Tune-In Business Proposal Report: Entrepreneurship and Innovation

This report presents a comprehensive business proposal for "Tune-In," a proposed gym and fitness club in London, UK. The report explores key aspects of entrepreneurship, enterprise, and innovation, including situational analysis, entrepreneurial opportunities at local, national, and global levels, and an entrepreneurial analysis of behaviors, characteristics, competencies, and personality traits. The report also examines internal and external factors influencing the development of an entrepreneurial culture within the organization. Furthermore, it details the business start-up process, including the gym's concept, objectives, and mission. The report also covers the impact of the business on the market and its sustainability. The business will use Crowdfunder to raise funds for the venture.

ENTREPRENEURSHIP,
ENTERPRISE AND
INNOVATION

Table of Contents
TITLE - MAKING IT HAPPEN.....................................................................................................1
INTRODUCTION...........................................................................................................................1
SITUATIONAL ANALYSIS..........................................................................................................1
Entrepreneurship, Enterprise and Innovation.........................................................................1
Entrepreneurial Opportunities................................................................................................2
ENTREPREUNIAL ANALYSIS....................................................................................................4
Exploration of Behaviours, Characteristics, Competencies and Personality.........................4
Factors affecting Development and Creation of Entrepreneurial Culture..............................5
BUSINESS START-UP..................................................................................................................6
Process of Starting Up Tune-In..............................................................................................6
Impact Impacting on the growth and sustainability of Tune-In...........................................12
CONCLUSION..............................................................................................................................13
REFERENCES..............................................................................................................................14

TITLE –
‘MAKING IT HAPPEN’
INTRODUCTION
Entrepreneurship is process for designing, running and launching new business that is
often a small business. In order to survive in competitive market, it is very important for
organisation to bring innovation in their new business and products (Drucker, 2014). Following
is the business proposal report which is based on “Tune-In”, which would be a Gym planned to
be opened in London, United Kingdom. The chosen finance option for this gym is CrowdFunder,
which is a crowdfunding platform utilised for acquisition of funds. The report would cover a
detailed business proposal focusing on appraisal of theories and practice of entrepreneurship,
enterprise and innovation and opportunities for entrepreneurial activities in the local, national
and global economies for start-ups and existing organisations. It would also cover behaviours,
characteristics, competencies and personalities to assess potential for entrepreneurs and
evaluation of internal and external factors affecting development and creation of an
entrepreneurial culture.
SITUATIONAL ANALYSIS
Entrepreneurship, Enterprise and Innovation
For a new business, it is imperative that various aspects and practices related to
entrepreneurship, enterprise and innovation are appraised in order to determine the scope of the
business activities that are required for an organisation.
For entrepreneurship, it is crucial to determine the type of venture which would be
appropriate for Tune-In. There are two types of entrepreneurial ventures, Lifestyle- which are run
by individuals for accomplishment of their passions and Survival- which is run by people with
aims to sustain the position and enhance market share (Woodside, Bernal and Coduras, 2016).
Entrepreneurs of this gym would be adopting Survival Venture as the most appropriate
entrepreneurship practice for Tune-In. In addition, the company would be adopting sociological
theory of entrepreneurship as its products and services would be as per the recent trends and
beliefs of the customers in the UK. In addition, they would also be adopting psychological theory
of entrepreneurship as there is a need of achievement in the entrepreneur which would help in
achieving success.
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As for Enterprise, out of all the types of practices and enterprise types, Scalable Start-Up
is considered to be the most apt form for Tune-In. The practices would be concerned with
implementation of innovative ideas and creative solutions to enhance profitability and growth.
Out of all the elements necessary for effectively establishing an enterprise, the most
important is Innovation, which is a process of creation of value in standard offerings by applying
creative methods. It is required from fitness organisations to implement innovative ways of
serving their customers. To achieve this, Tune-In would be utilising creative ways to serve varied
needs of different customers. In addition, it would be using brainstorming as an effective theory
of innovation to find potential and creative solution to managerial problems. Moreover, it would
also be implementing a culture of innovation within the structure of the organisation.
Entrepreneurial Opportunities
New business organisations are required to effectively analyse entrepreneurial
opportunities which serve as an agenda for assurance of its success in the long-term. Tune-In
would be a gym, more a fitness club which would be serving different needs of various
customers. For this, the organisation will be assessing various fitness trends at local, national and
global levels to analyse entrepreneurial opportunities.
The gym is planned to be established in London. There are quite innovative and useful
entrepreneurial activities for the gym as well as existing fitness clubs like Blok London and
Another Space as per the analysed trends. On the local level, the country is following different
styles of fitness, like Third Space which is concerned with High-Intensity-Interval-Training
(HIIT Workout), Inhere- Meditation Pods for meditating and practice of mindfulness and Les
Mills, which is virtual spinning exercises for millennials (TOP 5: NEW HEALTH AND FITNESS
TRENDS IN LONDON, 2019).
However, where national level opportunities are concerned, overall the people of United
Kingdom are demanding more ways through which fitness could be well achieved. More
inclination towards fitness is witnessed in the country lately. On National Levels, Tune-In could
experience various entrepreneurial opportunities. One of these opportunities is At-Home
Sessions as people are demanding more convenience by exercising at home. The firm could offer
its services via fitness videos and training sessions to people of different localities within the
country. This is also being planned to utilise by existing fitness organisations too which would
enhance their entrepreneurial opportunities. Another trend within the country which could be
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driving entrepreneurial activities for the company is On-demand fitness. People of the UK are
demanding fitness options at different settings like Airports and Hotels and this could help the
company establish its operations within these sectors (THE BIGGEST FITNESS TRENDS OF
2019, 2019).
Globally, fitness is an element which is being recognised and is required as per the
ongoing health concerns all over the world. According to various surveys, there are many
countries where there is high level of obesity levels and people actually are required to establish
a well structured fitness Culture to effectively handle the issue. These places are various
countries in Asia, United States, Countries in Middle-East, etc. (World Obesity Day: Which
countries have the biggest weight problem? 2019).
Illustration 1: Countries with highest levels of Obesity
(Source: World Obesity Day: Which countries have the biggest weight problem? 2018)
Many existing organisations through cultural integration are moving towards finding new
ways to satisfy their customer and enhance their global reach. As per different cultures, Tune-In
could provide diversified services like Yoga, Traditional gymnastics, Cross-Fit, Strong-Man
training, etc. to its customers worldwide depending on the type of training the clients are
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interested in having. Such entrepreneurial opportunities present in local, national and global
efforts would allow the Tune-In to establish itself as a successful venture.
ENTREPREUNIAL ANALYSIS
Exploration of Behaviours, Characteristics, Competencies and Personality
Each entrepreneur must have certain attributes which could contribute in the success of a
business venture (Thorp and Goldstein, 2013). These attributes are very crucial that assists
entrepreneurs in driving a company towards growth and profitability.
Entrepreneurs are required to inherit and develop specific behaviour patterns, like having
self-confidence, enthusiasm, clear targets and optimism. There are various entrepreneurs that
possess these behaviours like Jeff Bezos which is very crucial to develop the management and
leadership for the company. As for characteristics, risk-taking, flexibility, innovativeness and
persistence are of vital importance. A prime example of this would be one of the most successful
serial entrepreneurs who possess all these characteristics and effectively adopt practices to
enhance their effectiveness (Sahut and Peris-Ortiz, 2014). There are various competencies as
well like problem-solving, systematic planning, organising, management and financial skills, etc.
which could allow entrepreneurs to stand ahead in the game and be different from other market
players. Entrepreneurs must also be visionaries, focused and analysts and all these elements must
be an effective part of their personality to achieve success. As important as it is to have such a
positive personality, it would be opening up gates of opportunities for new entrepreneurs. The
biggest example of entrepreneur having such personality was Walt Disney. He is known to be a
visionary regarding his animations and was focused on developing various different styles as per
the latest trends. Moreover, he used to analyse the trends and aspects on which his animations
could appropriately get acknowledged worldwide.
Out of all these aspects, there are various behaviours, characteristics, competencies and
personalities, I, as an entrepreneur of Tune-In possess most of them. I am optimist and believe in
setting clear targets for my projects. However, I tend to evaluate more and thus, self-confidence
arises only after effective analysis of each aspect required by me to accomplish my goals. I tend
to mould my operations and functioning pattern as per the demands of the situation. Though I'm
not an extensive risk-taker, but I tend to take calculated risks which ensures me of positive
outcomes. I tend to think creatively and focus on developing more innovative approach towards
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developing plans and procedures for Tune-In to effectively fulfil demands of each of its clients.
Lastly, I possess effective financial and management skills, along with effective focus and
enthusiasm which I believe is necessary for starting up a new entrepreneurial venture and drive it
towards success.
Factors affecting Development and Creation of Entrepreneurial Culture
Within an organisation, and entrepreneur as well as its employees are required to be well-
versed by the concept of entrepreneurship. Development and creation of entrepreneurial culture
is essential for a business (Romano and et. al., 2014). For Tune-In, there are various internal as
well as external factors that affect this development and creation. These factors are described
below:
 Strengths: There are various aspects that impact entrepreneurial culture in a positive
manner. These elements are important and could influence the culture in contributing
way. As for entrepreneurship in Tune-In, first and foremost is family background. It plays
a very important role in developing a contributing environment for entrepreneurs for
actualisation of their ideology. Another aspect is education, effective and appropriate
education allows a person to develop analytical and problem-solving skills which help
them to take calculated risks and ensure future business growth.
 Weaknesses: There are various other factors, absence of which could lead to disruption in
creation and development of entrepreneurial culture (Rae and et. al., 2012). For Tune-In,
one such factor is attitude induced by the society. The society in which I belong does not
promote aggressive risk-taking. This is one weakness that might hinder my performance
as an entrepreneur. However, to overcome this, I plan to perform crucial analysis and
necessary evaluation of prospects which assist me in taking calculative risks for Tune-In.
Such practices would help in business growth and development of entrepreneurial
culture.
There are different external factors as well that influences creation and development of
entrepreneurial culture. These factors are mentioned below:
 Economical: Aspects covered under this give insight to the overall economic scenario of
the location and how it could be contributing to the success of the company (Mitra,
2013). Tune-In has planned to be established in London, United Kingdom. However, the
country is suffering from reduction in value of pound Post-Brexit and this could be tough
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for Tune-In to effectively establish its business operations. However, crowdfunding as a
financial option could effectively eradicate the possibility of any financial needs
remaining to be unmet. Such support from people would create effective opportunities for
entrepreneurs having contributing and creative ideas. Such aspects would allow
establishment and development of entrepreneurial culture within the country.
 Social: These factors are quite contributing for development and creation of
entrepreneurial culture. This is because, with ongoing health concerns of the industry, it
would help in creating various entrepreneurial opportunities in the country for Tune-In.
With advanced access to technology and various essential equipment, the firm would
hold potential to establish itself as a very strong organisation covering a range of
problems of its fitness clients.
BUSINESS START-UP
Process of Starting Up Tune-In
Overview of Concept:
Tune-In would be a gym and a fitness club which would be working to establish fitness
culture in the country. The company would be operating under fitness industry in the UK and
would be providing a range of services to its customers. The concept which this gym is being
established would be to change the way exercising and fitness is being witnessed in the country.
The various SMART objectives of this company include the following:
 Associate 150 members with the gym by end of 2019.
 Establishment of at-least one more branch by November 2019.
The mission of Tune-In is to provide varied and innovative approaches to fitness to all of
its clients as per their requirements and customise fitness practices according to their needs
(Maclean, Harvey and Gordon, 2013).
Products and Services:
Another important aspect for an organisation is to determine its products and services it
will be offering within the market. This would give a clear idea for further resources which are
required by the company. As per the ongoing health concern and agenda of the company to
change the perspective of fitness, the gym would be providing multiple types of ways in which
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fitness could be achieved. All of these methods will be opted by client to ensure long-term
customer engagement. The products would include:
 Fitness trackers, which would allow customers to track their distance, steps, burnt
calories, remaining workouts, etc.
 It would also provide Fitness boards for customers to cover their overall workout sessions
using this product.
 In addition, the firm would be providing its clients with VR gears to effectively carry out
their workout sessions without even physically present in the centre.
The gym would also provide varied services to all of its clients associated with the firm.
To achieve this, the company would be offering different sections within the infrastructure which
would be covering different forms of exercising, like Yoga, Aerobics, Weight Training, Strong-
Man Training, Cross-Fit, etc. All these workout forms are being included as per the convenience
of the customers as different customers prefer different kind of exercising habits. Furthermore,
the company will also be providing session DVD's and interactive sessions to customers who
could not be physically present in the gym and prefer At-Home workouts.
Human Resources:
For any new business organisation, it is crucial and competent to determine the Human
Resources which are required to sustain and carry out business operations in a smooth and
effective manner (Küttim and et. al., 2014). There are various kinds of employees that would be
required for Tune-In. These types are discussed as under:
 One manager that would be in charge for the whole gym and its facilities each day. They
will be required to manage customers as well as employees. Their role within the gym
would be to manage each customer and make sure that they are happy and meet each of
their requirements are fulfilled. They would also be required to assess the effectiveness of
each equipment within the gym. As for employees, they would be in-charge of
interviewing and hiring potential employees for the gym which would serve as a driving
force for Tune-In.
 Alongside managers, the firm would require front desk employee that would be handling
check ins and sign ups of new customer membership and handle their paperwork.
 A financial employee that would be handling the financial requirements of the gym and
handle all the expenditure and manage accounts effectively.
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 Four trainers with effective knowledge of nutrition, exercising and fitness with expertise
in various forms of workouts to train and manage the physical requirements of different
customers. They are also required to be medically equipped to handle unexpected
medical situations with utmost ease and effectiveness.
Marketing Strategies
After determination of necessary resources, it is of vital importance, that customers are
targeted to market the products and services offered to them. It is very crucial for Tune-In to
differentiate and target the most appropriate type of customers for their services (Durkin and
Gunn, 2016). Customer segments are required to be created and effectively evaluated to divide
customers into the most appropriate group for which the marketing strategies would be analysed.
These would be created on the basis of demographical, geographical location, psychographic and
behavioural segments would be utilised. It would be tracking customers from the urban areas of
United Kingdom, with age group 15-65, income level more than £5,000, who are inclined
towards living a healthy lifestyle and have a positive attitude related to different forms of
workouts.
There are various forms of marketing methods that could be used to reach these
customers in an appropriate manner. For Tune-In, it is imperative that cost-efficient yet effective
methods are utilised that serve this purpose of the business. The firm would be using Social
Media portals like Facebook, Twitter and YouTube as core methods to communicate with
customers. They will be posting contents, compelling videos and training sessions to attract more
customers to join their membership. They would be giving various benefits associated with the
membership and details about the packages through the same. Another method would be using
print media to reach older customers who are not very much active on social media.
Key Performance Indicators:
These would be serving as appropriate methods to evaluate the effectiveness of the
business and the extent up to which objectives have been achieved by the company. (Landes,
Mokyr and Baumol, 2012). There are various key performance indicators for Tune-In which are
described below: Number of Memberships: These would be the customer count of the gym. These
customers would be the one who are some way or the other will be associated with the
company and would be using its products and services.
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 Number of Followers: These individuals would be either customers or potential
customers who could be attracted to join membership and acquire the offerings of Tune-
In. Number of retweets, reposts, shares: This count would be concerned with the times
people would be sharing Facebook posts, retweeting the content on twitter and sharing
and reposting YouTube videos which would help in enhancing the popularity of the
gym.
Budget and Financial Plan:
The final aspect is related with projection of financial plan of the firm which would be
providing a structure of acquisition of funds, projected expenditures and Cash Flow, etc. Tune-In
would be using CrowdFunder as a medium to acquire funds. For this, it is imperative that the
company would be specifying the type of deal it would be providing to people funding the
project. For Tune-In, funders would be getting a deal of Revenue Share, where the ownership
will be with the entrepreneur, yet, the funder could get a share from its revenue.
Budget:
The projected budget for Tune-In is as follows:
Expenses Amount
R&D 1500
Marketing 3150
Advertising 1900
Materials and
Equipment
41000
Human resources 3000
Miscellaneous 500
Total 51050
The company will be investing more on materials and equipment like treadmills, spinning
wheels, fitness products, etc. In addition, the company will be investing a lot of amount on
marketing and advertising of Tune-In.
Sales Forecast:
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Illustration 2: Sales Forecasts for Tune-In
The company is planning to provide various different packages to its clients within the
country and on the basis of which, services and product will be divided amongst them. The
image projects these packages as per the enhanced services provided by the gym especially in the
package 4th and 5th.
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