Business Plan Report: Health is Wealth - Entrepreneurship Analysis

This report provides a comprehensive business plan for the 'Health is Wealth' start-up, focusing on the launch of a new technological product, the 'Fit Bit' watch. The report includes an executive summary, introduction, and detailed analysis of various aspects. It begins with a rationale for launching...Read More

Entrepreneurship
EXECUTIVE SUMMARY
This report is based on Entrepreneurship that states in carrying own business with a
motive of earning profits and revenues. This carries a business plan of a new start up in
technological sector which is health is wealth. As when new start up is carried there are various
elements and tasks that are to be performed for running business successfully. Some of tasks and
activities like analysing external and internal analysis is important as well as necessary to carried

to determine marketing conditions. This report briefly identifies various aspects which are
required to be carry a successful business plan for a start up.

Table of Contents
EXECUTIVE SUMMARY.............................................................................................................1
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
Rationale for launching business and its vision and mission................................................1
Review of company and market and PESTLE analysis of company...................................2
Competitor's analysis and highlighting competitive advantage of product and
explanation of reasons of why product or service which will be successful in markets.....4
Segmentation analysis providing market statistics to support selection of target
segments.....................................................................................................................................5
Marketing strategy....................................................................................................................6
Market growth strategy............................................................................................................7
Resources required for venture including source of finance................................................8
Risk analysis..............................................................................................................................9
CONCLUSION..............................................................................................................................10
REFERENCES..............................................................................................................................11

INTRODUCTION
Entrepreneurship is basically referred as a act of being an entrepreneur or owner of a
certain business enterprise taking risks, attempts and imitative to generate profits. It refers to a
creation and extraction of value(Parker, 2018). It is generally entailing risks beyond what is
normally generated in starting a new business that consists of other values than simply economic
ones. Entrepreneurs play a vital key role in any economy that uses various skills and initiative
which are essential to anticipate requirements and bringing good and new ideas to markets
(Frederick, O'Connor and Kuratko, D.F., 2018). This report is based on entrepreneurship and
business development business plan of a technology sector which is “health is wealth” which is a
new start up business providing various health related products and launching its new
technological product “Fit bit watch” in markets. This report includes understanding and
rationale for launching business and its vision and mission, review of industry by analysing
macro environmental factors, competitor analysis of company by performing SWOT analysis,
segmentation analysis by providing market statistics that supports selection of target segments,
marketing strategy, market growth strategy, resources required for venture that includes source
of finance, risk analysis along with its conclusion.
MAIN BODY
Rationale for launching business and its vision and mission.
Entrepreneurship basically deals with starting up new businesses in marketing that deals
building profits while taking risks and carrying uncertainties. There are various reasons behind
carrying and launching new technological product in health care and hospitality sector
businesses(Alvarez and Barney, 2020). This report is generally based and determines business
plan of a new start up that is Health is wealth, that is hospitality business start up and deals in in
providing health care products and gadgets and with that start up is planning for launching and
carrying its business plan in providing a product named “Fit Bit” which is technological watch
that determines pulse rate, blood pressure and heart pressure of individuals. This report is based
on entrepreneurship that relates to starting up and launching a new business markets.
Review of company and market and PESTLE analysis of company.
By analysing and demonstrating external environment of businesses refers to outside
factors that creates an impact on operations and activities of businesses (Kuratko and Morris,,
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2018). It is important for company for to analyse various external factors before launching a new
product in markets. External analysis of companies could be analysed by performing PESTLE
analysis. In terms of Health is wealth, PESTLE analysis of company is as follows:
Political These factors determines factors that could impact company's long term
profitability in a specific country.
 There is a political stability and importance of hospitality sector in
country's economy (Dana, 2021).
 There are various trade regulations and tariffs in hospitality business.
 Company may faces pricing regulations are there are various
regulatory mechanism for hospitality business.
 There are various company safety regulations in hospitality business.
 There could be various employee benefits that are faced by
company(Fairlie and Fossen, 2018).
Economical These factors helps in determining inflation rate, savings rate, interest rate
and aggregate demand investment in economy.
 There is a government intervention in a free market and related
health care(Julien, 2018).
 There is a efficiency of financial market that is required to be raised.
 There is a factor of labour costs and productivity in corporate
markets.
 Company could face discretionary income in markets.
 There is a identification unemployment rate that helps in
determining various factors of company (Baker and Welter , 2018).
Social These factors help in determining various impact of society 's culture and
that affects culture of company.
 There are various demographies and skill level of populations.
 Company could face various leisure interests.
 There is a entrepreneurial spirit and broader nature of society as
some societies encourage entrepreneurship and some do
not(Chowdhury, Audretsch and Belitski, 2019).
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 Company could face various attitudes like consciousness,
environmental etc.
Technological These factors determines technology that uses various technological factors
that are used by company.
 Company could face technology's impact on product offering.
 There is impact on cost structure in hospitality sector.
 Company could impact on value chain structure in different
healthcare factor(Landström and Harirchi 2018).
 There is a rate of technological diffusion faced by company.
Legal These factors determine various intellectual property rights of company.
 There is anti trust law in hospitality sector and overall in company.
 Company could faces various discrimination laws.
 Company faces various employment laws in different countries.
 There are various rules and regulations relating to health and safety
law(Mitra, 2019) .
 There are various laws that are relating to copyrights, patents and
intellectual property law.
Environmental These factors help in determining various norms and environmental
standards that could impact on profitability of company.
 Company is facing waste management in healthcare and hospitality
sector.
 There is factor of climatic change in various countries (Youssef,
Boubaker and Omri, 2018) .
 Company is facing attitudes towards green and ecological product.
 There are various factor of laws that are regulating environment
pollution that affects health of individuals.
 Company could face various aspects of climatic change in various
countries.
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Competitor's analysis and highlighting competitive advantage of product and explanation
of reasons of why product or service which will be successful in markets.
Competitor's analysis could stated as analysing and determining various competitors by
stating company's strengths, weaknesses and opportunities and threats of businesses (Dhahri and
Omri, 2018) . By analysing competitor analysis helps in having competitive advantage for
company. Competitor's analysis could be taken and analysed by performed SWOT analysis of
company. By performing SWOT analysis start up is able to analyse its strengths, weaknesses,
opportunities and threats and according to that marketing as well as business plan could be
made(Saebi, Foss and Linder, 2019). In terms of health is wealth SWOT analysis of company
in order to launch a new technological product is as follows:
Strengths Strengths are considered to be positive points of company.
 There is a primary focus on quality improvement of company's
products.
 There are various teams that are internally dedicated and connected to
research and analytics.
 There is a launching of new and innovative products (Morozova,
Popkova and Litvinova, 2019) .
 Company is maintaining various cultural norms.
 There are various capabilities and cost advantages.
Weaknesses Weaknesses are area of improvements that needs and requires to be
enhanced. These are factors that which are absent in operations of company.
 There is absence of marketing plan.
 Start up is facing gaps in capabilities and services areas.
 There is a problem of having efficient management system and
various staff problems (Urbano, Aparicio and Audretsch, 2019).
 It has its own vulnerability.
 There are various undifferentiated service lines.
Opportunities Opportunities are significant trends that could be grabbed by start up in order
to increase its profits and revenue.
 There are various competitor's vulnerabilities.
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 Company could face changes in population in profile or need.
 There is less dominant competition in markets in hospitality business.
 There is a new market segment that offers improvement in profits
 Start up could use various latest technologies.
Threats Threats are barriers and stoppages that stops success of businesses.
 There is a competition in having innovative product and service.
 There are various adverse changes in reimbursements or regulations.
 There are various changing insurance plans and contracts for
important and major area of employers (Miklian, 2019).
 Competitors have superiors access to various channels of distribution.
 Start up could face various economic shifts in its operations.
Segmentation analysis providing market statistics to support selection of target segments.
Segmenting, targetting and positioning is stated as a three step model which examines
company's products and services and it is also referred as a way of communicating their benefits
to a specific customer segments (Carter, Tjernström and Toledo, 2019). In terms of health is
wealth, segmenting, targetting and positioning that helps in identifying various segments, targets
markets that where and how to target audience in right segments. And positioning its products in
markets are as follows: Segmentation: Market segmentation is defined as a process of dividing a market into a
relatively more homogeneous segments which is based on certain parameters like
geographic, demographic, behavioural and other factors (Zulkarnain, Wahyuningtias, and
Putranto, 2018). In terms of health is wealth, start up's first and foremost aim and goal is
to create various customer segments on a particular criteria and traits that which target
segment customer are going for having fit bit watches. And for that various types of
audience is identified by analysing various segments like geographic segmentation that
analyse target audience on basis of country, region, state and province. Next factor that
could be identified on basis of demographic segmentation that analyses target audience
for fit bit watch on bases of gender, education, level and gender. Other factor is
behavioural and pschographic segmentation that helps in analysing target audience on
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basis of what they buy, what they browse, customer's lifestyle, hobbies, activities and
opinions of customers who are genuinely interested to purchase fit bit watches. Targetting: It basically refers to an advertising mechanism which allows to segments
various customer who meets and fulfils a defined set of advertising that consists of online
advertising (Pokrovskaia, Khansuvarova and Khansuvarov, 2018). It is straightly directed
towards an audience through certain traits which is based product and service of
companies. In terms of health is wealth start could focus on targeting and searching most
attractive and required audience customers who will be willing for purchasing and
availing fit bit watch for enhancing and maintaining their health. With start-up targets
audiences and customers of mostly young generations as they are mostly health conscious
are so providing them fit bit helps them to enhance and determine their health.
 Positioning: It refers to positioning products and services of businesses to target and
valuable customer segments of markets. It generally consists of launching products and
services of businesses in corporate markets in order to generate revenues and enhancing
profits of them. In terms of health is wealth, start-up determines and identifies that why
customers should purchase products of business rather than buying it from its
competitors. Positioning helps business plan to determine its unique selling proposition
and according to that position map is drawn in order to place or launch products in
corporate markets.
Marketing strategy.
Marketing strategy simply refers to strategies that are implemented in business practices
in order to carry operations and activities in corporate markets to generates revenues and
profitability for businesses. As when any start up launches a new product or service in markets it
is necessary to analyse various marketing Ps of business that consists of product, price, place and
promotion activities related to products. In terms of health is wealth, marketing mix of start up in
order to have business plan for fit bit are as follows: Product: It is referred to as physical state of element that could purchase by customer in
order to fulfil their needs and wants. It helps to developing a business plan that helps in
deciding businesses that whether product is valuable and is it right in time to launch
product in markets (Lassalle, and Scott, 2018) . In terms of health is wealth, start up is
using this marketing P in their business plan in order to determine that whether product is
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able to fulfil needs and demands of customers or not. As it identifies that which segments
of audiences requires fit bit watches. Price: It refers to amount which is required to paid to avail its services. There is price
amount which is fixed by business to fulfils its costs and returns are covered with and it
should be ensure that product should be provided to customers at affordable costs. In
terms of health is wealth, start up needs to ensure that fit bit watches are to be provided to
customers at affordable prices in order to fulfil needs and demands of customers as well
as increasing revenues for business. Place: It refers to a store or a place where products are kept and made available to
customers. As there are specific locations where products of companies are placed where
customers could reach out and purchase them to satisfy their demands and requirements.
In terms of health is wealth, start up needs to identify various locations where to place fit
bit watches in order to make customers aware about their product and buy them. They
could also focus to providing online delivery to products so that cost of locations could
be saved.
 Promotion: It is generally said to be an important element of marketing mix of
businesses as with promoting product in corporate markets refers to launching products
and making customers aware about products through various mode of promotions. In
terms of health is wealth, start up could use various mode of promoting fit bit watches by
carrying health care programmes, digital advertisements and so on in order to make
customers aware about their product and take initiatives to purchase them.
Market growth strategy.
Market growth strategy refers to a plan which allows business to achieve a higher level of
market share which currently have(Broome, Bowersox and Relf, 2018). Market development
strategy deals in growing in markets share s by developing and creating new segments of
markets, which are expanding start up's user base or could lead in expanding and building
present customers by usage of products. Growth strategies that allows various businesses to build
their business. Growth could accomplished by using practices such as adding new locations,
investing in customer acquisition and expanding a product line. In terms of health is wealth, start
up could uses various factors which helps them in accomplishing their goals and objectives. As
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start up is providing its new technological product which is Fit Bit watches some of growth
factors that could be used by them are as follows:
 By adding new values and locations for purchasing fit bit watches such as stores and
shops.
 Start up business could use investing in customer acquisition that helps them in gaining
customers for purchasing fit bit watches that generate revenues.
 Business should adopt franchising opportunities in order to face growth in their business
and building customers.
 Start up business could use penetration pricing method for selling their fit bit watches as
well as generating more customers.
 Start up business could use method and mode of selling online products in order to have
efficiency and effectiveness to multiple platforms to reduce cost of transportation and
storage.
 Start up business should use various mode of promotion by carrying health programmes
in order to make customers aware about their product and make them motivated to be
health conscious.
Resources required for venture including source of finance.
Business finance and resources refers to various resources and funds that are required
every business in order to establish and operate business activities and expand their businesses.
Funds are required to operate and carry business practices to generate revenues (Lee and Seo,
2018). There are various sources of funds through which business could be carried. In terms of
health is wealth, various sources of funds and resources through start up could assess are as
follows:
Resources required: Financial resources: It refers to an important component of business which is required to
carry business practices. Financial resources for business could be obtained from sources
that are brought from personal accounts of various owners. In terms of health is wealth,
start up could access financial resources could be obtained from various internal and
external sources of personal accounts and capital. Human resources: Success of every business relies on efficiency of and skills off
employees and workers. Strong teams and skilled workers helps business to accomplish
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its goals. In terms of health is wealth, business could focus on hire skilled and trained
employees in order to deal with customers effectively.
 Physical resources: It refers to physical resources such as transportation, raw materials
and so on that are required to carry and manufacture products of business. In terms of
health is wealth, start up business should determine various physical resources that are
required to carry its business.
Sources of funds: Internal sources: It refers to sources through which funds could be obtained from
internal sources like family sources, loans etc. In terms of health is wealth, start up
business could generate funds from family sources and taking loans.
 External sources: It refers to sources through which funds could be obtained from
external sources like owner’s funds, borrowings etc. In terms of health is wealth, start up
business could generate funds from borrowings and long terms debts.
Risk analysis.
It basically refers to a process of determining and analysing potential issues which could
negatively help companies to avoid and mitigate those risks. It refers to a study of underlying
uncertainty of a given course of action and to a uncertainty of forecasted cash flow streams
(Fedulova, Piatnytska and Lukashova, 2018). There are various types of risks that are faced by
businesses. In terms of health is wealth, various types of risks that could be faced by start up
business are as follows:
 Quantitative risk analysis: In this type of risks business is built by using simulation and
deterministic statistics that assign numerical values to risks. For dealing quantitative
types of risks Monte Carlo simulation could be used to generate and build a range of
possible outcomes of decisions which are made or action taken. As simulation us defines
as a quantitative technique which calculates results for random input variables, constantly
using a different set of input values every time. In terms of health is wealth, start up
business could Monte Carlo method of simulation to analyse and resolve various types of
quantitative risks occurs in their operations.
 Qualitative risk analysis: It generally refers to a risk analysis that uses an analytical
method which does not determine and evaluate risks with numerical and quantitative
ratings(Doern, Williams and Vorley , 2019). This risk analysis involves a written
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definition of uncertainties and evaluation of extent of affects and countermeasure plans in
case of negative event occurring. This type of risk could be analysed and resolved by
applying game theory to cause and effect diagrams. In terms of health is wealth, business
plan could analyse qualitative risks which are present in markets in selling of Fit Bit
watches and could be handled by using game theory which could be used in various
situations.
CONCLUSION
From above report it has been concluded that entrepreneurship is generally concerned
with starting up a new business that carries risks and uncertainties. Basic aim of starting up a
new business it to earn profits and maximise its brand value. Entrepreneurship is carried by
entrepreneurs. This report identifies about various aspects that necessary to be taken care while
having a business plan for launching a new product. Report states about various visions and
rationale that are to be taken into consideration for carrying business practices successfully.
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REFERENCES
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