BUS6011 – Entrepreneurship and Innovation

Task 1

Introduction 

The process of creating new business ideas and managing people is called entrepreneurship (Burns, 2022). On the other hand, innovation is the process of developing new ideas, methods and products. These are important for driving economic growth, creating jobs, and ensuring business survival and success (Surya et al., 2021). New jobs can be created by this and contribute to both economic and social development. In this portfolio, there will be a discussion of a new business idea of Smart Yoga Mats called Evolvemat. This portfolio will highlight the key aspects of the business which can be guided through frameworks and models. The business model canvas will be discussed for this venture. 
 

You understand the topic, but your writing doesn’t feel as strong as you want it to. Working on BUS6011 Entrepreneurship and Innovation at Arden University? Locus Assignments offers original assignment help from academic experts— who can provide you with end-to-end support from writing, editing, referencing, and proofreading, along with free, unlimited revisions! Hire our professionals today!
 

Critical evaluation and application of theories and processes 

4 Ps of creativity 

Setyadi et al. (2025) stated that the model, which reflects creativity as a complex process with four aspects, such as person, process, product and press, is called the 4 Ps of creativity. This theory mainly emphasises that creativity is difficult to understand by looking at only one aspect, but rather through the interaction of all four aspects. This theory is important for the venture to foster a creative idea and generate value through its four aspects. Creativity can be evaluated by this model from several perspectives, including individual traits. This can be used to create better strategies for the venture. 
 

Diffusion of innovation 

Monga et al. (2024) stated that the theory which explains the reasons behind the rate at which new ideas and products spread through a population is called the diffusion of innovation theory. This model is based on four main elements, such as communication channels, social system, innovation itself and time. The model can help the venture understand adoption rates, tailoring communication strategies to different adopters. The venture can assess the potential success and failure of the new products with the help of this model. 
 

Coherent application of research/ environmental scanning techniques to refine the business idea.

PESTEL

The model which is used by companies to analyse their external environment is called PESTEL analysis. It can help companies to understand how external factors can impact their strategy, operations and market competitiveness. 
 

Political 

With a rate of 0.51, the UK is a politically stable nation which has clear governance and guidelines for individuals and companies (The Global Economy, 2025). This stability index score suggests that companies in the nation are safe from political disputes and conflicts. Hence, Evolvemat will not face any kind of political disputes and conflicts. 
 

Economical

In 2024, the GDP of the UK was 3643.83 US dollars, which suggests companies can significantly invest in their business (Trading Economics, 2025). The average income levels of individuals can be increased by this. A greater consumer confidence can be built by this, which can help the new venture. As a new business, Evolvemat can attract new customers with this increased GDP. 
 

Social

The UK is a literate nation with a score of 99% in literacy, which means every individual knows how to read and write (UNA-UK, 2025). Literate people can help in the operations of the new business with data literacy and can make more strategic decisions. This can help Evolvemat to run its business in the market.
 

Technological

The UK is the technological hub in the world with a strong focus on AI, cloud computing and machine learning. AI can be embedded in sensors that can be used by the venture, which can help the customers track their progress. Technologies can be leveraged by the new business to analyse the movements of the customers.
 

Environmental 

The Environmental Protection Law Act 1990 is an Act which delivers the model for waste management and pollution control in the nation (Legislative.gov.uk, 2025). Evolvemat need to follow this law to ensure waste management and pollution. 
 

Legal 

The National Minimum Wage Act 1998 provides guidelines for UK workers for their basic pay in the organisation (Legislative.gov.uk, 2025). Evolvement needs to follow this law to ensure fair pay within the business. 
 

SWOT

A strategic planning tool which stands for strengths, weaknesses, opportunities and threats is called SWOT. It is mainly implemented to examine the internal and external factors affecting business. 
 

Strengths

The new venture has significant strengths with its innovative tools and technologies. The business will offer a significant competitive advantage due to its smart features such as posture correction, customised feedback, and pose tracking. It has the potential to collect and analyse data, which can lead to product improvements and customised experiences. 
 

Weaknesses

The overall production cost will be increased by the cost of electronics, sensors and manufacturing processes. Technical difficulties can be the consequence of this when integrating technology into a mat which is constantly being flexed. The technology can be a significant challenge for many new users. Users need to manage charging the device, which can be inconvenient. 
 

Opportunities

A large and growing market for yoga and wellness products can be created by the increasing global focus on health, fitness and mindfulness. The business can collaborate with yoga studios, fitness apps, and health professionals, which can help it expand its business and reach a new customer base.  
 

Threats

The fitness industry has many established giants and a constant influx of new brands, which include traditional mat manufacturers and other tech-focused organisations. An engagement can be seen by the competitors in price wars, specifically if they offer lower-priced traditional mats. The technologies are constantly evolving and need significant investment to remain competitive. 
 

SWOT and PESTLE analysis giving you trouble as usual? Fear not, we can guide you through these with our expert assignment help. Tackle your BUS6011 Entrepreneurship and Innovation module with ease and excel in all your Arden University assignments through Locus Assignments!
 

Justification of the suitability for the venture and professional profile

Different entrepreneurial benefits and inspiration can be compromised by this venture, which can be significant for the business. The venture has helped me develop critical entrepreneurial skills, which can help me develop strategies for the business. The business idea has a strong emphasis on technology and innovation. I am acting as an independent entrepreneur and programmed for continuous learning and development. This helped me to analyse the vast amount of data and pivot strategies quickly in response to market dynamics. My key strengths are processing and synthesising complex information without bias. This can help me to make rational, evidence-based decisions. I can minimise the risks and optimise results more consistently than human intuitions alone. 
 

Executive summary 

Problem 

A high production cost and ensuring the accuracy of posture and balance detection can be challenging for the company. Users mainly prioritise traditional yoga mats, which contain harmful chemicals such as phthalates, which are made from PVC. Health risks and hormonal disruption are the consequences of this. 
 

Solution 

To resolve those issues, a smart yoga will be introduced in the market, which can help users track their posture and provide real-time and corrective feedback. The yoga mat will provide real-time feedback, which can help users to correct their posture. The worldwide yoga mat market was estimated at USD 204.62 million in 2024 (Grand View Research, 2025).
 

The target market

The target market is fitness enthusiasts and working professionals who practice yoga at home and are searching for advanced tools to enhance their practice. High demand has been exhibited by urban areas due to their busy lifestyle and a focus on personal wellness and mental health. 
 

Point of differentiation

The new business idea can be differentiated due to its high technology and holistic approach. The mat will provide instructions varying from person to person. AI and machine learning will be used by the yoga mat that will help the users to prevent injury and improve their practice. 

 

Financial projection 

A cash flow forecast

Particulars	Year 1 (£)	Year 2 (£)	Year 3 (£)
Cash flow from operations
Net earnings	25000	45000	100000
Plus: Depreciation and amortisation	3400	3500	5000
Less: Changes in working capital	3000	15000	20000
Net cash from operations	25400	33500	85000
Cash flow from investment
Investment in sensors and equipment	13000	26700	28900
Net cash from operations and investment	12400	6800	56100
Cash flow from financing
Notes payable	2500	4700	3200
Cash flow at the end of the year	14900	11500	59300

Table 1: A cash flow forecast

(Source: Created by the learner)
 

Breakeven

Particulars	Year 1	Year 2	Year 3
Revenue	120000	350000	450000
Price for each product	500	900	30000
Number of units sold	200	250	350
Fixed expenses	12000	10000	30000
Total variable cost	13200	15300	19500
Variable cost per unit	66	88.125	92.10526
Contribution	434	811.875	29907.89474
Breakeven point	27.64976959	12.31716705	1.00307963
Breakeven amount	13824.88	11085.45	30092.39

Table 2: Breakeven

(Source: Created by the learner)

Variable expenses of the organisation

Particulars	Year 1 (£)	Year 2 (£)	Year 3 (£)
Salaries and benefits	3200	4500	4500
Material supplies	3000	3000	5000
Depreciation and amortisation	3000	2500	4000
Interest	2000	2500	3000
Tax	2000	2800	3000
Variable expenses	13200	15300	19500

Table 3: Variable expenses of the organisation

(Source: Created by the learner)

Fixed expenses of the organisation

Particulars	Year 1 (£)	Year 2 (£)	Year 3 (£)
Overhead expenses	3000	3000	3000
Advertisement expenses	8000	8000	8000
Total fixed expenses	11000	11000	11000

Table 4: Fixed expenses of the organisation

(Source: Created by the learner)

Capital investments

Particulars	Year 1 (£)	Year 2 (£)	Year 3(£)
Purchase of equipment	1500	2400	3000
Purchase of sustainable items	8000	9000	8000
Vehicles	-	11000	15000
Total	9500	22400	26000

Table 5: Capital investments

(Source: Created by the learner)

Projected sales and profits over a 3-year period

Particulars	Year 1 (£)	Year 2 (£)	Year 3(£)
Revenue	120000	350000	450000
Cost of goods sold	35000	40000	50000
Gross profit	64700	108000	130000
Expenses
Salaries and benefits	35000	15000	20000
Rent and overhead expenses	4000	4000	4000
Office supplies	3000	3000	5000
Advertisement expenses	8000	8000	8000
Depreciation and amortisation	3000	2500	4000
Interest	2000	2000	2500
Total expenses	55000	34500	43500
Earnings before taxes	9700	73500	86500
Tax	2000	3000	4000
Earnings after taxes (Profit)	7700	70500	82500

Table 6: Projected sales and profits over a 3-year period

(Source: Created by the learner)
 

Application of the reflective model

A Gibbs reflective model will be used, which can help to provide an insightful reflective account (Ahmadpour et al., 2025). It is an analysis of past experience through its six different stages, which include description, feelings, evaluation, analysis, conclusion and action plan. 
 

Description 

As an independent entrepreneur, I have developed several skills and knowledge through this venture. My main objective is to provide customised services to the customer, which can help them prevent injuries through this business idea. This will mainly leverage the latest tools and technologies, which are crucial for them.
 

Feelings

The venture idea provided me with the confidence during the implementation of different processes. I believed that the business idea would be effective for the fitness freaks, and providing customised services was my main priority. 
 

Evaluation 

Through this venture, I developed several skills and knowledge which were crucial for me. The positive aspects were creating ideas which have an impact on the business. However, I faced several challenges while dealing with the team.
 

Analysis

I developed potential skills and knowledge that can help me deliver positive results for the venture. As an entrepreneur, some of my business ideas helped me develop the necessary skills which were crucial for me. 
 

Conclusion 

Based on the above discussion, it can be said that the business idea has helped me to deliver positive results. The outcomes of the venture can help me to possess skills and knowledge. 
 

Action plan

Though the venture idea provided several knowledge and skills. However, I need to develop adaptability skills and critical thinking. These can help me in my future to be more effective. 
 

Conclusion 

Based on the above discussion, it can be said that the venture can be sustainable within the fitness market. Data can be used by the business, which can help them to offer customised training plans and premium subscription services. However, the yoga mat market is already crowded and new entrants should clearly differentiate themselves. 
 

When you complete task 1 of your assignment and realise there is still one more to go……BUS6011 Entrepreneurship and Innovation module giving you a difficult time? Get customised Arden assignment help for difficult coursework. Contact Locus Assignments to avail our services now!
 

Task 2: Presentation 

Introduction 

Evolvemat is a smart yoga mat which leverages tools and technologies such as AI and data collection. It can help the users to provide customised services. As a new venture, the mat will use sensors which are embedded in it. Users can be guided through immediate feedback through visual cues and audio prompts. The main objective of this new business is to provide sustainable fitness ideas and plans that can help users. The new business will have a significant impact on the market due to its sensors and customised settings. Real-time progress will be offered by the yoga mat with AI and sensors. 
 

The problem and proposed solution

Health and environmental issues can be posed by traditional mats due to the use of harmful chemicals. These mats are not suitable for the users due to their thickness and lack of grip. PVC is generated by traditional yoga mats, which can release toxic pollutants and the mats themselves may give off a chemical. This can also lead to several environmental issues, and it can even decompose into microplastics. Plastic mats can be slippery, which can lead to injury. For this, the venture has been introduced with customised fitness plans. It will track other wellness metrics such as sleep and stress. 9.7% of consumers mainly prefer sustainable items (PWC, 2025).
 

Business canvas model

		Designed for:					Designed by:		Date:		Version:
Business Model Canvas
Key Partners	Key Activities		Value Propositions			Customer Relationships			Customer Segments
The key partners of the business will include material suppliers, manufacturing partners, tech developers, yoga instructors, influencers, and creators.	The key activities include product research and development		Real-time feedback and AI-driven posture correction to reduce injury risk and improve form, customised workout plans.				Automated services through application integration, online communities, for user engagement and shared experiences, and dedicated customer support for technical issues.		Individuals practising yoga at home, beginners seeking posture guidance, tech-savvy individuals, yoga studios and fitness clubs that mainly offer enhanced training and corporate wellness programs.
	Key Resources						Channels
	Mobile applications and software platform, manufacturing partnerships, a strong brand and intellectual property, skilled software developers and data scientists.						Online platforms and offline retail stores, yoga studios and fitness centres.
Cost Structure				Revenue Streams
High research and development costs, including manufacturing and material costs such as sensors, eco-friendly materials, marketing and advertising costs and application development and maintenance costs.				Direct sales of the yoga mat, subscription fees for premium application features and potential business-to-business sales to corporations.

Table 7: Business canvas model

(Source: Created by the learner)
 

Innovation and sustainability approach 

The innovation and sustainability approach for the business will leverage AI tools and data tracking, which can help the users (Manduva,  2022). This dual approach can help to cater to modern consumers seeking both enhanced fitness results and ethical products. The main objective is to provide a customised and interactive yoga experience and bring a virtual instructor into the user’s home. The posture will be tracked by embedded sensors and machine learning algorithms. Users can be guided through quantifiable progress and tracking. This includes metrics such as calories burned, pose stability and flexibility gains over time. It will integrate smart devices such as Bluetooth and Wi-fi connections, which can help the company to provide a seamless experience and the potential for remote monitoring by human instructors. 
 

Environmental and social impacts will be prioritised by the venture. It will use sustainably sourced, natural materials such as natural rubber, cork and organic cotton. These are biodegradable and free from harmful chemicals. The main focus of the business will be on high-quality, durable product which lasts for years, reducing the need for frequent replacements and minimising landfill waste. The business will further partner with manufacturers, which will use waste-reducing, low-emission processes and renewable energy sources. A recycling program will be used for the venture, where customers can send in their old mats to be recycled into new products. Sustainable packaging will be implemented for this venture. 
 

You’ve made your points, but some parts of your assignment seem to say the same thing. If you’re working on BUS6011 Entrepreneurship and Innovation at Arden University, Locus Assignments offers subject-specific assignment help to support you with your writing. Click on ‘Order Now’ to avail our different services, including essay writing services, dissertation help, coursework help, homework help, and more!
 

Go to the marketing plan

STP

A marketing strategy which stands for segmentation, targeting and positioning is called STP analysis (Ningrum and Hasmarini, 2024).
 

Segmenting 

The business will mainly target those customers with mid-to-high disposable income who can afford premium fitness technology products (Grand View Research, 2025). It will target the fitness freak individuals who are conscious about their health and fitness. 
 

Targeting

The core target audiences will be those who are tech-savvy individuals who practice yoga at home for convenience and a customised experience. They value data-driven insights and are more likely to be early adopters of digital health technologies. It will also target the professional yoga studios.
 

Positioning

Evolvemat will position itself as a customised, AI-powered yoga coach which will offer real-time, corrective feedback. This will enhance practice and prevent injury. The advanced sensor technology will be emphasised to provide precise, non-intrusive feedback. 

Figure 1: Positioning map

(Source: Created by the learner)

 

4ps 

The model which can help businesses to develop effective marketing decisions is called the 4Ps of marketing, which are product, price, place and promotion (Karim et al., 2021). 
 

Product

The product of the business will be a smart yoga mat that leverages a high-tech fitness tool integrated with AI and sensors, which can help to provide real-time feedback and customised guidance (Fabbrizio et al., 2023). The main features will be tracking the posture and providing feedback on the progress. There will be an application which will guide the users, and a strong integration will be offered with other smart devices such as smartwatches. 
 

Price

A premium pricing strategy will be implemented for the new venture as the product has advanced technology and customised features. It will position itself as a high-value item in the wellness technology market. The premium pricing is offered with more features to consumers with varying budgets. 
 

Place

A direct-to-consumer channel and e-commerce platforms will be used to deliver the product. Later, it will partner with online retailers and establish a robust mobile application. A partnership will be made by the venture with speciality athletics stores, yoga studios and fitness clubs or through corporate wellness events. 
 

Promotion 

The venture will use different social media platforms to promote the services and availability of the product (Susanto et al., 2021). Content marketing will be used for the targeted customers to reach tech-savvy fitness enthusiasts. Further, it will highlight innovation in tech publications and health and wellness media. Several collaborations will be made by the business with certified yoga instructors and wellness influencers to provide product demonstrations and endorsements. 
 

Financing 

The new business will be guided by angel investors and small businesses. Further, it will network by finding trade associations and member organisations. The advertisement costs will be fixed for every year, which is £8000. 
 

Risk and mitigation strategies 

Risk category	Specific risks	Mitigation strategies
Market	The market is highly competitive with both traditional and smart yoga manufacturers, which can make it hard to stand out.	Evolvemat should focus more on a unique selling proposition (Forbes, 2025).
	Consumers may not see the need to upgrade from a traditional mat or may be price-sensitive.	The unique benefits need to be communicated, such as real-time feedback and injury prevention.
Technological	Sensitive health data is collected by the smart mats, which increases the risk of data breaches.	The venture should use robust data encryption, secure authentication and transparent user consent policies.
	Ensuring real-time, accurate tracking of posture and balance can be a significant challenge.	Conducting testing and using an iterative development approach can help the company to prevent technical issues.
Financial and operations	A significant manufacturing cost is the consequence of integrating sensors and IoT functionality. Pricing and margins can be impacted by this.	Volume-based contracts with suppliers can be negotiated by the venture, and the company should explore alternate supplier networks to mitigate raw materials price volatility (van Haaften et al., 2025).
	Production and profitability can be affected by volatility in raw material prices.	Suppliers need to be diversified by them and consider near-shoring options to reduce reliance on a single source.

Table 8: Risk and mitigation strategies

(Source: Created by the learner)
 

Conclusion 

Based on the above discussion, it can be said that the business is equipped with strong tools and technologies which can help it to sustain in the market. Users can be guided through quantifiable progress and tracking. This includes metrics such as calories burned, pose stability and flexibility gains over time. The business will be operated through an application which can track the progress of the users. The different marketing plan of the business highlights its key features and benefits, which can help the customers with customised services. The main focus of the business will be on high-quality, durable products which will be sustainable in the market. 
 

Wrapping up your assignment once you have completed every bit of research and analysis can feel like URGHHHH! Need some help completing your analysis, conclusion, along with proofreading, editing, and referencing? Contact Locus Assignments for customised Arden assignment help!