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Innovation and

Entrepreneurship

1-SAMRT objectives as a point and must be Specific


Measurable Achievable Realistic Timely.
2-

Character

traits

of

products/services

(100

words)

Description of your two products/services (with pictures if


possible), why you chose those products/services and the
benefits you expect to offer to customers (for both
products) included.
3- Financial Projections/Income Statement (50 words)
white it as a paragraph after that make master budgets.
4- About the survey expect that those who answered the
questionnaire 50 persons and make chart for it. Analyze
the survey
5- Final Choice (100 words) Justification of your choice of
which product/service you will produce/operate (of the 2
mentioned above).
Reasons were logical from market & financial aspects

Contents
Table of Figures:.......................................................................................................................3
Executive Summary.................................................................................................................4
SMART Objectives..................................................................................................................5
Specific Goals........................................................................................................................5
Measureable.......................................................................................................................5
Achievable...........................................................................................................................5
Relevant...........................................................................................................................5
Timely..........................................................................................................................6
Business Objectives..................................................................................................................6
Business Research..................................................................................................................6
Business Strategy...............................................................................................................6
Description of Firms Products/Services.................................................................................7
Benefits..................................................................................................................................7
Market Strategy.......................................................................................................................8
Marketing...............................................................................................................................8
Operations and Plans.............................................................................................................10
Financial Projections/Income Statement.............................................................................11
Master Budget........................................................................................................................0

Survey........................................................................................................................................0
Questionnaire.........................................................................................................................0
Analysis of the Survey...........................................................................................................2
Graphical Presentation results of the Survey.....................................................................2
Final Choice..............................................................................................................................6
References.................................................................................................................................7

Table of Figures:
Figure 1: Example of Dancing Exercises........................................................................................8

Executive Summary
The Fitness Dancing Club attempts to be the leading health club in the city of Al Ain. In this
day and age the general public is more concerned about their fitness and as well young
individuals are affected by western style of dancing. This sort of concept club is niche in the city
of Al Ain and will attract those people who want to make creative change in the dance history
and like to be physically fit and mentally feel fresh in the real world. Dance club supports issues
of the society and create awareness by educating them through their dance performances and it is
a step to stance the ongoing trends in Dance Art plus its a step to ensure that the health is on
condition that you retain yourself against the real world.

SMART Objectives
Specific Goals
The objective of the dance club is to provide a full fitness program to the people who are
conscious about their health. It basically attracts the people who have great interest in dance and
we as mentors will use this dance ability of them to provide them with great fitness and health
programs. So the ultimate goal of the organization is to compete in the market.

Measureable
Our aim is create a brand that is the leading brand in the providing performance and effective
fitness plans. These plans could be measure through the outcome of the given performance if the
people of the club satisfied with the performance they will keep coming and also suggest to other
people about the club. This can be done through a survey after opening the club.

Achievable
These goals are also achievable if the employees of the club provide up to the mark performance
in providing the promised facilities to the members. That is also the ultimate goal of the club to
acquire the desire goals of the members and also the club.

Relevant
As the objectives are set by the club which is achievable by the employees in relation to achieve
the desired goals of the club and they are not based on the external factors which are noncontrollable.

Timely
Each of the objectives based on the timeframe which has to be completed on that timeframe
because to achieve the goals and effectiveness of the business this timeframe is very important.
Timely completion of the targets planned would help the club to maintain its goodwill also.

Business Objectives
Business Research
Our goal is to create successful and profitable clubs that fulfill the needs of dancer who want to
recognize themselves in the art of dance and want to remain fit and healthy. Today dance club is
all about entertainment and our goal is to be a step ahead of the competition. Nowadays people
look for something different in their life and this is a kind of club where they can interact and
share views with the people of every class. We want to establish our brand through organized
marketing and operational execution that ensures brand acknowledgment and the quality and
stability of our concept.

Business Strategy
Registration
Beginners can join for a short course of 3 months and fees are to be made for the whole course at
one time. No payments will be on monthly basis.

Refunds
Payment paid once cannot be refunded. Anyone can withdraw from lessons in person.

Tuition payment
Everyone pay lesson tuition in full for a course. All participants come to an agreement and sign
the Rule and Registration Forms before the Club processes tuition payment. Email updates
notify students for payment due respectively.
Substitutions
The club provides a substitute instructor when the regularly scheduled instructor is not feeling
well or unable to attend a lesson because of some personal reason.

Description of Firms Products/Services

The Dancing Fitness Health Club will be introducing a series of lessons of the modern art of
fitness through expression or in the form of dance. Our main products are dancing
classes where people can learn different dances of their choice. The dancing
school is going to offer different type of dance classes such as (Tango,
samba, Jazz, Hip Hop, Ballet and salsa). Dance school will offer people
different type of packages and classes. There will be special classes and
general. For the special classes there will be family package were people
can learn dancing with their kind. Second, couple classes are also there for

specific number of people where the costumer can choice the group or
individual.

Benefits
The benefits that we are expecting to give to the customers with these exercises are flexibility in
the body, relaxation, strength, endurance and the ability of well- being.

Figure 1: Example of Dancing Exercises

Market Strategy
Marketing
A solid and comprehensive marketing plan is essential for any business, especially a new
business. This club would require a competitive plan that would lay emphasis on what sets it
apart from its competitors. The following would be inducted in our plan to ensure we lay a strong
foundation in the minds of both parents and children about our school in the dance teaching
industry and maintaining health.
Grand-Opening Concert

We have arranged to organize a concert for the opening ceremony of our school. Special VIP
passes would be reserved for famous personalities and the tickets would be sold to the general
public.
Print Media
We have chosen to rely on the classic print media as we are just initiating our project and we are
bring together in the money we have enough funds to:

Bring the idea which appeal to parents through advertisements placed in newspapers as

this would encourage them to allow their child to enroll in our institution
Given the current law and order of our country several people from various ages have
started to read the newspaper - not in the morning but read it, irrespective of when. We
also hope to also attract students (mostly ranging between the ages of 14-20) through
such advertisements.

Merchandise
All members would be provided with complimentary Dance Club t-shirts. There would also be
a souvenir shop in the near the club that would offer special discounts to members currently
enrolled in any lesson. The merchandise would include t-shirts in various colors, coffee mugs,
pens, caps and wrist bands.
Pricing and Promotion
All performances are moderately price. Fee for training a month for any dance art is between
1500 and 3000 dirhams. An average customer ticket is considerably larger for live performances
day visitors which are around 500 to 1000. Our promotional strategy will be a mixture of local

media and occasion marketing will be used at several locations. The radio is listened to by pretty
much every person so we will also place an advertisement on radio stations. The method of live
exhibition of any occasions has been overwhelmingly viable in producing unlimited publicity for
the lead area which has been more adequate than any promoting that could have been acquired.

Operations and Plans


general
manger

social
worker

administrati
on

supervisors

teachers

guard

cleaner

accounting

finance

receptionist

sales
coordintor

contract
instructors

The performances or events are financed by tickets and in the normal routine days club will be
open to every volunteer. We will also cater charity function and will also work for fund raising
for noble cause. We need an auditorium with 250 people capacity and a normal practice room
and a gymnasium. The list of the equipment is as follow
Items

Quantity

Price

Total (dh)

Sound system

3000

6000

lights

600

3600

White Board

500

1000

Table

500

2500

Chairs

15

100

1500

Total

14600

Financial Projections/Income Statement


The owner has invested USD 500,000 in the business as share capital to start with, the financial
projections, including sales budget, Purchases Budget, Budgeted cost of goods sold, Budgeted
Inventory for December 31st, Selling Expenses Budget, General and Administrative expenses,
expected cash receipts from customers, expected cash payment to suppliers, cash budget,
budgeted income statement and budgeted balance sheet.

Master Budget
Dance Club

Dance C

Opening Balance Sheet


01-Jan-13

Balance

01-Jan

Assets
Cash

50000

Accounts receivable

Inventory
Equipment
Less accumulated depreciation

26240
90000
0

Total assets

20069
90000

900

166240

Liabilities and Equity


Liabilities
Accounts payable
Note payable to bank (12%
per year)
Long-term notes payable 6%
interest per year
Total liabilities

102000
12240

111240
114240
2000
116240

13349

Shareholders' equity
Ordinary shares

500000

Retained earnings

554580

50000

Total liabilities and equity

1000

166240

Sales Budget

20X1
1st
Qtr

2nd
Qtr

20

3rd
Qtr

4th Qtr

1st
Qtr

2nd
Qtr

Prior quarters sales in units

30

36

40

44

48

Plus 10%

30

36

40

44

48

53

500

500

500

500

500

500

Projected unit sales


Selling price per unit
Projected sales $

Sales Total for the Year

15000

18000

19800

21780

74580

Sales first quarter following

20X1 1st
Qtr

Prior quarters sales in units

5000

Plus 10%
Projected unit sales
Selling price per unit
Projected sales $

500
5500
30
165000

23958

26354

Purchases Budget
1st
Qtr
Next quarter's unit sales

2nd
Qtr

3rd
Qtr

4th Qtr

1st
Qtr

2nd
Qtr

30

40

44

30

53

58

25%

25%

25%

25%

25%

25%

10

11

13

14

This month's unit sales (add)

30

36

40

44

48

53

Units to be available

38

46

50

51

61

67

10

11

13

Units to be purchased

30

38

41

40

54

54

Budgeted $ cost per unit


(multiply)

12

12

12

12

12

12

354

461

487

482

643

648

Ending inventory % (multiply)


Desired units ending inventory

Less beginning inventory in


units (minus)

Projected purchases

Purchases Total for the Year


(total for 4 quarters)

1784

Budgeted cost of goods


sold
1st
Qtr

2nd
Qtr

3rd
Qtr

4th Qtr

1st
Qtr

2nd
Qtr

This quarter's unit sales

30

36

40

44

48

53

Budgeted $ cost per unit


(multiply)

13

13

13

13

13

13

390

468

515

566

623

685

Projected cost of goods sold

Cost of goods sold for the year

1939

Budgeted inventory for


December 31st
Units

18

Cost per unit - $ (multiply)

13

13

Total

98

228

Selling Expenses Budget


1st
Qtr

2nd
Qtr

3rd
Qtr

15000

18000

19800

3%

3%

3%

Delivery charge total

450

540

Sales Manager salary

35000

Projected selling expenses

35450

Budgeted sales $
Delivery charge rate (multiply)

Selling expenses yearly total

General and
Administrative Expenses
Budget

1st
Qtr

2nd
Qtr

23958

26354

3%

3%

3%

594

653

719

791

35000

35000

35000

35000

35000

35540

35594

35653

35719

35791

4th Qtr
21780

142237

Administrative Salaries
Depreciation
Interest on long-term notes 0.5% monthly
Interest on short-term notes 1% monthly
Totals

1st
Qtr

2nd
Qtr

3rd
Qtr

1st
Qtr

2nd
Qtr

15000

15000

15000

15000

15000

15000

6000

6000

6000

6000

6000

6000

18000

18000

18000

18000

18000

18000

75

39075

39000

39000

39000

39000

39000

1st
Qtr

2nd
Qtr

4th Qtr

General and admin expenses


yearly total

156075

Expected Cash Payments


To Suppliers
1st
Qtr
50% previous quarter, 50%
present quarter
Expected Dec 31st balance

10217
7

2nd
Qtr
407

3rd
Qtr
474

4th Qtr
485
241

563

646

Cash Budget
1st
Qtr

2nd
Qtr

40000

40000

40000

40

40

40

40

27797

40040

40040

40040

40040

10217
7

407

474

485

563

646

450

540

594

653

719

791

Sales

35000

35000

35000

35000

35000

35000

Administrative

15000

15000

15000

15000

15000

15000

18000

18000

18000

18000

18000

18000

75

Total cash payments

17070
2

68947

69068

69138

69281

69436

Preliminary balance (Total


cash available - Total cash
payments)

12069
2

41150

29028

-29098

29241

29396

Additional loan (min cash


balance 40,000) (add)

16069
2

81150

69028

69098

69241

69396

Beginning cash balance


Cash receipts

1st
Qtr

2nd
Qtr

3rd
Qtr

50000

27760

40000

10

37

50010

4th Qtr

Equipment sales
Shares issue
Total cash available
Cash payments
Payments for merchandise
Sales delivery expense
Salaries

Interest on long-term notes


Dividends
Interest on short-term notes

3%

Amount Available for loan


repayment if any

Loan repayment (minus)

12240

Ending cash balance (4th


quarter balance appears in
balance sheet)

27760

40000

40000

40000

40000

40000

Ending short-term notes (4th


quarter balance appears in
balance sheet)

Budgeted Income
Statement

Sales
Cost of goods sold (minus)

74580

11118
9

1939

2891

72641

10829
8

Gross profit
Operating expenses
Sales expenses

14223
7

14333
6

General and administration

15607
5

15600
0

Total operating expenses

29831
2

29933
6

Net income (Loss)

22567
1

19103
8

Budgeted Statement of
Retained Earnings

Beginning retained earnings


(given)

1000

Net income

22567
1

19103
8

Funds available for


distribution

22567
1

19003
8

22567
1

19003
8

Less cash dividends

Ending retained earnings

Budgeted Balance Sheet

Dance Club

Dance Club

Budgeted Balance
Sheet

Budgeted Balance Sheet

31-Dec-2013

31-Dec-2014

Assets
Cash

45185
8

82461
5

Accounts receivable

33

33

Inventory

98

228

Equipment
Less accumulated depreciation
(depreciation in opening
balance sheet plus
depreciation expense for the
year)

45000
0

-32000

45000
0

41800
0

56000

86998
9

Total assets

39400
0
12188
76

Liabilities and Equity


Liabilities
Accounts payable
Note payable to bank

241
0

392
241

65433
4

Long-term notes payable

59541
9

20000
0

Total liabilities

59566
0

85433
4

Shareholders' equity
Ordinary shares

50000
0

Retained earnings

(2256
71)

Total liabilities and equity

55458
0
27432
9
86998
9

19003
8

36454
2
12188
76

Survey
Questionnaire
1- Gender
1

Male

Female

2- Age:
1

18 24

25 30

3
31 40

3- Would you like to dance?


1

Yes

No

4- If you answered yes to the last question tick the types of dance you
interested in?
1
Cha-Cha-Cha

4
Hip Hop Dance

2
Ballet Dance

5
Belly Dance

3
Jazz Dance

6
Salsa

5- Would you join the club dance if it was available in Al Ain?


1
Yes

2
No

6- If you answered yes to the last question tick the location that suits
for you?
1
Al Kabesi

2
Mazyed

3
Bawadi Mall

4
Al Ain Mall

5
Al Jimi Mall

6
Kalifa Street

7- Would you like to learn theory classes before dancing?


1
Yes

2
No

8- Which one from the following describes best your perception of


dancing?

1
A hobby

2
An art

3
A profession

4
A sport

9- Do you dance? (Professionally or as a sport/ a hobby)


1
Yes

2
No

3
Used to dance

4
I would like to
learn how to

dance
10Would you join the classes if the member ship cost -------- is for
one month (4-5 classes a week)
1
Less than 500

Analysis of the Survey


Total Sum 50 persons Responses= 994
Total questions= 10

2
500 or more

3
1000 and above

Graphical Presentation results of the Survey

Final Choice
As from the survey and the smart objectives of the business this would be the maximum profit
earning business and help the people of Al Ain to find a perfect health care center at their home
town. As from the benefits that the fitness club is devoted to provide will give extra cutting edge
to the business because these are the things that most of the people are looking forward to in the
busy life style.

References
Grau, A., & Ordan, S. (2000). Europe Dancing: Perspectives on Theatre Dance and Cultural
Identity. Retrieved from Google Book: http://books.google.com./books?id=bDKJAPZ72oC&pg=PA121&dq=theatre+dance+academy&hl=en&sa=X&ei=vvJMUbC3F
oyO7AbThoG4BQ&ved=0CD4Q6AEwBA#v=onepage&q=theatre%20dance
%20academy&f=false
Mathew, A. (2001, september 26). Dubai's first community theatre set to be built next year.
Retrieved from Gulf news: http://gulfnews.com/news/gulf/uae/general/dubai-s-firstcommunity-theatre-set-to-be-built-next-year-1.425621
World Journel of Management. (2011, march). The Need for Academic Programs in Tourism,
Arts

&

Retrieved

%20(NEW).pdf

from

Wbiaus:

http://wbiaus.org/8.%20Ode%20Amaize