Entrepreneurship and Innovation in the Virtual Health Club Business

This report delves into the realm of virtual health clubs, analyzing the entrepreneurial journey within this sector. The report begins with a personal reflection on the entrepreneur's background and the skills acquired from family business experience, highlighting management, customer service, and financial skills. It then explores the crucial lessons learned in bringing concepts and ideas to the marketplace, emphasizing innovation, creativity, competitor analysis, barrier reduction, problem-solving, niche market focus, and technological adaptation. The report culminates in a detailed concept plan for a virtual health club, including an introduction to the growing health and fitness consciousness, objectives for market share and growth, market research examining the competitive landscape, and target market analysis focusing on the UK market and fitness-conscious individuals. The report provides a comprehensive overview of the virtual health club business, offering insights into entrepreneurship, innovation, and market strategies.

Managing entrepreneurship,
innovation and creativity
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TABLE OF CONTENTS
Contents
TASK 1............................................................................................................................................3
TASK 2............................................................................................................................................3
What are the lessons learn in getting the concepts and ideas to the marketplace?......................3
TASK 3............................................................................................................................................5
The concept plan..........................................................................................................................5
REFERENCES..............................................................................................................................11
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TASK 1
I am an entrepreneur and working in the field of virtual health club from many years. I am
the only one in my family who enter in this field. As my family background is also belonged to
the entrepreneur field and I learned from my family business to earn and learn the different skills
that helps me in my business for the growth and development in the business. I learned from my
family business about the entrepreneur and implement all these into in my business of virtual
health club. The skills that I learn from pre entrepreneur are management skills that helps me in
understanding the way to manage the business in an effective way so that all the operations, and
other activities of the business are managed in an effective way, I also learned about the
customer service skills from these It help me understand the customers need and wants and the
way to attract them towards the organization services and satisfied them with the effectiveness.
Financial skills are learned by me from my family business to understand the flow of cash in the
business and how the finance in the business is managed. All the skills I learned from my family
business that helps me in my business for the growth and success.
TASK 2
What are the lessons learn in getting the concepts and ideas to the marketplace?
To be in a business and want to introduce new business the marketplace is necessary
(Agarwal, Dahleh, and Sarkar, 2019). For the success in the market place it’s necessary to
understand the marketplace first and according to it products and services are produce so that the
customers get the best product or service from the company with some unique quality so that the
product is prevails in the competitive market. To get the concept and idea in the marketplace it is
necessary to understand the marketplace and this will help to get success in the idea or concept.
With the assessing of market different lessons are also learn that will help to become better
person and also help for the development in future with the more effective ideas and concepts.
For implementing the different ideas and concepts in the marketplace the effective methods and
the concepts and ways are learned that help in the future growth of business. Some of the
learning that is learned by getting the ideas and concepts to the marketplace are:
Innovation and creativity
To sustain in the competitive market the products are to be innovative and creative that
has unique quality that attracts to the customers (Coccia, 2018). The ideas and concept using in
the production of the products are to be innovative and creative so that customers will get
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satisfied from the product and get attract towards it that helps the company to grow and increases
their productivity and sustain in the competitive market in the long run. From the research of
marketplace learn about the different innovation process and the creativity in producing to the
product, so that product will sustain in competitive world (Liu, and et.al., 2018). From this learn
about the different ways for the innovation in product or services in the unique quality and
creativity.
Understand about competitors
With the ideas and concepts get to the marketplace in a way that the ideas are more
effective than the competitors so that the company will sustain in the market place in long run.
The strategies and the objectives used by the competitors are learned in an effective manner so
that according to the competitors the strategies, ideas and concept are developed that are more
effective and efficient form their competitors and helps the company to sustain in the market
with the effective concepts and ideas. Understand the competitors in an effective way so that the
productivity is increased.
Reduce barriers
The barriers that are coming in the way in the market are to be reduced. The barriers
coming on the way are to be understood and learned so that the effective concept and ideas that
are get in the marketplace is succeed without facing any issues. With the change in the process
and the demand and want leads to roadblock in the operations of the company. The barriers are
reduce by understanding the marketplace in an effective way so that working is done effectively
in the organisation with the efficient ideas and concept and understand the competitor’s strategy
in an effective way that helps to reduce the barriers that came to get implement the ideas and
concept of company in the marketplace.
Focus on problem
From the better understanding of marketplace learned about to focus on problems and
solve it effectively so that ideas and concept of the company will get success in marketplace. The
concept use in the market is focused by understanding the problem effectively and efficiently.
The problems are to be solved easily by understanding of main cause with the learning from the
marketplace (Bischof, 2017). To work in the competitive market the problems are always arise
and this will be solved effectively with the better understanding and learning of market in deep.
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With the learning of the marketplace the problems are solved easily with the effectives and
efficiency.
Focus on market niche
The niche market is to be learned effectively by getting the ideas and concepts to the
niche market (Sangeetha, Pillai, and Haribabu, 2021). By getting the ideas and concepts the
success of the ideas are determined with the demand of the product of the company in the
market, according to it the niche market needs, wants and demand is to be learned. With the
learning of niche market it helps to understand the market deeply that helps to sustain in the
market in long run and increase the productivity and growth of business. From this learned about
the targeted customers and their wants so that the production of the products with the use of
innovative ideas to be developed in according to their way.
Keep updating with technology
To sustain in the marketplace in long run learned about to keep update with the recent
technology. The recent and the most updated technology is used for the production of the product
and to serve the customers. For the most effective innovative and creative product for the
customers the new and the updated technology is used so that customers are also get satisfied
with the products and increases their demand that significantly helps to increase in growth and
profit of the company. With this learned about the different technologies and increase the
knowledge with the use of different technology that helps in development and growth for the
future. Latest technology helps to increases the productivity of the products that are offered by
the company with the innovative and creative idea and concepts.
By getting the different ideas and concepts to the marketplace learned about various
factors that are help to get success in the competitive market with the effectiveness for the
growth and earn more profitability in the company (Trigui, Belhadj, and Benamara, 2017). Also
build the knowledge with the deep learning of market about the internal and external factors
affected to the business and learn the ways to improve and maintain the ways to sustain in the
competitive world by analyzing effectively to the marketplace.
TASK 3
The concept plan.
Introduction
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The virtual health club is started with the increasing of concern for the health. Recently
most of the people are get concern for the health and the fitness and join health club (Peltokorpi,
and et.al., 2018). The health club business is virtual business so that more and more people can
join at any location in the world and can did the fitness exercise that helps to keep their health fit.
From the virtual club help the business to cater more customers and get aware about the health
and fitness. The opportunities from the virtual health club to cater the more customers from all
over the world and get aware to the people about the health and fitness. With the increasing of
awareness towards the health it’s a biggest opportunity for the company to gather in this field
and with the increase of digital world this business is also succeed and growth. As because of
covid social gathering is not allowed and people are get aware about the fitness to their health
this is an opportunity to cater the people virtually for their fitness exercise.
Objectives
 To increase the market share by getting aware about the services that are offered by the
company with the effective and efficient promotion.
 To increase the growth of the company with the effective strategies made by the company
that also helps to improve the productivity.
 To cater the customer base with the effective use of promotional tools by getting aware of
the services provided by the company.
 To get aware about the services and also about the health that is the main thing in this
pandemic environment.
Market research
With the increase in the awareness of the health and fitness among the customers it is
important for the people to get conscious towards the health and this will lead to get into the
health clubs for their fitness. From the pandemic most of the people are not feeling safe to came
out and be in the group for that most of the health club are started their business virtually. From
this many of the people are get involved in the health club for their fitness. In this field there are
various competitors and cater the customers (Aaltonen-Räisänen, 2020). Big competition is
going in this field where many small and the well known instructor also started their virtual
business with the use of digital technology. The online or virtual fitness market in the world is
largest in the UK based country and these will subsequently rising with the awareness of health
and its importance.
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In UK market there is lot of competitors and each have different strategy that is used by
them for their survival in the market industry (Eisape, 2019). The competitors strategy is
analyzed and according to it the modification in the strategy of the company for the effectiveness
and understand in a way to perform the business. The competitors in this industry is high some of
the major player in this field are total fitness, Venue serve fitness and HCM. All these are the
major player and have done the significant growth in the industry.
Target market/ consumer
The target market for the virtual health club is UK people where the virtually people will
cater to the whole country. The target market is whole UK market where the fitness seek people
will cater. The targeted consumer for the virtual health club is the young and the adult people
who are aware and conscious about their fitness towards their health. The good health is most
important for the human being this will help the business to grow by creating the awareness of
fitness and health. The targeted consumer is catered with the use effective promotion techniques
and creates the awareness among the targeted consumer. The young people who are more
conscious towards the health are more affected with this club as because of the pandemic all the
clubs are closed and people can’t do their regular fitness work this will help them to the young
people.
As because of the pandemic many of the people are not go outside this will affected to
the fitness people. The adult people are get more aware with pandemic about the health; the
targeted audience are to be cater. From this targeted market and consumer is analyzed for the
effective and the efficient growth and success in business. The UK market is cater so that all the
UK targeted consumer is cater with the virtual health business to improve their health and
fitness.
Marketing
The marketing for the virtual health business is done with the use of different
promotional tool. The marketing is to be done with the use of digital platforms, print media and
the advertisement on televisions (John, and Szopinski, 2018). The marketing is done for virtual
health business is done with the use of social media platforms by creating the creative post that
have information regarding the health benefits from the exercises. The effective promotions are
to be done so that target market and consumer get aware about the virtual services provided by
the company. To cater the local people the print media from newspaper and brochures this will
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help to target the adult people who are not in touch with the digital technology so that targeted
consumer will know about the virtual health club (Ojasalo, and Ojasalo, 2020). With the use of
the TV commercial for the marketing of services helps to target large customer base at a time
and create awareness to the people about the new and effective service provide by the company.
With the use of the social media for the promotion this helps to cater the more customer base
with the creative and innovative approach. For marketing of services the different promotional
tools are used for effectiveness of the company.
Human resource
Human resource is required for the working of the company. To perform the operations
and services human resources are required. The well skilled and knowledge trainer and experts
of fitness and health are required in virtual health club. All these skilled trainer and experts help
for virtual business to give the training for the fitness of health. The well skilled staffs required in
the company are 15 skilled trainers. All these are staffs are well skilled so that the customers also
feel the value from the services provided by the company. Human resource of the company is to
be well skilled and knowledge so that business has always achieves the growth and has success
and achieves their goals effectively and efficiently.
Operations
The operations of the business are set with the help of business canvas model. With the
use business canvas models that way to create the company, how it delivers and captures the
value. The following points help to understand the values and ideas of business-
Key partners
The partnership done by the company for the virtual health club with the virtual platform
company by sharing the profits from which company uses their virtual platform to provide the
services to the customers to improve their health and get fit (Ye, Ya, and Yo, 2018). The other
partnership did by the company with the small firm that is involve in the same field of health
club from the partnership both the companies will use their effective resources together and serve
the best to their clients and lead to increase the growth in the business with the effectiveness.
The partnership with the virtual platform company helps the company for using the best and
effective platform that helps to maintain effectiveness in the organization.
Key activities
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The key activities of virtual health club is to provide the best services for the fitness of
people for these regular exercise and the proper diet is made for the people who want to get fit
(Koerrenz, 2020). On the regular basis each customer’s perception towards their health is asked
and recommended the best to improve their health with the proper diet of the nutritional food
with the regular exercise that keep them fit and fine.
Value propositions
The value offered from the services of company that is provided by the skilled expert and
trainers to improve the health of people. This will helps in creating value to the customers that
helps them to improve their health. For all the clients services are provided according to their
health and fitness by consulting with the trainers so that proper diet is given to the client and
helps in improving their health. The cost charges for the services are low so that the entire
income segment group is targeted.
Customer relationship
The relations with the customers are maintained with the regular consultation with them
regarding the services and with their health so that proper fitness exercises and diet is given to
their clients. The personal relations are maintained with the staff of the company with their
clients so that customers are satisfied with the service provided by the company.
Customer segment
The most targeted customer for the company is youth who are more conscious towards
their health and fitness and get to involve with the health club for their fitness and the adults
which are aware about the good health and want to get fit.
Key resources
The experts that are aware and have deep knowledge about the health and fitness that
helps to serve the targeted customers with the use of virtual screen, internet connection and a
good well structured room (What is a Business Model Canvas?. 2020).
Distribution channel
The service is provided to the customers with the use of internet through virtually.
Cost structure
The most expensive service the company is provided to the client by serving through the
personal trainer and dietitian that gives them service to them only.
Revenue stream
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The company gives the one week free trial to the customers and provided the services to
the clients that give value of the cost charged by the company to improve their health.
Legal issues
Legal issue faced by the company with the lapsed with staff certification, failure to
collect or retain with liability waivers and discriminate with disabled people.
Risk, contingency and exit strategies
From the virtual business the risk is associated with the client when they perform the
exercise in the wrong way and it affected to their body in the wrong way, other risk is with the
unqualified staff and they provide the services that are not suitable for the client (Eisape, 2019).
The contingency for the firm is when the competitors in the market suddenly get high.
The exit strategies used by the company get be acquisition by selling the company to the
other business for further development and growth and company get the price from the
acquisition and other method can be used as liquidation by ending to the operations of company
and get the value of assets from investors and creditors.
Other issues
No other issues.
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REFERENCES
Journals and books
Aaltonen-Räisänen, P., 2020. Digital marketplaces as a main entry mode for SaaS company:
internationalization without a target market.
Agarwal, A., Dahleh, M. and Sarkar, T., 2019, June. A marketplace for data: An algorithmic
solution. In Proceedings of the 2019 ACM Conference on Economics and Computation.
(pp. 701-726).
Bischof, D., 2017. Towards a renewal of the niche party concept: Parties, market shares and
condensed offers. Party politics. 23(3). pp.220-235.
Coccia, M., 2018. The origins of the economics of innovation. Journal of Economic and Social
Thought-J. Econ. Soc. Thoug.–JEST. 5(1). pp.9-28.
Eisape, D., 2019. The Platform Business Model Canvas a Proposition in a Design Science
Approach. American Journal of Management Science and Engineering. 4(6). pp.91-107.
John, T. and Szopinski, D., 2018. Towards explaining the popularity of the business model
canvas: a dual coding approach. Multikonferenz Wirtschaftsinformatik 2018. pp.1509-
1515.
Koerrenz, R., 2020. Reform (ing) Education: The Jena-plan as a Concept for a Child-centred
School. Ferdinand Schöningh.
Liu, Z., and et.al., 2018. Neural and genetic determinants of creativity. Neuroimage. 174. pp.164-
176.
Ojasalo, J. and Ojasalo, K., 2020. Service logic business model canvas for lean development of
SMEs and start-ups. In Sustainable Business: Concepts, Methodologies, Tools, and
Applications (pp. 436-463). IGI Global.
Peltokorpi, A., and et.al., 2018. Categorizing modularization strategies to achieve various
objectives of building investments. Construction Management and Economics. 36(1).
pp.32-48.
Sangeetha, R., Pillai, M.K. and Haribabu, Y., 2021. Bi-layer tablets: A flexible technology for
oral drug delivery-An updated review. Research Journal of Pharmacy and
Technology. 14(1). pp.547-551.
Trigui, M., Belhadj, I. and Benamara, A., 2017. Disassembly plan approach based on
subassembly concept. The International Journal of Advanced Manufacturing
Technology. 90(1-4). pp.219-231.
Ye, K.O., Ya, P.N. and Yo, Z.V., 2018. Revisiting the issue of development of the legal
framework for cluster development. Проблемы экономики. (1 (35)).
Online references
What is a Business Model Canvas?. 2020. [Online]. Available through
<https://alcorfund.com/insight/what-is-a-business-model-canvas/>. [Accessed on 12
June, 2021].
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