Introduction while conjectures are supplied to provide an explanation for historical slowdowns or extremely good leaps in monetary growth, there’s the organization of typical suspects that is rounded up- distinguished among them is the entrepreneur. whilst growth has slowed, it is implied that a decline in entrepreneurship is in part in charge or possibly in part because the cultures want for success has atrophied. once more and region it’s miles stated the flowering entrepreneurship money owed for unheard of growth. (Storey & Greene, 2010) Students were required to reflect upon and prepare for activities undertaken in class to prepare us for assessments. This included group preparation planning, evaluating and further research on a new business idea and exposure to explore the market for new ideas within every-day life. This helped to develop an awareness of enterprise within familiar scenarios collaborating and co-operative working to help prepare for the world of employment. During a series of workshops that were provided throughout the module involving practical exercises, group learning, and reflective work. The workshops were to enable me to understand key concepts and theories, evaluating appropriate approaches to an enterprise, problem-solving, communicating outcomes clearly there was also virtual learning which provided a range of additional lecture notes, relevant literature, self-assessment activities, and links to online resources. assignment one was to put ourselves into groups and create an exciting new business idea. From four sectors given bring the idea to life through a poster alongside a presentation lasting 10 minutes followed by ten minutes of questions. our group decided to do the fitness sector. brainstorming ideas to come up with a new business idea for 2017! we first came up with a work out machine thus, unfortunately, there was nothing we could find that needed to be improved or used as a new idea. while brainstorming ideas I didn’t feel like it was a group activity as some people were just sat agreeing with others rather than bringing their own ideas to the table which made me feel like we were doing. we came up with a creche in a gym as part of your membership but soon realised it had already been done. We finally thought of a voice recognition/ interaction watch which was great when working out. the watch itself would tell you if your heart rate was too high and suggest ways to decrease the heart rate. by this time, we only had a few weeks left to draw up a plan of the idea as well as the features, software etc. We also had to think about the business name, USP, and story. when doing the market research, we had to think about the customer, competition, a gap in the market and the market size. When we eventually came up with an idea we decided to do a fitness avatar. The concept was as follows: Fitness avatar that tracks your progress in real time the app lets you identify and set your fitness goals the app allows you to track your progress using metrics such as weight log, body fat percentage, BMI calculator, body tape measurements. Connect and interact with friends via the app and keep track of their progress by viewing their profiles Key Statistics Potential Market Size Shows you the truth Body reflects my journey What I look like today is not what I’m going to look like tomorrow Fitness avatar app helps you see your true self. A 3d tracker that keeps you motivated by showing you your progress instantly get your exact measurements body fat percentage and weight. Presenting the idea was very unnerving as the poster had been changed at the last minute so no one knew what they were saying and when which caused some anxiety, frustration, confusion and a lot of doubt it could be presented. I do feel I was quite confident when talking although I do feel my knowledge surrounding the fitness avatar and its concept needed improvement. (Naked, n.d.) I learned that a business should have a description which entails what the business is and does thus, a description of the entrepreneur, what the business must offer, the market needs in relation to the business and whether the business idea is viable. A business description including an overview of the business, description of the products and/or services it provides and a pricing strategy. This information is important because it helps empower the business for market competition. Offering innovative products to meet the clients demands/needs, thus keeping ahead in the market competition. This module has helped me understand the importance of a market plan and financial plan in a business. I now feel I have the understanding that having a marketing plan helps best describe the services that need marketing and therefore make a profit. A successful plan is dependent on the understanding of products and services being offered. Controllable variables such as promotions, prices, and products the company put together to meet their client’s needs. Marketing is an important part of starting a business. Considering the current market size and trends, extensive research is required due to decisions that follow from manufacturing to marketing than to the amount of money needed is all based on the sales estimates. The market section includes information on the competition, estimated sales, market size and trends will then enable an entrepreneur to position the enterprise for competition and come up innovations to make the products more unique which in time will increase the customer base. Financial plans are important as it identifies the amount required, how this will be used as an investment. It will also show how the capital will be increased. Management and organisation plan of a business are also necessary as they will show how the business will be organised and managed. Major strategies for key management personnel and their qualifications can be observed. yes, there are hundreds of you may begin, with greater organisations rising everyday way to new technology and excellent old-school ingenuity. but no matter the enormous universe of opportunities, there are some essential steps you want to take before beginning an enterprise, any commercial enterprise. (Stokes, 2006) Do your market research: just because you construct it or sell it would not necessarily suggest everyone will purchase it. the primary vital step is to research your ability marketplace. Who needs what you’re presenting? Is there space for your product or service in the marketplace or is the market saturated? Is the marketplace national? Is it a spot? can you define your ideal customers? those are all questions that need to be replied earlier than you even consider starting an enterprise. Too many entrepreneurs have discovered out the hard manner that there has been no longer sufficient marketplace share for them to seize. Others have found out that their target market target audience was some distance too restrained to make their enterprise paintings. (Mintzer, 2009) show yourself the money: You cannot start an enterprise without capital. decide what you’ve got, what you will want and the way you may pass approximately getting it. if you plan to seek investor investment or financing, begin writing a marketing strategy and exercise your pitch. studies the fees associated with your business. know how a whole lot money you may need and decide where it can come from. (Mintzer, 2009) rent an excellent enterprise legal professional: You don’t necessarily need to have an attorney on a retainer, however, you’ll need to rent a lawyer experienced with new companies that will help you get commenced. Your attorney can propose you approximately things like drafting contracts, reviewing your hire and figuring out the proper business shape. “a terrific lawyer will recognize what it’s far that you are attempting to do and help you structure your business in a manner to be useful to you,” says Chris Tails, senior companion at Hedgerow Mergers Acquisitions in Teaneck, N.J. The exceptional manner to discover a good lawyer is via referral or via networking. (Mintzer, 2009) hire a very good accountant: An accountant will work along with your lawyer and be instrumental in determining the pleasant shape of ownership. He also can assist you to set up bookkeeping and different record keeping procedures that could maintain you heading in the right direction for years. most important, an excellent accountant will help with tax planning. “you will also want an accountant who is aware the kingdom legal guidelines, due to the fact every kingdom has its very own little intricacies, together with sales tax troubles,” Talis says, adding that it is critical on your accountant to be familiar with start-up ventures. (Storey & Greene, 2010) decide on a commercial enterprise structure: Your picks include sole proprietorship, partnership, organisation, “S” corporation or constrained legal responsibility business enterprise (LLC). non-public legal responsibility, taxes, paperwork, and guidelines range substantially many of the special felony commercial enterprise structures. Your attorney and accountant will play a key function in helping you on this essential choice. (CISION, 2016) determine on a commercial enterprise name: it can appear apparent and simple, but the call is how your business will be recognised to the sector. The proper call says loads about your employer. Make a list of capacity names and narrow the list right down to the one that excellent describes your agency in some words, whilst being catchy, clean to recollect, clean to pronounce and smooth to spell. You ought to additionally do not forget how it will translate to a web domain call. you’ll also want to do studies to look if there are a) comparable commercial enterprise names and b) similar domains. (division, n.d.) Get all important licenses and allows: together with an enterprise license, you can want to get extra licenses relying on the kind of commercial enterprise and neighbourhood laws. Many specialists, which includes contractors and real estate marketers, need to be certified in the states wherein they paintings. additionally, you could need licenses to fabricate and/or sell products consisting of liquor, firearms or even lottery tickets. research all licenses applicable to your county and your state. it’s also extraordinarily crucial to know the zoning laws before you open a commercial enterprise. do not assume the zoning laws don’t observe to you. you could get records on zoning from your local county clerk’s office. (division, n.d.) conclusion in conclusion, this module has empowered me with great knowledge and understanding of Core academic skills available helped me develop subject-specific literature, student-led presentations, and guided tasks. Having the opportunity to engage in market research, product trend data and competitor analysis. Alongside the resources available there was a structured approach to enterprise planning to identify potential opportunities and needs within the workshops. These activities allowed me to gain experience in taking initiative, creating ideas and generating commercial awareness. which is desirable in employment in business and management. And therefore, to guarantee success in a business should be planned. Appropriate measures need to be taken to implement the plan. Depicting middle elements of an enterprise which include monetary making plans, advertising, and management making plans amongst others will lead to enterprise fulfilment if applied well. Entrepreneurship is understood in phrases of the competitive behaviours that pressure the market procedure. it is a transformative process of social and marketplace trade that creates the cost for individuals and society. In, quick entrepreneurship entails the advent of latest financial activity. this is contrasted with the contain new products, offerings or strategies. The entrepreneur is high-quality understood as the important thing mediator of this variation method. To be entrepreneurial, therefore, requires non-public attributes and control behaviours. Bibliography Blogger, 1998-2018. BLOGGER. Online Available at: https://scamprojects.blogspot.co.uk/2017/10/dark-secrets-of-nakedfit.html Accessed 20 10 2017. CISION, 2016. CISION PRWEB. Online Available at: http://www.prweb.com/releases/2016/12/prweb13896076.html Accessed 20 10 2017. division, M. P. a. l. s., n.d. Introduction to enterprise and entrepreneurship. Online Available at: https://www.mpls.ox.ac.uk/enterprise Accessed 11 01 2018. Mintzer, R., 2009. 7 Essential Startup Steps. Online Available at: https://www.entrepreneur.com/article/202106 Accessed 17 01 2018. Naked, n.d. Naked. Online Available at: https://naked.fit/ Accessed 20 10 2017. Sarah Cook, 2009. Building a High-Performance Team. 1 ed. s.l.:IT Governance Ltd . Stokes, D. &. W., 2006. Small business management and entrepreneurship. 5th ed. London: Pat Bond . Storey, D. J. & Greene, F. J., 2010. Understanding Entrepreneurship. Illustrated ed. Harlow: Financial Times Prentice Hall. ?