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Ayan answered on
May 01 2023
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Contents
Introduction 4
Chapter 1: Entrepreneurship: A Global, Social Movement 4
Chapter 2: Practicing Entrepreneurship 6
Chapter 3: Developing an Entrepreneurial Mindset 7
Chapter 6: Using Design Thinking 8
Chapter 8: Building Business Models 10
Chapter 9: Planning for Entrepreneurs 11
Setting Goals 12
Creating a Business Plan 13
Market Analysis 13
Target Market 13
Marketing and Sales Strategy 14
Revenue Streams 16
Management Team 16
Financial Projections 18
Managing Finances 19
Market Research 20
SWOT Analysis 21
Chapter 10: Creating Revenue Models 23
Chapter 12: Bootstrapping for Resources 24
Chapter 13: Financing for Startups 26
Chapter 16: Marketing & Pitching our Idea 27
Conclusion 28
Work Cited 30
Introduction
With more individuals placing a higher priority on their health and wellness, the fitness sector has seen substantial expansion in recent years. There is a significant demand for exercise courses and programs as a result. However, finding and signing up for these classes can frequently be difficult because many people find it difficult to navigate numerous websites and schedules. Our company concept is to develop a Smartphone application that makes it easier for users to look for and schedule fitness programs in their neighborhood. We will go into depth about all the many facets of our company concept in our business plan, including market research, target markets, marketing and sales strategies, revenue streams, management personnel, financial forecasts, and more. Additionally, we will discuss the value of entrepreneurship, the entrepreneurial mindset, and how design thinking was used to develop our mobile application. Our objective is to offer a platform that lets gym operators and fitness studio owners access a larger audience and boost their income in addition to fitness aficionados. We want to implement our concept and have a good influence on the fitness sector with the aid of our business plan.
Chapter 1: Entrepreneurship: A Global, Social Movement
The growth of entrepreneurship as a social movement on a worldwide scale is highlighted in Chapter 1. The wide diversity of entrepreneurial activities that exist across the world is examined, as well as their effects on society (Frese, Michael & Michael M. Gielnik). The chapter also explores prevalent fallacies su
ounding business, such as the idea that entrepreneurs are not formed but rather born.
Chapter 1 is very pertinent to my business since I'm an entrepreneur with a concept for a mobile app that makes it easier for users to identify and reserve fitness courses nea
y. The chapter emphasizes the significance of action and practice in entrepreneurship, stressing that becoming an entrepreneur involves more than just having a
illiant idea it also involves putting that concept into action. This is crucial for my mobile application in particular because it isn't enough to just have a concept. To create the application and make it a reality, I must put out the work. The chapter emphasizes the value of comprehending the social environment in which entrepreneurship exists. This entails being aware of the demands of people seeking for fitness courses and the existing fitness environment in the context of my mobile application. I can develop a product that positively affects people's lives by being mindful of their demands and modifying my application to fulfill them. The chapter also emphasizes the variety of business activities and the various shapes they might take. This is pertinent to my Smartphone application since it is simply one instance of an entrepreneurial attempt that seeks to meet a particular societal need. Recognizing the variety of entrepreneurial efforts allows me to draw on the experiences of others and modify my strategy to fit the circumstances at hand.
The chapter concludes by discussing the value of resilience and tenacity in entrepreneurship. This is especially important to my mobile application because developing and releasing a new product may be difficult and unexpected. I can improve my chances of succeeding and achieving my goals by cultivating a strong mentality and being ready to face challenges. In conclusion, Chapter 1 offers insightful information on the nature of entrepreneurship as a social movement that spans the globe. I can create my mobile application in a way that satisfies the demands of my target audience and increases my chances of success by comprehending the essential entrepreneurial principles presented in this chapter.
Chapter 2: Practicing Entrepreneurship
For the growth of any company idea, Chapter 2 examines the aptitudes and conduct essential for successful entrepreneurship. The chapter specifically highlights the value of deliberate practice in entrepreneurship, which is the process of purposefully using a skill or behavior in order to enhance performance.
Deliberate practice is crucial in the context of our company concept, which involves a mobile application that aids users in discovering and reserving fitness sessions in their region (Doern, Rachel, Nick Williams & Tim Vorley). To maintain the quality of the application, developing a mobile application demands technical skills that must be continually practiced and improved. Deliberate practice may be used to identify and enhance professional abilities such as marketing, customer service, and communication. Entrepreneurs may acquire the knowledge and expertise required to launch a successful firm by putting these talents into practice. The chapter also examines the notion that there is no one-size-fits-all strategy for entrepreneurship and that it is more of a method than a process. Instead, business owners need to be adaptable and flexible so they can take advantage of new opportunities and respond to changing conditions (Olanrewaju, Abdus-Samad Temitope, et al). This is especially pertinent to our company concept since the fitness sector is always changing, and in order for our application to be relevant and competitive, it must be able to adapt to these changes. The chapter also emphasizes the value of acting while engaging in entrepreneurship. A propensity towards action, where entrepreneurs aren't scared to take chances and make choices, is a component of the entrepreneurial mentality (Wadhwani, R. Daniel, et al.). Action for our business plan includes creating the application and putting it through market testing to evaluate how people will react to it. We may gather suggestions and make modifications to the application through this procedure. The need of purposeful practice, flexibility, and taking initiative in entrepreneurship is emphasized in Chapter 2's conclusion. These ideas are really pertinent to our company concept, which is a Smartphone app that makes it easier for users to identify and reserve fitness courses nea
y. By putting these ideas into practise, we can raise the application's quality, maintain our competitiveness in the fitness market, and eventually build a profitable business.
Chapter 3: Developing an Entrepreneurial Mindset
Developing an entrepreneurial mentality, which entails adopting a set of habits and behaviors that encourage creativity, invention, and risk-taking, is the main topic of Chapter 3. The emphasis of the chapter is that, with practice and effort, anybody can cultivate an entrepreneurial attitude. Having an entrepreneurial attitude is essential in the context of the business concept of building a mobile application for searching and scheduling fitness programs. To realize the company concept, an entrepreneur must be able to spot possibilities and take measured risks. Self-leadership, originality, and improvisation are skills that may be developed as part of an entrepreneurial attitude and can aid businesspeople in overcoming obstacles and seizing opportunities. A mindset that is entrepreneurial is one that values self-leadership. Entrepreneurs must have the self-control to set goals, manage their time efficiently, and keep them accountable (Liguori, Eric & Christoph Winkler). In spite of difficulties, they must be self-driven and determined to achieve.
Another important component of cultivating an entrepreneurial attitude is creativity. Entrepreneurs must possess the ability to think creatively and provide original solutions to issues. Entrepreneurs need to be able to understand what clients want in order to develop a user-friendly platform that satisfies their requirements in the instance of a mobile application for locating and scheduling fitness sessions. They must be able to set their platform apart from competing ones by including distinctive features and offering a superior user experience. Finally, improvisation is essential for businesses to respond to unforeseen circumstances and change course when necessary. Entrepreneurs must have the flexibility to adapt their strategies as circumstances change. They must be adaptable and receptive to input from clients and other stakeholders. In conclusion, the success of the business concept to create a mobile application for identifying and scheduling fitness courses depends on the development of an entrepreneurial attitude. To overcome obstacles and seize opportunities, entrepreneurs must practice self-leadership, innovation, and improvisation. Entrepreneurs that em
ace an entrepreneurial attitude may set their platform apart from rivals and develop a distinctive value offer for clients (Audretsch, David B & Petra Moog).
Chapter 6: Using Design Thinking
The significance of design thinking in entrepreneurship is covered in Chapter 6. Understanding clients and their demands is the main goal of the iterative process known as "design thinking." It include developing an understanding of the user, identifying the issue, coming up with solutions, prototyping, and testing. Design thinking is essential for my company plan, which entails developing a mobile application that makes it easier for users to locate and reserve fitness courses nea
y. My capacity to comprehend the demands of my target market and develop a product that satisfies those needs will determine the success of my firm. I can make sure my product is user-centered and satisfies the needs of future customers by using design thinking.
Empathizing with the user is the first stage in the design thinking process (Diandra, Didip & Ahmad Azmy). Understanding the requirements, interests, and behaviors of people who are interested in fitness courses is necessary in the context of my company plan. In order to do this, I may perform user research using techniques like surveys, interviews, and focus groups to learn more about what users want from a fitness class booking app. The problem must be defined as the next step. I can pinpoint the main difficulties individuals have while looking for and making reservations for fitness courses based on the information gleaned from user research. Users could have trouble discovering lessons that meet their schedules or navigating the booking procedure, for instance.
The following phase is to come up with viable remedies after the problem has been identified. In this step, I can come up with a variety of features and capabilities that my app might provide to help my target users with their problems. For instance, I can add a filter that enables users to look for classes at their desired time and place, or I might add a function that alerts users before their planned lessons. Making prototypes of the prospective solutions comes after ideation. In the context of my company concept, this can entail designing the user interface of the app using wireframes or mockups or producing a functional prototype of the app to test with a select audience of users. Testing is the final stage of design thinking (Ratten, Vanessa & Petrus Usmanij). This entails gathering user input on the developed prototypes and utilizing that feedback to hone and enhance the app. I can make sure that the final product satisfies the demands of my target market and is more likely to be successful in the market by testing early and frequently. Using design thinking is crucial for the success of my company idea, to sum up. I can develop a user-centered product that meets the concerns of individuals who are interested in discovering and scheduling fitness courses in their region by concentrating on understanding the needs of my target market, identifying the problem, ideating viable solutions, prototyping, and testing.
Chapter 8: Building Business Models
A summary of business models and their significance in developing a successful endeavour is given in Chapter 8. A business model is a strategy for earning income and profit by offering consumers value creation and delivery. Entrepreneurs can use business models to identify important components of their endeavour, such as the target client categories, crucial processes, and resources needed to add value for the consumer. Building a solid business model is essential for my venture, which entails developing a mobile application that facilitates users' search for and reservation of local fitness courses. I'll be able to identify important components like my target client groups, value offer, and income streams with the use of the business model.
The customer value proposition (CVP), which is the special benefit that a good or service provides to the client, is one of the essential components of a business model (Bacq, Sophie & Lumpkin). The CVP for my fitness class booking app is the simplicity of searching for and reserving fitness lessons in one location. Customers will be able to search for lessons using the app's user-friendly layout according to their preferences and timetable. This ease of use will serve as a major selling point for the app. The income sources are yet another crucial component of the company strategy. There are several possible revenue sources for my app. One choice is to tack on a commission for each reservation made using the app. As an alternative, the app may provide a subscription service that offers savings on class reservations. The choice of income sources will be influenced by elements including market competitiveness and consumer willingness to pay for the service. A good tool for outlining a company model's essential components is the business model canvas. It offers a visual depiction of a business model's essential elements, such as the value proposition, customer groups, critical tasks, and necessary resources. The canvas may be used to examine various revenue-generating opportunities and spot possible weak spots in the company strategy (Berger, Elisabeth SC,...