Launching a New Business Venture Solved Assignment

Added on - 21 Feb 2021

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Launching a NewVenture
INTRODUCTIONStarting a new venture is always a dream for an individual as it requires huge amount ofresources and struggle. Thus, it is difficult but possible to become an entrepreneur if having newand innovative ideas that will easily meet the needs and requirement of people(Launching a newventure, 2018). The perception and needs of people are different due to having different cultureand nations thus to identify them an entrepreneur must required to conduct an appropriateresearch which motivates them to develop required attributes and capabilities to start a newbusiness and make it successful in the competitive market. The present report is based on“Muscle strength Gym” which is newly venture deciding to establish in Germany after receivinghuge success in UK market. This Gym contains wide range of exercise activities includingaerobic, yoga and muscle strengthening etc. The report identifies the target market of Gym inaddition with this different types of resources including tangible and intangible which is used toestablish a new venture successfully. Along with this, formulation of credible proposal and skillsrequired to launch a new venture are properly mentioned. The report also discusses thepromotional activities and channels to adopt, monthly cash budget and suitable legal structure forthe venture.TASK 1P1:Venture idea:“Muscle strength Gym” is a new venture which is currently operated in UK and but theirowners decided to expand its business to other nation thus make decision to launch in Germanyso as to capture huge market share and revenue. This new venture provides different fitnessactivities which includes aerobic exercises such as dancing, muscle training such as liftingweighs, yoga and many other(Bergmann and Stephan, 2013). After getting success in UK, theowners conducts research through which they identified that the people of Germany also preferto go Gym due to maintaining their healthy lifestyle(Fitness industry in Europe. 2018). Thus, theowners decided to launch its new Gym venture in Berlin city where the numerous people arewilling to get membership of Gym. In Germany, Berlin becomes the highest populated city dueto which the owners pre-assumed to achieve huge success and sustainability in such market(Number of social network users in Germany, 2018).1
Launching new venture into new market is not easy task at all as it requires maximumsupport from various members in terms of obtaining sufficient amount of resources. Thus, thebusiness owner decided to launch new venture in partnership form by engaging the individualswho are having an appropriate knowledge and skills related to using marketing techniques so thatmaximum sustainability can be achieved within shorter time period. Along with this, sharingroles and responsibilities with other members increases the effectiveness and efficiency level ofdecision making which guaranteed success of business(Bijker and et. al., 2012).The business owners acquired over 1200 square feet in Berlin to establish their businesswith a lease of 5 years with an objective of running business in future without facing anybarriers. The partners of “Muscle strength Gym” invest 22,00,000 dollar in ratio agreed inpartnership deed.The area where the funds has been allocated are mentioned as under:Estimated Initial InvestmentObjectives:Before establishing new venture into new market, it is important for businessowners to set SMART objectives so that all future activities will be executed accordingly. Forthis, SMART Objective is framed by them in following way:Specific:Capturing 40% market share and 15% revenue in Berlin.Measurable:The performance level can be measured by comparing previous with theactual performance level. For this, KPI tool is adopt by the business owner.2
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