Question

Scenario: As a potential entrepreneur, you notice an empty building in your area and feel you may be able to open a business in this space. What attracts people? Think about what is lacking in the community and how you can fill the need.

In a discussion forum post, approach this scenario from the three perspectives. You should probably begin by describing the area in which the building is located.

1. As an entrepreneur, what would you do with the building? Dream, then describe your ideas and the business's purpose.
2. As a manager, what are the most pressing problems with carrying out your idea? What are some potential solutions to these problems?
3. As a technician, what technical knowledge, skills, or talents do you need to carry out the plan? Do you possess these traits or know a technician with these skills?

Answer 1

About the area in which building is located:

The building is located in the populous area of the colony with the building facing in the direction of the road. There are some small shops and eateries near that building. Most of the people living in this colony pass by this building which makes this building a good place to commence business from.

As an entrepreneur, what would you do with the building?

As an entrepreneur I would like to use it for business purposes. I would like to get benefited from this opportunity and also provide my community with the benefits which can be generated from it.

Describe your ideas and the business's purpose.

I am thinking to open an state-of-the-art gym and yoga centre in this building as people in this community do not have access to any such facility. The area has a lot of millennials who are certainly careful about their health and I am assuming they will start coming to gym once they find they have such facility in their vicinity.

Yoga is quickly becoming a famous form of physical activity which is liked by the younger generation and which can provide my gym a point of difference.

The purpose of this business is to use the resources available in front of me to start a profitable business venture. I also want to cater to the latent needs of people living in this locality and work for the benefit of the community I reside in. I want this business venture to become successful so that I can expand my business and open other branches of my gym in the entire city.

As a manager, what are the most pressing problems with carrying out your idea?

The most pressing problems which I will face are: Funding and Human Resources required for the successful opening and operations of this business.

What are some potential solutions to these problems?

I have some savings which I can invest in this business I would also try to arrange some funds from my family and friends. I would take this business proposal to the affluent families of my community and request them to invest in my business as angel investors.

To solve the problem of Human Resources I would take help of a few of my friends in the initial phases of my business operations as I do not want to hire people in the beginning of this business which will create financial pressure on it.

As a technician, what technical knowledge, skills, or talents do you need to carry out the plan? Do you possess these traits or know a technician with these skills?

I am not a very good technician so I would take help of an architect and an interior designer to modify the building and design the interiors.

I have knowledge of fitness industry so I can use those skills to purchase machines for the gym and hiring the trainers.

I can also find technicians through my friends as many of them are engineers.