATION
The entrepreneurial development idea associated with launch of a mobile
application as well as website where the application will provide people having
osteoporosis or their acquaintances with the chance to do online bookings for the
medical services of practitioners so that they can take the experience of these facilities
at home. The idea of launching such an application has been proposed and decided by
this company after evaluating and analysing the key market trends as well as the trends
prevailing within consumers which helped them in gaining knowledge about various
types of needs of people (Kansiime and et. al., 2018). In this regard, a market
assessment was done by the company to gain knowledge of the needs of people having
osteoporosis that need to be accounted for at a rapid manner so as to gain rapid
success within marketplace. Such market analysis has been given as follows:-
Political factors
The population within Europe is largely struck by the diseases associated with
bones and joints owing to which there are a large number of instances involving
fractures happening to people. In this regard, it has been noted that the government is
not taking any suitable steps to deal with this issues and to undertake measures which
aim at providing support and convenience to peoples struck with this medical issue
(Khazaeli and et. al., 2018). Thus, the company took this issue into account and
launched an app that aimed at satisfying the medical needs and requirements of people
having joint issues. Further, the time within which the practitioners visit the homes of
such personnel, that is, the waiting time is going to be short so as to ensure
convenience to people.
Social factors
Within Europe, a large quantum of population is struck with issues associated
with bones and joints such as osteoporosis. There is no active or coordinated
organisation which is providing mobile services in relation to this. Taking this into

account, HomeOsteo Ltd. came up with the idea of launching a mobile application which
would cater to the healthcare, safety and welfare needs and requirements of people
within the continent. This application will provide the option of online booking for
services of practitioners with least possible waiting time. Also, the launch of this
entrepreneurial development idea was also formed and selected by the organisation
taking the aspects such as ethics and Corporate Social Responsibility (CSR) into
consideration (Parvin, Jinrong and Rahman, 2012).
Thus, the idea of the launch of mobile application was formed by taking into
account the two factors, namely, political and social factors and then undertaking
measures to deal with these (Movahedi and Yaghoubi-Farani, 2012). The market
assessment and environmental analysis thus provided company with the opportunity to
identify market gap and take steps to fill this. The major aim of organisation by
launching this application is to carry out expansion within Europe and enhance the
existing stake of enterprise within global market.
Business Canvas Model
Business Canvas Model is considered as the strategic management template
that helps formulating or creating documentations for business models. This model
basically consists of 9 elements which mainly elaborate infrastructure, financial values,
value preposition for products and customers (Terziev, Arabska. and Nichev, 2018). In
context to HomeOsteo, Business canvas model for this company along with its all nine
elements are defined as below:-

Key partner
 Mr. John will be main
owner of this
business. Mrs Lisa and Miss
Shein will be co
partners of Mr. John
in business of
HomeOsteo.
Key activities
 Providence of bone
related issues to
patients at home.
 Ambulance service
to patients with
assistance of trained
medical staff.
Value proposition
 Providing best
medical services to
customers at their
home.
 Allow patients to take
effective treatment in
their familiar
environment.
Customer relationship
 The company will
offer best bones
related medical
treatment to
customers as
discounted
affordable prices. Customers will get
exclusive offers on
their referrals.
Key resources
 Medical equipments
 Human resource
 Ambulance
(Transportation)
 Advertisement firms
 Paper based
advertisements.
Revenue stream
 Medical assistance
provided by doctors.
 By providing medical
staff for 24/7
assistance of
patients.
 Operations
 Regular treatment
sessions given by
physiotherapist.
Distribution channel
 Android play store
 ioS store Windows playstore
Cost structure
 Initial investment will
be around £100000.
 Fixed asset will
£50000
Customer segment
 Mainly company will
target people who
are not able to
communicate take
medical services
provided at hospital
related to bones.
 Furthermore, mainly
customers belonging

to age group above
35 are targeted.
Looking upon this opportunity and striving to gain advantage of this within the
marketplace, entrepreneur has proposed the idea of the launching the mobile
application. Further, the idea of charging lesser fees from the old clients who have
continuously been taking services from HomeOsteo is a clever move undertaken by the
firm. This will assist the entity in retaining the loyal base of clients for a long duration of
time as the psyche of every individual in the modern era is to get things done with less
money (Camp, 2015). Further, the prices of services given by practitioners are
intentionally proposed to be relatively lower than the price generally recovered within
marketplace in order to attract the attention of a large number of people.
SECTION 3: OPPORTUNITY DEVELOPMENT
It is essential for the entrepreneur to adopt an effective business plan so as to
ensure that the business idea of launching the mobile application can be developed
from a low cost business to a well-established “hospital at home”. By carrying out the
development of this business idea, entrepreneur will ensure the success and growth of
HomeOsteo app within a short period of time.
Unique selling point (USP)
The uniqueness of the proposed entrepreneurial development idea lies in the
provision of high quality medical services to patients as per their accordance and
convenience. Further, the idea of keeping the cost of services low for the people within
Europe who are suffering from diseases like osteoporosis is a creative thought. This is
basically proposed to make sure that the needs of no specific segment of population
remains unmet by HomeOsteo or any other healthcare organisation. The organisation
has selected the segment having bone and joint issues only because the quantum of
population suffering from osteoporosis and other related diseases is increasing at an
alarming rate day by day (Fortunato and Alter, T., 2015). The USP of the
entrepreneurial idea related to launch of mobile application will be the provision of
medical facilities at home settings of patients. The uniqueness of this business

development idea can be further enhanced by investing upon providing medical
services associated with other major diseases also as they affect the health, safety and
welfare of people. This would assist them in enhancing the loyal customer base and
retaining the old clients. It should be ensured by the entrepreneur at all the times that
the offerings of business are aligned with the market environment and medical needs of
people.
Growth strategy
HomeOsteo is an online mobile application launched by the enterprise to ensure
medical services being provided to patients with joint and bone issues at their homes.
The growth strategy of the company is to make use of Search Engine Optimisation
(SEO) to increase the traffic on the application and significantly enhance the sales of
the owners.
HRM
The organisation will effectively acquire various employees from UK osteopathic
schools inclusive of courses such as UCO, Bcom, LSO, ESO etc. and provide a form for
these individuals to join the application.
Finance
Cost of creation of Application and Website:
Particulars Amount (£)
Contribution from Founder 1 20,000
Contribution from Founder 2 20,000
Contribution From Founder 3 20,000
Bank Loan 15,000
TOTAL 75,000
Each founder will be contributing equally to development of the application and
website which includes software acquisitions, development of interface, hiring of new
resources, etc. Furthermore, founders would be acquiring bank loan of £5,000 each for
additional cost as regular testing and modifications would be performed till first 12
months to fill the gap.

Cost of Services:
Particulars Amount (£)
New Patients (Including
Consultation)
70.00 per 45 minutes session
Existing Patients 80.00 per hour
The amount acquired would be divided in the ratio of 7:3, where 70% of the
amount would be received by practitioners and 30% amount will be acquired by owners
of application and website.
Porter Five Force Analysis
This helps HomeOsteo in evaluating actual competition available for this
business organization at Europe. This model will help the entrepreneur in identifying
profitability and revenues for company in order to develop effective plan and strategies
through which they can enhance their profitability ratio.
Threat of new entrants: It is the first and foremost force of this model which
focuses on identifying actual competition for the company within the industry. In context
to HomeOsteo, it can be said that threat of new entrants for this company in Europe is
quite high. This is because, Europe is well developed continent in which there are large
number of large scale hospitals who could accept or acquire this concept as it will
provide them heavy benefits (Oyelola and et. al., 2013). These hospitals can also
provide other medical services to customers at their home only on the basis of their
booking over mobile application. It is seen as the risk for the HomeOsteo as after
introducing this concept there are possible chances that businesses belonging to other
medical field might enter with same concept and give heavy completion to this company
in future. In order to overcome this risk, it is required by HomeOsteo to add other new
innovative ideas in their services to remain competitive and favourite among customers.
Threat of substitutes: This force mainly emphasises on substitute which could
developed at marketplace and has great influence over the business. It can be said that
substitute products are basically alternative of company that fulfil requirements of

customers in same manner (Nkechi, Emeh Ikechukwu and Okechukwu, 2012). With
reference to HomeOsteo, it can be said that threat of substitute is low for this company
as the specific services provided by HomeOsteo is related to medical field which does
not have any kind of alternative. This could be seen as opportunity for HomeOsteo as it
influence interest of maximum number of customers in Europe and generate high range
of profits in effective manner.
Rivalry among existing competitors: This force completely relies on
competition that is available in industry. In relation to HomeOsteo, main aid of this force
is to evaluate actual competition available for this company within Europe. On the basis
of evaluation, it can be said that competition for this company in Europe is relatively low
as currently HomeOsteo is the only company which offers services related to bones
issue at home to customers with best medical assistance. It is seen as the biggest
advantage and favourable factor for this company as it will be the only one who can
grab attention of all available customers. As a result, profits earnings ratio for this
company will be always high due to less and negligible competition present in Europe.
Bargaining power of supplier: This factor mainly depicts power owned by
suppliers of companies within the specific industry. In relation to HomeOsteo, it can be
said that power of supplier of this company can be considered as high. This is because
HomeOsteo is establishing its business in Europe for the first time. Thus, it is required
by this company to accept prices provided by available suppliers in Europe as if the
company will look after other suppliers outside their national boundaries then it would
have been more expensive decision for them at initial stage. This could be seen as the
risk for HomeOsteo as they cannot take financially imbalancing decisions at initial level.
On the basis of this, it is required by HomeOsteo to focus on identifying best cost
effective supplier within Europe in order to sustain longer within this industry.
Bargaining power of buyers: Bargaining power of buyer refers to the capability
of customers to persuade business organization to set their prices according to their
agreement only. In context to HomeOsteo, it has been analysed that bargaining power
of buyers for this company is relatively low. This is because services provided by this
company are quite new in Europe. Thus, buyers of this continent are not having any
kind of alternative option for them to which they can switch due to ineffective quality or

prices (Biryukov and et. al., 2015). Therefore, customers do not move to any other
company for fulfilling their requirement of medical related bones issue at their home
only. This can be seen as the business opportunity for HomeOsteo, as their customers
will remain loyal to them for longer period of time. As a result, they generate more
revenue from these buyers with their provided prices as they ask for their desired fees
from customers.
From the above specified Porter’s five force model, it can be said HomeOsteo is
having lots of opportunity and threats in Europe. Thus, it is required by this company to
formulate effective plans and strategies on the basis of this model in order to sustain
longer in the industry for longer period of time (Naudé, 2014).
SWOT analysis
SWOT analysis is carried out gain knowledge of the probable strengths,
weaknesses, opportunities and threats post the launch of HomeOsteo app in Europe.
Particular Explanation
Strength • Easily accessible therapists
• Competitive prices
• Short waiting time
• No need to worry about leaving the house in pain
Weaknesses • Only focus on patients having joint or bone related issues.
Opportunities • Lack of coordinated organisations providing mobile services
• Nowadays muscles/back issues became very common
• 31 million work days lost in UK IN 2016 owing to
“MUSCULOSKELETAL PROBLEMS”.
Threats • Other Osteopathic clinics and practices
• Private Osteopaths with private businesses
• Potential danger of entering someone’s house within an illegal
or unethical concern
• Disloyalty of workers (practitioners) who visit homes of patients

SECTION 4: CONCLUSION
Based on the above discussion, it can be concluded that development of
entrepreneurial ideas into well-established opportunities can occur only when consistent
market research is done for gaining an insight into the consumers and market trends.
Also, it is comprehended that business canvas model is an optimum strategic
management and lean start-up model for giving the layout of the proposed business
development idea. It is ascertained that a business idea can gain success only when
proper planning is done for conversion of proposed ideas to actions.
On the basis of overall process of entrepreneurial development, I have
ascertained that potential ideas pertaining to idea formation and development can be
gained from constant evaluation of market. I think that business development idea can
be developed only after the occurrence of a unique idea in mindset of entrepreneur.
This entrepreneurial idea should possess the ability to solve the issues faced by people
within society. In this relation, the idea to launch mobile application HomeOsteo came
after gaining an insight into the trends of issues faced by population of Europe.
Business canvas model, SWOT analysis and PESTLE analysis are conducted to check
feasibility of this project. Further evaluation of industry with Porter Five Force Model
made it clear that continuing with this business development idea will ensure success
for entrepreneur and the company.

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APPENDICES
APPENDIX 1