Technology's Role in Fitness Services

Introduction

With the immense use of internet across the world, the talk of hi-tech business has become endless and more so inevitable. Hi-tech companies have currently emerged as business entities that foster the development as well as manufacturing of technology, and turning it into a service. This forms the ultimate basis of working on Online Fitness Advisory Coaching, an idea that can strongly be connected to apps and websites that do general coaching. Some of the apps and websites that ground this idea include Noom, WW, Trainiac, Aaptive, Daily Burn and calibre among others. Online Fitness Advisory Coaching (OFAC), therefore, focuses on personal coaching, routine change on fitness and shares the world experience in fitness on a daily basis. This is the new mile for reducing obesity in the society in a constructive way by preserving health elements and reaching fitness goals for a long-term impact. OFAC is dubbed as personal-Aid technology that takes fitness to people’s homes without interfering with their daily schedules. Based on this, the report focuses on the role, characteristics and motivations entrepreneurs have in the hi-tech business, mechanisms that can protect OFAC as a business idea, commercialization strategies that can make m OFAC more profitable, and recommendations.

Role, characteristics and motivations of high technology entrepreneurs

In the hi-tech spectrum, entrepreneurs are closely linked to innovators with the two sides having a great rift when handling normal businesses. With OFAC put into consideration, entrepreneurs play a critical role of reaching out and educating the target users on the technology-based market development. Social networks can be used as significant platforms that can link the target users with the high technology entrepreneurs (Block et al. 2015). In addition, hi-tech entrepreneurs play a critical role of investing in distribution channels that are relevant to the existing technology or the one in use. Besides, high technology entrepreneurs are entrusted with the role of addressing market trends while evaluating the internet scale addressable market (Henttonen and Lehtimäki 2017). Apart from focusing on the technological impact, high technology entrepreneurs also take common roles entrepreneurs play in a dynamic market such as being innovative, taking risks, ready to share knowledge, boost the business in terms of capital investment and facilitate the growth of the business (Rahim et al. 2015).

Hi-tech entrepreneurs take a special position in the world of business. This resonates with their resilience and determination that enables them to endure endless challenges in the world of hi-tech business. The premier characteristic resides behind the passions which prompts the sense of commitment while doing experiments without showing any fear of failing (Rahim et al. 2015). Besides, hi-tech entrepreneurs exhibit the highest level of confidence in delivering the best. They have confidence to surpass other disruptive technologies in the market while showing a true course of success (Henttonen and Lehtimäki 2017). Such entrepreneurs are also determined and open-minded. Regardless of the circumstances or how difficult the situation is, the high technology entrepreneurs are expected to motivate the people around them. The entrepreneurs are also willing to share, ready to explore and work on innovative ideas for the purposes of business growth. Open mindedness largely supports adaptation of the positive changes that can impact the business in a positive way. Hi-tech entrepreneurs are also competitive in the sense that they would always want to out-do their opponents in business. This has been a common case with the disruptive technologies coined round new markets as well as value networks that intend to displace the established ones (Buenechea-Elberdin et al. 2017). Such dynamics compel startups to work an extra mile in surpassing what the established players give to the market not only in a special but also a smart way. On the other hand, the entrepreneurs in this context are seen as creative, a trait that makes them attractive to people and more outstanding when compared to the rest. A good example is Walt Disney which portrays the creative aptitude which blasted competition in the world of entertainment (Wu and Li 2017). Lastly, the high technolology entrepreneurs double as self-starters and decision makers as well. Most of the successful products would always be centred on solving specific problems, an aspect that prompts the problem solving instinct for an entrepreneur (Buenechea-Elberdin et al. 2017). This means that entrepreneurs should be in a position of making tough decisions.

With the entrepreneurial traits put in place, the most important side rests with the key motivators that keep the high technology entrepreneurs in the market. Shane et al (2003) noted that the key motivating ground revolves around the aspect of independence. This resonates with the responsibility of making personal judgments as opposed to the assertion instigated by others. Independence, as the significant motivating tool, reminds an entrepreneur of their responsibility to pursue an opportunity that has never existed before. In a study conducted in the United States with the US Firm Founders, it was found that prime motivations started with the desire to be independent and control the results. Secondly, most of the hi-tech entrepreneurs exhibit a personal drive (Rahim et al. 2015). The ambition seen with entrepreneurs impacts the degree to which they seek to create something more important, great and significant when in pursuit of opportunities. The drive or ambition can either revolve around making more money, creating something new or showcasing personal capabilities (Wu and Li 2017). Other motivating factors include the egoistic passion that pushes the drive to perform or work beyond the limits. Shane et al (2003) reports a case study of 29 entrepreneurs that showed a positive relationship between situational motivation, personality, skills, environment, strategy and the firm growth. One scenario involved Baum, a hi-tech entrepreneur, who showcased that passion cannot be separated from business growth among other elements.

Mechanisms for protecting the intellectual property

Online Fitness Advisory Coaching is both a fresh idea in the world of business and ecommerce. OFAC concentrates on personal fitness, informative updates and changes in strategies as regards wellness and fitness. A commercial relook at OFAC portrays the business idea as being an innovative platform that intends to impact the lifestyle of people within the targeted segment. Therefore, OFAC needs protection against duplication of the idea by malicious parties (Manzini and Lazzarotti 2016). Before picking on the appropriate mechanism, OFAC has four options to select the best method. The four include trademarks, patents, copyrights and trade risks. Patents commonly grant property rights on any invention thereby allowing the patent holder to impede others from either making, selling or utilizing the invention (May 2015). Patents give chance to businesses to work on better products or processes that can secure market shares in the market place. Patent protection allows the patent holder to take legal action against any party and that copies the invention, the discovery or the patented design. While OFAC may find the patent application process more complicated, working with the patent attorney may ease the process. The second mechanism is trademark, which entails a word, phrase, design or symbol which distinguishes or differentiates the source of services or products of the business from the opponents. For one to qualify for the patent protection, it is sometimes required that the trademark should be distinctive as it is with the case of swoosh design for the athletic footwear in the case of Nike (May 2015). However, trademarks are not compulsory when applying for the patent. Most of the trademarks demand a 10 years renewal term with most of the applications made online. The only disadvantage with trademarks is that symbols or signs alone may not be enough to protect the entire business (Hagedoorn and Zobel 2015). The third mechanism revolves around the trade secrets, which entails a formula, device, process or business information in which companies keep private details. Key examples of the trade secrets include customer lists, soda formulas, computer algorithms and survey results. With trade secrets, no registrations can be prompted which means that the security of an idea resides behind the control of the disclosure of key information (Hagedoorn and Zobel 2015). In some cases, businesses would settle on the nondisclosure agreements that restrict the access to agreed confidential details or post-employment restrictive covenants.

The last option for OFAC is the use of copyrights, which focuses on protecting the original work of authorship like pantomimes, music, recordings, artistic work, or even computer software (Manzini and Lazzarotti 2016). However, registration, in this case, is voluntary and it is always done at a fee with exceptions of some countries like United Kingdom, which rarely imposes a fee. Based on the sensitivity of OFAC and the emerging technologies, the business demands a robust mechanism that would fully protect the functionality and performance of the technology (May 2015). Based on this requirement, patents are better placed as the significant mechanism that would put to effect the intellectual property protection. This is based on a number of considerations including the capacity of patents to bar importation of the invention without having the appropriate permission from the owners (Hagedoorn and Zobel 2015). Secondly, OFAC, by using patents, would enjoy a predetermined period of protection, which can be appropriate for keeping competitors away.

Commercialization strategies and Finances

OFAC is an achievable project when the right resources and finances are availed. Costs can only be felt during development of the website and the supporting applications that can easily be installed by users in their respective smartphones. With a starting capital of £6000, OFAC can take advantage of a large pool of internet users felt across the world. With over 56.1% of the world population known for using internet, OFAC stands a chance of investing in ecommerce by working through the commercialization strategies used by hi-tech startups (Stenard et al. 2016). OFAC can consider licensing with developmental funds as the first strategy. With the strategy in place, OFAC, as an advanced technology firm, can concentrate the marketing as well as sales activities to overtures made to the potential licensees. Licensing-in is becoming common among many startups in the hi-tech industry as far as research and development is out into consideration. The second commercialization strategy that can be used by strategic alliances with significant entities noted in the supply chain (Henttonen and Lehtimäki 2017). OFAC can forge strategic alliances to impact the marketing scale, equity, R&D, licensing and joint ventures. The third strategy revolves around equity investment in the parent company. This is where the vision seen with the founder reflects the future of the company and therefore directs the activities of the firm. The fourth strategy is equity investment in a spin-off. The strategy is more elaborate by giving room for the founder to decide on what he or she wishes for the purposes of keeping the company fairly small. The strategy addresses common and critical issues associated to intellectual property, human resources as well as the non-complete arrangements (Stenard et al. 2016). In response to the human resources, an entity that seeks equity investment should exhibit or should have the excellent management team. However, the founder is never expected to be both in the spin-off and the parent company at the same time. With intellectual property issues, formal arrangements must be drafted with regards to the arrangements that can either sell or license the intellectual property (Teodoridis 2017). The last strategy revolves around Initial Public Offering (IPO). Notably, going public is always the ultimate sign of recapitalizing the firm while appreciating the value appended to the stock. While OFAC may consider IPO, the project needs to assign significant time on financial planning. From this pool of commercializing strategies, OFAC can go any direction with the purpose of making the business work with time.

Resources Needed to Launch the Idea

Launching and running OFAC requires resources that need to be provided. First, OFAC, apart from being an online service, it is an organization or a company in the making. This means that managerial services are needed. The same goes to the human resource that would factor the software developer who would be responsible of the software, debugging, launching and exploring errors that may affect the website. Supporting applications, with the help of Dreamweaver, may help in support of the services offered by OFAC. In addition, OFAC would acquire patent rights that will protect the technology against malicious parties that may replicate the idea.

Sources of Finance

For the purposes of pushing the project forward, sources of finance are needed. I already solicited £6000 from my personal savings that I started three years ago. This leaves behind a deficit of whopping £33810. Other alternative sources would be convenient to cover the deficit. First, I will approach business angels who are likely to cover 50% of the deficit. While business angels would not be interests in the repayment of the amount, the business will guarantee equity to an extent that does not dismiss the managerial powers. Secondly, bank loans offered to young entrepreneurs would also play a significant role.

Personal Competencies for Taking the Idea Forward

OFAC is my idea that emerged from the advisory market gap in the world of fitness. This showcases my innovativeness and creativeness of working on an idea that is almost new in the market. My vast knowhow in both ecommerce and business management provides me with the required skills needed in running OFAC to a self-sustaining point. E-commerce, served with technology, is an area that explores the technological fields while trying to assess their contribution towards the business world. On the other hand, business management skills would give me room to coordinate the resources needed in developing OFAC and align them in a way that would produce the desirable results. With my good communications skills, knowledge in finance and my spirit of hardwork, I believe that OFAC is a project that would be lucrative of time and resources are invested in it. Notably, I borrowed the rich background in management and ecommerce from the family business that saw my father and mother running most of the functions. This gave me a preamble to the business world given that my parents would at some point assign me a task to execute within my capabilities. However, I would still note skill gaps within my competent framework. Leadership skills are somehow hard to adapt especially when no one is available to offer guidance.

Summary and Recommendations

The discussion has floated Online Fitness Advisory Coaching as the key business idea ready for commercialization. OFAC offers online advisory coaching that aim at long term fitness while updating clients on what is happening around the world with regards to fitness. While OFAC is a new business idea, it further requires attention from the roles, characteristics and motivation from hi-tech entrepreneurs. Some of the roles include sharing knowledge, boost the business capital, take risks and remain innovative. Key characteristics include being creative, determined, and innovative and the ability to make decisions. The discussion also noted that independence and the ego passion is what motivates most of the hi-tech entrepreneurs to run disruptive technologies. With OFAC seen as one of the disruptive technologies, patents are felt to be best suited to protect the new technology. On the other hand, finances are seen as a hurdle, OFAC is served with a number of options including strategic alliances among others. However, it is highly recommendable that OFAC picks on effective commercializing strategy such as licensing which can safeguard the business idea without spilling it to the third parties.

References

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