Fitness Club: Entrepreneurial Opportunities and Innovation Report

This report examines the entrepreneurial opportunities for a Fitness Club, specifically focusing on the introduction of virtual training classes. It begins by outlining the context of the business, including its location in London. The report then explores Drucker's 7 sources of innovation and how they apply to the Fitness Club's strategies, emphasizing the importance of learning from past mistakes. Furthermore, it delves into STEEP analysis, a crucial strategic management tool for evaluating external environmental factors. The report highlights the significance of social factors in shaping the business's approach, particularly consumer behavior and lifestyle trends. Finally, it provides references to support the analysis, concluding that the Fitness Club should consider environmental factors to be successful. The report's findings are vital for understanding market dynamics and for developing successful business strategies.

Identifying
Entrepreneurial
opportunities
(Task-1)

Content
• Introduction
• Drucker’s 7 sources of Innovation
• STEEP Factors
• Conclusion
• References

Introduction
Entrepreneurial idea means identifying an opportunity which exists in
the environment and availing it to provide a product or service
according to the demands of consumers. Fitness Club which is a
new physical fitness centre is planning to bring a new innovative
technology in form of virtual training classes for people and setting
its operations in London, U.K.

Drucker's 7 sources of innovation
Drucker's 7 sources of
innovation help in
identifying entrepreneurial
opportunities and it is used
by the owner of Fitness
Club.

Continue…
Unexpected successes and failures- This source enables entrepreneurs
to learn from their previous mistakes and take corrective action in
future. Fitness Club can learn from previous failures of its
competitors and must carefully plan before bringing a new
technology.

STEEP factors
STEEP analysis is a strategic
management method which is
used for analysing external
environment factors affecting the
enterprise. As Fitness Club which
is planning to launch virtual
training classes therefore it has to
analyse the available opportunity
by conducting such analysis.

Continue…
Social factors- Social factors like behaviour of consumers,
demographics, lifestyle affect the trends. All the social factors are
focused by Fitness Club to identify entrepreneurial opportunity of
introducing virtual classes for gymming in the market.

Conclusion
It has been concluded from the above content of presentation that there
is a big difference in the HRM practices of domestic as well as
international market or businesses. This can be influenced either
positively or negatively on the business operations for which
comparative human resource management is discussed on the basis
of environment, culture, structure, staff project and so on.

References
AHMADI, S., AKHAVAN, M. M. and MOKHTARI, M., 2018.
IDENTIFYING ENTREPRENEURIAL OPPORTUNITIES IN
SOCIAL SCIENCES AND SOCIOLOGICAL EXPLANATION
OF FACTORS AFFECTING THE EXPLOITATION OF
OPPORTUNITIES IN IRAN.
Costa, S. F. and et.al.., 2018. Recognizing opportunities across campus:
The effects of cognitive training and entrepreneurial passion on
the business opportunity prototype. Journal of Small Business
Management. 56(1). pp.51-75.

Thank You