Business Plan for Entrepreneurship and Business Development - LSC UoS

This report provides a feasibility analysis of an online personal trainer venture, utilizing conceptual frameworks such as competitive analysis, STP analysis, and Osterwalder's business model canvas. It explores market opportunities, business models, and marketing strategies entrepreneurs use to achieve success, while also addressing common mistakes and strategies for consolidation, underperformance, and growth. The report further examines financial techniques, planning tools, and decision-making models for risk assessment and mitigation, providing a comprehensive overview of entrepreneurship and business development strategies within the context of the online fitness industry. This document is available on Desklib, a platform offering a wide range of study tools and solved assignments for students.

Entrepreneurship and
Business Development

TABLE OF CONTENTS
1. INTRODUCTION.......................................................................................................................3
MAIN BODY...................................................................................................................................3
2. Feasibility study of online personal trainer .............................................................................3
3. Competitive Analysis...............................................................................................................5
4. Osterwalder’s business model canvass....................................................................................7
5. The business and marketing strategies that entrepreneurs follow to find success...................8
6. Financial techniques, planning tools and decision-making models that can be used to assess
and mitigate risks.........................................................................................................................9
7. CONCLUSION..........................................................................................................................12
REFERENCES..............................................................................................................................13

1. INTRODUCTION
The development of the entrepreneurship is a process where the skills and the knowledge
of the entrepreneurs are enhanced with the help of various training and classroom programs
along with the main idea behind this program is to develop or increase the number of the
entrepreneurs in the world. This report will discuss about the feasibility analysis of the online
personal trainer venture by using the relatable conceptual frameworks along with the views that
the entrepreneurs are known as the engines of creativity and innovation, a competitive and STP
analysis in finding the opportunities gap in the market with the supporting analysis with the
related information taken from the extensive market research, osterwalder's business model
canvas along with a porter's value chain that discuss the business model, the marketing and the
business strategies which the entrepreneurs uses for finding the success along with the common
mistakes that the entrepreneurs make at the initial stage and the strategies which are used for the
consolidation, underperformance and growth. This report also discuss the financial techniques,
the planning tools and the decision-making models which can be used for accessing and
mitigating the risks (Purwanto and Wibowo, 2018).
MAIN BODY
2. Feasibility study of online personal trainer
Conducting a preliminary analysis
The outlining of the plan of the project must be done where it should be emphasized on the
unsolved need and then it must be determined if the feasibility factors are expensive or not,
whether they are able to use the market in an effective manner and much more.
Preparation of the projected income statement
This step needs to perform in a backward way by beginning with what is the expected income
from the project and about the requirement of the project funding which is the foundation of the
income statement (Turkina, 2018).
Conducting market survey or research
Another step is carrying out the research of the market which helps in determining the success of
the feasibility analysis. If any organisation do not have the appropriate resources for conducting
the research of the market then it is recommended to hire for an external firm in doing so.
Planning operations and business organisation

After the execution of the previous steps then it is required to set up the operational and the
organisation's planned project for the purpose of meeting the economic, operational, technical
and the legal feasibility factors that affect them (Urbaniec, 2018).
Preparation of the opening day balance sheet
This involves the estimation of the liabilities and the assets whichever one is correct. In order to
do this, the making of the list which includes the costs, sources, items and the financing is there.
Reviewing and analysing the data
This step is very crucial in making sure that nothing need any kind of the change or
modifications. The income statement and the comparison of it with the liabilities and the
expenses and making the analysis if that is still realistic or not.
Making a go or no go decision
It is considered as that kind of the point where the decision is being made about whether the new
venture of the online personal training is feasible or not.
Entrepreneurs are the engines of innovation and creativity
Creative development
The innovation assists in improving the creativity, nature and the process of design thinking of
the particular brand. The business can also get the success by grasping the steps of the
creativeness. The innovation can help in providing multiple opportunities by assisting the
organisation to work with the existing trends.
Persistent improvement
The innovation provides the organisation with durability while it is in the process of making the
continual enhancement. Also, innovation assist in the enhancement of the creativity of the
organisation (Pérez Paredes and Torralba Flores, 2021).
Reinforcing the brand
The branding process assist in offering the details that help in the innovation of the human
resource innovation leaders to adapt multiple ways of becoming more innovative.
Making the best of the prevailing products
It is important for the introduction of the new products but it is more necessary to maintain the
innovative culture by utilising the best of the old and the used products.
Other points include responding to the competition and the trends, the use of the social media
and having of the unique selling point.

3. Competitive Analysis
Identifying the competitors
The initial step for performing a competitor analysis is to recognise the competitors that are the
other online personal training. In order to find these competitors, using the websites or
performing a web search like the Product Hunt and the Crunch base will assist in finding the
same kind of the services and the products and do the research of the market.
Analysing the online presence of the competitors
After the identification and the organisation of the competitors, now is the turn to assess the
online presence of these competitors by analysing if their websites are functional, the ways in
which they are shopping on their website and how many times they are engaging with their
customers.
Checking the online reviews
For this purpose, the sites such as the Facebook, Yelp and the Google must be visited in order to
read the reviews of the customer for the services of the competitor. Also, if the other online
personal trainers have the Twitter or the Instagram accounts then it must be considered the ways
in which they reply to the queries of the customer along with their negative comments.
Talking to the customers of competitors
Connecting with the customers directly and looking at who they are, their requirements and
wants and the reason they had a negative experience with the competitor. Making those customer
feel that their needs will be fulfilled and then showing gratitude to them for their time and effort
and provide them improved customer service.
Identifying the weaknesses and strengths
After performing the research, compiling that at one particular place and then examining the
strengths and the weaknesses of the competitor. By using this information for the purpose of the
improvement of the venture and then emphasizing on the particular areas which can be
capitalizes (Kawasaki, 2019).
Using the research tools
Doing a competitive analysis is important for the development of the business. Although, it can
consume a lot of time but there exists various online research tools that will make this process
more effective and can also assist in finding the competitors, keep a record of their content and
accordingly examine their results or outcome.

STP Analysis
Segmentation
Making friends
This can be done by looking over at those group of the consumers that are less interested in the
benefits of fitness being offered by the gym. In this context, the market segment of making
friends looks the online personal trainers as the opportunity to combine with people with same
kind of the goals and lifestyle along with making new friends.
Losing it
Losing it refers to the objective of losing the weight. It is common for the online fitness trainers
to be specialised in the weight loss programs. For the best marketing approach, it is necessary to
welcome these customer and to have the developed programs for coming up to the requirements.
Taking shape
This market segment includes the consumers that are interested in enhancing the body look with
the help of the training and the kinds of the body sculpture. This particular segment includes the
younger demographic but also has the males and females in equal proportion (Rakhmonovna).
Targeting
 People who want to enhance their fitness levels
 People who want to lose weight
 People who want to tone up their muscles
 People who are preparing for the competition
 People who are rehabilitating after surgery or injury
 Old people who are looking for low impact workout
 People who have any kind of disability
Positioning
 The positioning of the online fitness trainers includes the
 Cost driven positioning
 Niche program specialization
 Lifestyle specialisation
 Avatar focused specialisation
 Quality of service positioning

4. Osterwalder’s business model canvass
Value proposition
It means the products and the services that the organisation tends to provide to its customers to
fulfil their requirements. It is different for every particular organisation because it differs the
competitors. Value preposition in the fitness industry can be done with the help of the Market
research, being passionate about helping the others, defining the particular problem that is being
solved, listing the benefits and using the story telling.
Infrastructure
The main elements of the infrastructure includes the main activities that create the value
preposition, the main resources which are being used for the creation of value for its customers
and the important partner networks along with the things that encourage them for being a part of
the business model. After taking all these elements into account, the organisation provides its
value preposition (Szerb and Trumbull, 2018).
Cost structure
The cost structure includes all the monetary costs that the business takes on when taking all the
operational activities under the model. The cost structure can be fixed costs which are used for
the purpose of payment to the salaries, rent for the premises, variable costs, economies of scope
and scale (Gregori and Holzmann, 2020).
Customers
The customers includes the segments of the customers that classify the overall market in
recognising and describing the target customers in a specific manner, the channels of delivery
helps in the connection of the value preposition to the customer segment and the type of the
relationship between the customers and the business such as the self service, long term, co
creation and the transactional (Akpan, 2021).
Revenue streams
It specifies the ways in which the organisation makes the money with the help of its target
market. For instance, the businesses can develop the profits with the help of the sale of a
particular product, by selling the regular service as the subscriptions, leasing or providing on rent
the assets like the charging fees, licensing and the car.
Porter’s value chain
Begin by laying out the value chain of the industry

Comparison of the value chains of the rivalry firms so as to understand the variations in the costs
and the prices.
Comparing the firm in the elite personal training case study value chain to the value chain of
the industry
The designing of the alternative value chain and the selecting those areas where the scope of the
improvement is there. Two or more than that optional value chains must be compared which will
offer better information in the industry.
Zero in on price drivers that have a increased current or potential influence on differentiation
The pace drivers in the value chain must be aligned. These pace drivers are known as the
expectations of the customer which they are willing to pay more such as the customers want to
pay more for the better exercises in the online training sessions (Meyer, 2018).
Zero in on cost drivers that pays the emphasis to those activities that outline a large or
developing percentage of the costs
If a particular strategy specifies the cutting cost to make the revenues then the training should
emphasize on those areas which are not contributing value to the expectations of the customers
and the costs which exists there and the reason behind that is the operational inefficiencies.
The primary activities involved in the porters value chain are the inbound logistics, operations,
outbound Logistics, marketing and sales along with the services.
5. The business and marketing strategies that entrepreneurs follow to find success
The business and the marketing strategies that the entrepreneur use in order to become successful
is by using of the social media by being authentic and posting the thoughts, posting the products,
posting whatever is relevant and useful which would also assist the public to know about the
business and the industry, by using the direct messages on the social media platforms such as the
snap chat and the Instagram, creating the video tutorials by using the search engines such as the
YouTube and making the authentic videos and posting them, blogging by answering on the
applications such as the Quora and the Reddit, comprehension of the search engine optimisation
by creating the content for the people which is also insightful as well along with unique,
engaging and conveying, leveraging the influencers, creating a great lead magnet, using the
facebook advertisement with the help of re targeting, by using the LinkedIn, development of the
affiliate program, using of the email marketing sequences (Ikebuaku and Dinbabo, 2018).
Common mistakes that first-time entrepreneurs make

The most common mistakes that the entrepreneurs make at the initial stage of the
entrepreneurship is not doing the research which involves not being able to do the enough market
research before starting the venture or the business as it requires deep understanding or
knowledge about the market, knowing the ways in which the services or the products can be
compared to those of the competitors, not thinking about the scale as scaling is very important in
the creation of the extra income without adding any kind of the new costs and also scaling is
considered to be the most important factor in the success of the business, underestimating the
mindset which will assist in thriving the business, lack of the marketing where most of the
entrepreneurs do not have the enough knowledge about the marketing where they fell short and
hinder the potential success of the organisation, not having enough financial cushion as without
the enough financial cushion , it will be difficult to cover the expenditure at this particular time
period. Acknowledging the parts where the entrepreneur have sufficient money to cover the
expense can assist in emphasizing on the other elements of the business (Sebikari, 2019).
Strategies used for growth, consolidation and underperformance
For the purpose of the growth of the business which includes taking in consideration the
conditions of the market such as the market share, new markets, diversification, acquisition,
purchasing of the franchise, franchising the business, strategic partnerships along with the
repositioning and efficiency. Strategies that are related to the consolidation includes the statutory
consolidation, statutory merger, stock acquisition and the variable interest entity. The brand
consolidation strategy includes keeping both the brands, fusion of the brand, stronger horse, new
brand, the strategies related to the HRM includes the corporate cultures, structure of the
organisation, benefits and the compensation and the human resource policies. The strategies used
for the underperformance includes believing in the employees, setting them up for the success,
being transparent and showing them with care, developing the reason for the underperformance,
training the complete team, setting the expectations in clarity, asking for the feedback of the
leader and coming up to the employees for the discussion of their job performance.
6. Financial techniques, planning tools and decision-making models that can be used to assess
and mitigate risks
Root cause analysis
It is a kind of a systematic process which is used in identifying the main risks in the project. This
kind of the tool specifies that is used for that particular type of the problem which has already

arised. It can be implemented to examine the risks by moving through the objectives of the root
cause analysis that asks about the happening, the way in which it happened and the reason why it
happened. The time when these questions are being answered or addressed then a plan of action
is being developed in order to avoid the from happening it again.
SWOT analysis
It includes the strengths, weaknesses, opportunities and the threats which assits in the
identification of the risks. For the application of this tool, first it is necessary to address the
strengths and the weaknesses. After that the opportunities and the threats which will help in
doing the analysis and the cross reference.
Risk assessment template for the IT
This tool provides the listing of the risks in numbered way in a systematic order. It offers the
space which contains the collection of the risks of a particular project that assist in the
implementation of the project and keeping the record of the risks of the project that is also useful
in implementing the project and the tracking of those risks which can become the reality.
Risk register
It is kind of similar to the risk assessment template. It offers the space for explaining the
potential effect on the project and the planned outcome is for the purpose of tackling with the
risk that happens. Also, the risk register permits the particular project to give the most concern to
the risk, make an owner responsible for solving that risk and also provide the place where the
notes can be added as required (Ratten and Jones, 2018).
Probability and impact matrix
Another technique for the project managers is the impact and the probability matrix which assist
in giving the concern to the risk that is crucial. This tool mix the impact and the probability
scores of the single risks and then accordingly provide them with ranks on the basis of their
severity. In this manner the risk can be comprehended in relation to the big project so if any case
the risk happen then there will be a plan for reacting to it or not.
Risk data quality assessment
With the help of this technique, the project managers use the information which has been
collected for the specific risks that they have recognised. This is used to find the levels to which
the data about the risks is related to the particular project manager. It also assists the project

manager in comprehending the accuracy, quality, reliability and the integrity of the risk relevant
to the gathered information about it (González-Tejero and Molina, 2022).
Brainstorming
To start the process of brainstorming, the risks which can influence the project must be
examined. This process begins with analysing the documentation of the project, going through
the past information and the lessons being learned feom the same kind of the projects, reading
the organisational process assets and the articles. Anything which can offer information about the
issues and the problems which might happen at the time of the implementation of the project.
After completing the research, begin the brainstorming with anyone who might have the
information. Another variant of this tool of the Delphi technique which means that when a
particular request is being sent to the experts then they give the reply as anonymously. Or even
the project manager can also take the interview of the team members, experts, stakeholders along
with other individuals who have the experience in same kind of the projects (Trapp and Kanbach,
2021).

7. CONCLUSION
From the above report it has been discussed about the feasibility analysis of the online
personal trainer venture by using the relatable conceptual frameworks along with the views that
the entrepreneurs are known as the engines of creativity and innovation, a competitive and STP
analysis in finding the opportunities gap in the market with the supporting analysis with the
related information taken from the extensive market research, osterwalder's business model
canvas along with a porter's value chain that discuss the business model, the marketing and the
business strategies which the entrepreneurs uses for finding the success along with the common
mistakes that the entrepreneurs make at the initial stage and the strategies which are used for the
consolidation, underperformance and growth. This report also discuss the financial techniques,
the planning tools and the decision-making models which can be used for accessing and
mitigating the risks. With the assistance of the entrepreneurship development programs, the
speed at which the new businesses are being developed is becoming improved than it was earlier
and if it is seen from a big picture then this particular program develops the employment
opportunities and improves the economy of the nation along with the organisation.

REFERENCES
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