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MOD001093 Entrepreneurship And Innovation

tag 0 Download 0 Pages / 0 Words tag 21-06-2022
  • Course Code: MOD001093
  • University: Anglia Ruskin University
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  • Country: United Kingdom

Answer:

Vision Statement 

Anywhere and everywhere be healthy is the motto of MyHealth. We aim to be the best diet app that works for the health benefits of its customers, by helping them track their diet and exercise. The product is for all those customers who are looking for simple yet efficient ways to keep a watch on what they eat, when they eat and how they burn their calories. We at MyHealth believe that to truly help someone achieve their weight goals and fitness objectives, it is crucial to track the quantity and quality of food also following a well-tested exercise regime. With the advent of smartphones, doing the same through an app that counts steps and reminds when and what to eat, mobility can be used to a tremendous advantage. We at MyHealth would like to create a customer oriented culture where we customize diet and exercise plans based on the needs and wants of each individual customer.

We at MyHealth aim help at least 5000 people in Malaysia in the year of inception and grow to be the most recommended app for fitness regimes. We recruit the best dieticians and fitness coaches to help customers through are application and aim to have at least 20 full time coaches. We would be helping the customer have unlimited conversations with their coaches through an in app message service so that every query of the customer is attended within 12 hours. To have at least 50,000 downloads in first 6 months for customers who do not use the premium services.

The key to success for MyHealth would be providing the write calories for each food along with their micro nutrients to help customers realize what they eat exactly. To provide customized diet and fitness plans that are tailor made to suit each customer’s lifestyle and provide constant support through in app services

MyHealth is a health tracking company that helps customers keep a check on their food intake and exercise regime. Through premium features it also offers customers eminent dieticians and fitness coaches who can help them reach their fitness goals. Founded by “PLEASE FILL IN YOUR FOUNDERS NAMES” in 2016, the company is one of its kind in the Malaysian market. The important milestones for the company to initially achieve is a business funding of 2 million dollars post set up. The company aims to reach 5000 premium customers in its first year with an average revenue of 100$ per customer a year and later on escalate rapidly.

Resources, Facilities and Equipment

The Resources for the company is the mobile app. The company is looking to set up only on app basis given the drastic reduction in costs when compared to websites (Lee, 2016). The human resource involved would be 10 developers who would be developing and tracking bugs based on feedbacks received from the customers, a support staff of 10 members to take up issues from customer, 20 dieticians and fitness coaches, a HR and a finance consultant a part from the founders. The resources are all on hire basis, the dieticians and fitness coaches are employed based on the number of clients they can serve. The support staff is paid through the revenue. Given that the company is a startup, all the developers have a chance to increase their exposure as the learning opportunities are high (Lindtner, 2014). For the coaches the client based revenue is to be self-generated and MyHealth would act as a platform to the same

The company aims to generate a revenue of 100$ per customer per year. The annual sales is expected to be $100000 as the company is in its year of inception. In order to improve returns, the company would be given the coaches a variable pay based on the revenue generated by each of them. Since the app is an in house app hosted on a subscription based serve the costs is minimum and data security is optimal (Cohen, 2014). We tend to market through the MyHealth blog by posting health related articles, transformation stories and discount offers. The cost per premium customer would be around $30 per year without the consultation fee included, since the same would vary based on the experience of the coach. The coaches are all hired contract basis for 3 years initially, where they are paid a minimum fee despite the number of clients they serve. However, if they fail to rope in at least 10 clients a year, the contract would end the same year.

Management and Organization 

The current management team comprises of the founders who take care of the app development and marketing. We also have a HR and a Finance consultant. The line of authority is one tired. The founder for app development leads the developer and support team, while the marketing, HR and finance for all the teams are common. The founders act as an executive board and lines on president and spokesperson are not drawn. However the CFO has been hired. The salaries and performance reviews are determined by the EC and CFO together. The basic pay is low, however, a tremendous compensation is performance based. The founders are all MBA graduates with a zeal for entrepreneurship. Two of the founders have also learnt app development and other web technologies for app development. The management team is comparatively new and has not yet made a mark in the community. But they are individually known to be smart and hard working. The special skills of the management team is high level of communication to be in sync with each other at all times. Ability to market the product and have a great belief in what we do. Crowd facing is generally low in case of app development as most of the communication happens virtually (Conti, 2013). This is a key skill for the management team to acquire. The key people are currently restricted to the founders itself. In case of need for an advice or support we seek the same from business entrepreneurs at startup ventures where meetings are held. For personal advice we talk to a friend who has succeeded in his own start up in Australia. Startups are tough places to have a career, as a lot is undecided, decisions are made at the wink and a lot of experimentation is required. This kind of a setup develops persistence, smart working attitude and a push as a personal development for its employees (Ouimet, 2014).

The primary stakeholders at MyHealth are the founders, investors, employees (permanent and contract based) and clients. The company is a partnership within the founders. We would not be requiring any special permits as all the dieticians and coaches are experienced and qualified. MyHealth is merely an app that serves as a platform between the coaches and the clients. 

Social Responsibility

MyHealth is an endeavor to make the world a better place. Especially, when the world today is fighting against diseases such as obesity, anemia, diabetes which have become utterly common, it is crucial to help people who would like to change a medium that is simple and efficient. MyHealth has no environmental impacts as the app is virtual and has already been hosted and the most sustainable for of web service, however, we believe that we are responsible to the community (Weiblen, 2015). We hence take it up to provide consultations to people of poor backgrounds a healthy meal every week from the revenue generated. We aim to provide 500 such meals every month.

The core strength of the MyHealth is the application that integrates real time with the activities of the customer and helps provide continues monitoring service (Giardino, 2014). The application developers are young enthusiastic individuals who have a zeal to do their best and this the strength of the business unit. It is led by a founder who is also extremely good with applications and web services. The application team in the core of business. The virtuality of the service is another key advantage for the firm as the need to maintain heavy infrastructure is not required (Huggett, 2017)

Products and/or Services

The Services MyHealth provides is a platform for fitness and health enthusiasts to contact coaches who can help them work on their goals. This service is being provided through personal dieticians and fitness coaches in the physical world (Chien, 2013). However, finding both the coaches in one place, anywhere, anytime is only possible virtually and MyHealth provides the same. Mobility and Integration are the unique features of MyHealth which are not available in the current market. Also, MyHealth provides detailed analysis of the contents of food one consumes especially Malaysian local cuisine which is not easily available in other apps. The service is available at all times and the customers can communicate to the coaches through in built message service. Every activity that the customer consumes is to be recorded in to the application and the same would be reviewed by coaches to design plans.

MyHealth aims to provide a premium service where each customer feels special as each of the dietician is working on customizing plans for them individually. The coaches also thoroughly follow up motivating the customers whenever required. All data is provided on the app and so the customers do not have to go searching for information required. It is available with them at all times.

Market Assessment

The current market can be mainly categorized into weight loss, weight gain and body maintenance segments. The major segment is the weight loss segment who look out for healthy alternatives to regular foods. Given the unhealthy habits and lifestyle the current world adopts to there is potential growth in this segment and there is a serious need to help the customers in this segment. The advantage is that the customers are also becoming more and more aware of the current situation and are looking out for feasible options (Carlson, 2016). This is a potential opportunity for the firm. At the same time, competitors in the app industry are consistently increasing which is a threat and hence maintaining a strong customer bond would be required. The bargaining power of suppliers is high with respect to the five force analysis as it is in the hands of the customer if they would choose premium services that actually generate revenue (Klotins, 2016).

The customers of the firm would be health enthusiasts who are looking for a way to change their current lifestyle to adopt to a healthier way of living. MyHealth would be supplying these customers guidance through dieticians and fitness coaches and a facility to monitor calories. In order to retain customers it is necessary to provide premium services at a reasonable price, else there is threat that the customers would opt for substitutes (Sauermann, 2017). The cost required to support a customer is collected for the revenue generated by each of the premium customer

Industry Analysis

Fitness industry has gained significant popularity in the past decade due to the increasing virtuality through the internet and the sedentary lifestyle. This has increased the opportunities in the market, At the same time given the heavy competition the industry is seeing innovative approaches that are making use of the new technologies in place, to provide customers exceptional services (Giardino, 2014). The competition has resulted in cut throat pricing at traditional fitness venues and hence the chances of virtual applications can be a boon to the industry

The firm apart from its premium coaching also provides blogs and other interactive services to the clients at a minimum cost which generates enough revenue for the company to sustain

Strategic Implementation

The service provided by MyHealth is premium coaching for health enthusiasts. The service is a guidance to customers who wish to shift to a healthier life style. The firms competitive advantage is its mobility and the experienced coaches it has as a part of its team along with an efficient app which is available at all time. The system takes inputs from the customers manually and calculates the calories burned and consumed. The application can grow on it integrate with other fitness apps such as Google fit and fitness bands that calculate calories burned (Davila, 2015). The timeline to render services is virtually nil as the coaches and support team are available round the clock.

Resource Needs

The resource need of the organization are

  1. Human

Application developers and support team along with an HR and Finance head apart from founders

  1. Financial

We are looking to raise funds upto 2 million dollars

  1. Physical

There are no physical resources involved

The experience and fees of the coaches along with their ability to bring in clients is the base for deciding whether or not to hire a resource. We hire our coaches from prominent fitness centers and dieticians who have been in practice for at least 3 years.

Marketing Strategy

We intend to sell our products only through social media and ads on the internet. Platforms such as Facebook, Instagram would be used for this purpose as virtuality is the key (Bosch, 2013). The price of a product is set based on the customer need.

Performance Standards 

Number of clients joined in a quarter, number of client exists, and number of kilos lost per quarter on a cumulative basis would be our major standards.

We aim to have at least 1500 clients in the first quarter with an exit number of 150 and a loss of 1500 kgs in the first quarter. The system generates reports and the founders would be responsible for monitoring the same

Financial Plan

We aim to find business through social media by advertising on Face Book and Instagram. The financing will be done mainly through case flows. Due to this, the initial growth might be slow. There are some assumptions in the financial plan which include:

  1. Economy is good without any chance of recession in short term future.
  2. There happen no changes in the Federal Policies related to health care services.

The break-even analysis can be calculated based on the monthly fixed costs and the average variables costs. The sale might be slow in the beginning so the breakeven will happen with few months after the starting of operations.

The projected profit and loss is given below. The sales will increase every year.

Cash flow would be as below. The collection from the sales will have an impact on the cash flow.

The Projected Balance sheet of the company for the initial years is as below:

Contingency Plan

In case we don’t receive funding we are dependent on the revenue being generated through the blogs we already have. We also endorse health products from different companies which is another source of revenue and the since the clients are roped in by the coaches the fees paid to the coaches would decrease in case there are not enough number of clients (Giardino, 2015). The business would be carried on by the other founders in case one decides to leave. The investment would be settled according to the period.

References

Bosch, J., Olsson, H.H., Björk, J. and Ljungblad, J., 2013. The early stage software startup development model: A framework for operationalizing lean principles in software startups. In Lean Enterprise Software and Systems (pp. 1-15). Springer Berlin Heidelberg.

Carlson, M. and Usher, N., 2016. News startups as agents of innovation: For-profit digital news startup manifestos as metajournalistic discourse. Digital journalism, 4(5), pp.563-581.

Chien, C., 2013. Startups and patent trolls. Stan. Tech. L. Rev., 17, p.461.

Cohen, S. and Hochberg, Y.V., 2014. Accelerating startups: The seed accelerator phenomenon.

Conti, A., Thursby, M. and Rothaermel, F.T., 2013. Show Me the Right Stuff: Signals for High?Tech Startups. Journal of Economics & Management Strategy, 22(2), pp.341-364.

Davila, A., Foster, G., He, X. and Shimizu, C., 2015. The rise and fall of startups: Creation and destruction of revenue and jobs by young companies. Australian Journal of Management, 40(1), pp.6-35.

Giardino, C., Bajwa, S.S., Wang, X. and Abrahamsson, P., 2015, May. Key challenges in early-stage software startups. In International Conference on Agile Software Development (pp. 52-63). Springer International Publishing.

Giardino, C., Unterkalmsteiner, M., Paternoster, N., Gorschek, T. and Abrahamsson, P., 2014. What do we know about software development in startups?. IEEE software, 31(5), pp.28-32.

Giardino, C., Wang, X. and Abrahamsson, P., 2014, June. Why early-stage software startups fail: a behavioral framework. In International Conference of Software Business (pp. 27-41). Springer International Publishing.

Huggett, B., 2017. Innovative academic startups 2016. Nature, 76, p.201.

Klotins, E., Unterkalmsteiner, M. and Gorschek, T., 2016. Software Engineering in Start-up Companies: an Exploratory Study of 88 Startups. Empirical Software Engineering.

Lee, J., 2016. Growth Hacking for Startups: How Growth Hacking can utilised for growing startups.

Lindtner, S., Hertz, G.D. and Dourish, P., 2014, April. Emerging sites of HCI innovation: hackerspaces, hardware startups & incubators. In Proceedings of the SIGCHI Conference on Human Factors in Computing Systems (pp. 439-448). ACM.

Ouimet, P. and Zarutskie, R., 2014. Who works for startups? The relation between firm age, employee age, and growth. Journal of financial Economics, 112(3), pp.386-407.

Sauermann, H., 2017. Fire in the belly? Employee motives and innovative performance in startups versus established firms (No. w23099). National Bureau of Economic Research.

Weiblen, T. and Chesbrough, H.W., 2015. Engaging with startups to enhance corporate innovation. California Management Review, 57(2), pp.66-90.

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