Entrepeneurship report Essay Example | Topics and Well Written Essays - 3000 words

Entrepeneurship report - Essay Example Forecasting in the context of business is taken to be an integral part of the planning function which is organised by business groups and is based on statistical analysis. (Arsham, 1994). Further the new product or service can be presented to the market by letting the consumers slowly adapt to it. The company can encourage the consumers to purchase products at basic levels in the first stage. Through the Freemium model the customers would feel better interested in moving over to more modified models for the product or service. (Anderson & Levine, n.d.). Again the new product or service must aim at reducing the use of materials and energy involved in the production process. The above condition would help in the protection of the natural environment. (Resourcities, n.d.). Observation made shows that United Kingdom offers a growing market for ‘sport and fitness’ products and services. The region offers a host of opportunities pertaining to the stated field reflecting the gr owth of several fitness centres and clubs promoting health and fitness services. This huge opportunity of the growth of health centres reflects that the people in United Kingdom are becoming increasingly health conscious. (British Council, 2004). The fitness industry in United Kingdom must be susceptible to dynamics of the external environment promoting innovation and other social impacts like growth of old customers who desire to spend a large amount of time in fitness and leisure activities. (National Guidance Research Forum, 2004). Literature Review In the literature review section the paper endeavours to focus on several concepts pertaining to the concept of entrepreneurship. Further the paper also tries to analyse the practical situation in respect to the theoretical concepts presented above. Literature review also focuses on the workings of the sports and fitness industry in particular to understand the entrepreneurship opportunity in the sector. The concept of entrepreneurshi p is being continually developed in relation to meeting certain stated objectives. Tiryaki (n.d.) observes to this end that entrepreneurship is developed in any sector focused on some specific issues. Firstly the entrepreneur endeavours to understand the operation of the marketing network in the region in relation to the stated sector. In the second phase entrepreneur seeks to relate the social and profit goals in relation to the level of entrepreneurship activities taken. In light of the above discussion, Tiryaki (n.d.) attempts to conduct a review of three essential theories pertaining to entrepreneurship activities. Firstly entrepreneurship theory devised by Marshall reflects a transparent external environment from where the entrepreneur can derive all types of needed information. This theory also states that the amount of profit generated from entrepreneurship activity does not exceed the benchmark of normal returns and moreover the entrepreneurship process is also compared to a normal process of production activities. However again the analysis rendered by Schumpeter in this direction is also studied which is found to render a more practical framework. Tiryaki (n.d.) states that though Schumpeter’s theory on entrepreneurship presents a more practical framework of the marketing system yet it relates all types of innovation activity