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Entrepreneurship Assignment 1

This document provides details about an entrepreneurship assignment scenario for a proposed startup called Body Fitness and Athletics. It will be started as a lifestyle firm by Bilal, a 25 year old with some expertise in fitness. Reasons listed for choosing a lifestyle firm include Bilal's limited experience and funds, desire for independence and control over the business, and goals of pursuing personal interests rather than growth or exit. As a sole proprietor lifestyle firm, Bilal will have flexibility to pursue his marketing strategy and control costs while learning how to operate the business.

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Mughees Aslam
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56 views2 pages

Entrepreneurship Assignment 1

This document provides details about an entrepreneurship assignment scenario for a proposed startup called Body Fitness and Athletics. It will be started as a lifestyle firm by Bilal, a 25 year old with some expertise in fitness. Reasons listed for choosing a lifestyle firm include Bilal's limited experience and funds, desire for independence and control over the business, and goals of pursuing personal interests rather than growth or exit. As a sole proprietor lifestyle firm, Bilal will have flexibility to pursue his marketing strategy and control costs while learning how to operate the business.

Uploaded by

Mughees Aslam
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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ENTREPRENEURSHIP ASSIGNMENT 1

SCENARIO 1

Submitted By:
SHAHZEB DAR (L1F18BBAM0141)
ABDULLAH IBRAR DAR (L1F18BBAM0168)
MUHAMMAD HAMMAD BUTT (L1F18BBAM0046)
MUHAMMAD IBRAHIM ADNAN (L1F18BBAM0082)
MUGHEES ASLAM (L1F18BBAM0085)
STARTUP TYPE: Lifestyle Firm

BUSINESS NAME: Body Fitness and Athletics

Logical reasons behind choosing Lifestyle Firm:


 Bilal is a 25 years old young person who has some expertise of the fitness and
exercise industry and he also has good interpersonal skills which allow him to
make more connections through networking, so having limited experience and
skills and starting a new entrepreneurial venture it is best for him to take on a
lifestyle firm.
 Bilal has an entrepreneurial drive and a risk seeking and opportunity grabbing
personality, so with limited funds relying solely on his skills and having no
intention of investing in R&D it is best to start a Lifestyle Firm.
 Bilal wants to upgrade his status from being an employee to becoming an owner
and wants to see himself free from the bounds of place and time and he also wants
to increase his personal income so it is better to start a small venture to support
himself.
 Bilal wants to find meaning in his life and also to become independent of his boss,
wants to pursue his interests and dreams therefore it is viable for him to start a
lifestyle firm to accomplish his personal aspirations.
 He has no intention of selling or exiting the fitness industry and wishes to remain
in the business for a long term and he is not planning to take the company public
so as to maintain better control over his business so the best model that fits his
desires is the Lifestyle Firm.
 Moreover, being the sole owner, he can pursue his own marketing strategy such
as using his networking capabilities to attract new customers, advertising his
business on social media and he could also modify the monthly gym rates for
regular customers which is only possible in Lifestyle Firm as he has complete
ownership and there are no shareholders whose requirements need to be fulfilled.
 Bilal has limited funds and is new to the business so the most effective and viable
option for him is to start small with a lifestyle firm to better understand how
business operates and get a hold of its operations and other business strategies.
 The profits of a lifestyle firm belong to the owners and do not need to be
distributed to shareholders as in the case of a public company, in Lifestyle firm
costs can be better controlled and allow owners to think strategically of what next
step should be taken to increase the business connection and profits.

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