Basically, the characteristics of good
entrepreneurial skills includes being resilience, having good leadership
skills, creative, focus and etc. I personally think that there’s no such thing
as a guarantee success no matter it’s in the field or business or other
industries such as innovation and science researching. However, undeniable
entrepreneurs that equipped with entrepreneurial skills are having a bigger
chance of succeeding in starting a new gym in one of the most busy central
business district, London compared to those who that start their business
without any further planning.

First of all, I would like to talk
about the definition of success. In my opinion, success is to achieve the aim
and objective that we have previously planned. Therefore, I think that
‘success’ varies from every entrepreneur as they all have different plans and
aims that they wanted to achieved.

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There’s an old Chinese saying that I
think is very suitable to be used in this scenario, which is “Opportunities of
time vouchsafed by Heaven, advantage of situation afforded by earth and union
arising from the accord of Men”, to be simple, it means that the first step of
starting a new business, entrepreneur will be required to be in a right timing,
perfect location and the unity and cooperativeness between the him and the
person he is working with. I think it’s quite accurate that these are some of
the most important facts to enable an entrepreneur to be success for a new gym.
An entrepreneur with good entrepreneurial skills should always be checking what
is happening around the world e.g. natural disasters and the trend of economy
of the country and evaluate what consequences will be bring to the gym if it is
setup during that specific period of time. The timing of setting up a gym can
affect the popularity and successfulness of the business, for example, setting
up a gym during an economic depression period or right after a magnitude of 8
degree earthquake that destroyed half of the city will definitely fail no
matter how good the entrepreneurial skills are. An example of good timing
should be something like after or during an economic boom which many people
have extra money and time to enjoy their life a bit more than usual.

As for
location, it relates to the owner’s finance sources. London is the one of the
central business district in the world, therefore the flow of customers are
guaranteed, it only depends on the entrepreneur marketing skills to attract
more customers and packages to make sure that they wouldn’t terminate their
contract easily. London is a big city with a size of 1572km² and it is separated into
different zones. Obviously, starting a new gym in zone 1 is definitely much
more expensive than starting a gym in zone 6. As a roughly
estimation, the size of a gym should be around 2000-4000 square feet in order
to fit the amount of members joining the gym. According to Oktra, a London
based architecture and designing company’s article about the average rental in
central London, it says that the average rental cost in central London is
approximately 80 pounds per square ft per annum. According to the estimation of
the size needed for gym, entrepreneur will have to pay for at least 13 thousand
pound per month just for renting a space for gym, it excludes the price of the
equipment, electricity and water bills, employee wages and other general costs.
No matter how good the entrepreneur is in terms of managing/leading his team, how
clearly planned of the business, without a good finance source would never lead
the business to success.

number of fitness centre UK has increased from 6435 to 6728 in year 2017. Which
mean that there is a lot of competition out there although the number of people
hitting the gym increased significantly as well. As an entrepreneur with good
entrepreneur skills, I think this is not a big problem to overcome, they should
be confident with their own strength and fight hard to walk to the top of the
pyramid of their industries. It’s the same in all other businesses, to be
success, the gym required a unique selling point that will attracts customers
to join the gym. For example, entrepreneur can be different to other weight
lifting gym and be specialist in a specific area such as cardio activities, or
have programs/packages of people that wanted to achieve their aim in a certain amount
of time coming with a personal trainer with no extra cost.

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