A New Business Idea for Fitness Gym
Added on 2020-10-05
14 Pages3943 Words82 Views
DEVELOPMENT
Table of ContentsSECTION 1: INTRODUCTION.....................................................................................................3SECTION 2: Opportunity Formation..............................................................................................3SECTION 3: Opportunity Development.........................................................................................6Conclusion and Reflection.............................................................................................................12REFERENCES..............................................................................................................................14
SECTION 1: INTRODUCTIONGymnasium is one of the best way of getting fitness to the human body. In this busy worldwhere human is not getting the time for its personal fitness Gym has become very important.People are often not interested in the Gym due to the traditional methods. A new businessventure is opened in order to make the customer entertained while having workout which hasnamed Gymtech. The number of fitness facilities in UK is up from 6728 to 7038 in 2019(Aragon-Mendoza and et. al., 2016). This statistics shows that people are moving towards theirfitness. The new business venture will provide fitness within entertainment. Apart from that, Thisbusiness venture includes virtual reality cycling, running games to keep entertained, virtualreality row machines etc. These facilities allow the customer to get entertained while havingworkout. The biggest benefit of this new venture to the customer is that they get motivatedenough while getting workout in the Gymtech. In this report, description of the entrepreneurialproduct, service or organizational process and the explanation of the process in whichentrepreneurial idea are formed. In the end, the ways of developing the product is also discussed(Huang and Knight, 2017).SECTION 2: Opportunity FormationIn order to launch a new business venture the opportunities should be grabbed by theentrepreneur. Formations of opportunity can be done with the help of identified problems fromthe surroundings. In case of a person who is willing to join Gymnasium, the biggest problem ismotivation. They listen motivational songs, read books etc. but all of these ideas are traditional.In order to solve this issue and motivate the employees, a new business venture is developedknown as Gymtech. In this venture technology is implemented at the workout place so as toattract the customers. There are various products such as virtual reality cycle, running games,virtual reality row machines etc. which are helpful in entertaining the customer while havingworkout. In case of virtual reality cycle, the customer feels free to ride on a virtual cycling trackafter wearing Virtual reality box. This motivates the customers to ride while seeing the sights ofvirtual roads. Apart from that, running games provide opportunities and threats while having runon the different virtual areas such as on road and off road. This will increase excitement to thecustomer to see different obstacles and run accordingly. In addition to this, virtual reality row
machines allow the customer to run a virtual boat in the water. All of these exercises are full ofadventures and entertainment. Therefore customer will get attracted towards it (Huang andKnight, 2017).Organisational ProcessOrganizational process is the step by step process of performing the activities within aprescribed business idea. This process includes various steps such as business objectives, ideaformation, monitoring, controlling and implementation (Burchardt and et. al., 2016). In order tolaunch the new business idea of Gymtech, this step by step process will help the business toimplement its idea effectively. Following are the steps of organizational process.Identify business objectivesThis step includes objectives of the proposed business venture. In case of Gymtech, thebusiness objectives includes motivating the customers while having workout, keeping themengaged and healthy, entertainment and last but not the least is inviting gaming world intofitness.Idea formationThis step includes the formation of idea in order to achieve the objectives. In case ofGymtech, the idea should be virtual reality. In this idea, the business is going to provide virtualreality cycling, running games, VR row machines etc. All of these idea when implemented willimpose the customers to put forward their step to be healthy. Hence achieving the objective ofnew business venture.Monitoring Opportunities and threatsThis step of organizational process includes monitoring of opportunities and threats of thenew business venture. The opportunities of Gymtech is very far. The new business venture caninclude the customers who are willing to enter in a healthy world. This gym will provide themhealth with entertainment which will bound them to towards the business. The threat to thebusiness could be harshness to the eyes of customers. Apart from that, it can also impactnegatively on the brain of customers. Controlling
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