Ent-Assignment 3.docx
- 1. SARVAJANIK UNIVERSITY S.R. LUTHRA INSTITUTE OF MANAGEMENT SUBJECT: ENTERPRENEURSHIP CLASS: MBA SEMESTER 2 Assignment 3 DIVISION: B GROUP NO: 8 SUBMITTED BY: SUBMITTED TO: Mr. Ashish Patil KAJAL GUPTA 073 SHRUTI KESHAN 103 HETVI KOTECHA 109 SHAILI MAHANT 114 MILI MISTRY 134
- 2. Working independently, together. SPACE 4 YOU is a value-added collaborative workspace built to unlock possibilities. we cherish creativity and the entrepreneurial spirit. It is an ideal workspace for Regional Corporate Offices, SMEs, Start-up Team, Independent Professionals, Freelancers and Work-from-home Employees. Featuring capex-less, hassle-free, friendly and safe workspace, that is fully- equipped with centrally air-conditioned office space, high-speed internet & Wi-fi, printing-scanning-photocopying services, housekeeping & maintenance services, receptionist and support staff, it’s a place designed to be instrumental in your growth. CO-WORKING SPACE IDEA
- 3. STRENGTH: Swot analysis of SPACE 4 YOU: The co-working space offers a wide range of service which can help entrepreneurs. But the concept also include some inconvenient to deal with. The SWOT analysis will allow not only to identify the strengths of the concept and the opportunities to grab but also discover the weaknesses and the threats that could slow down its development. Office desk savings, rent a desk is less expensive that running his own office Flexible: it is a variable cost. Desks can be rented for 1 day, or several months Wide range of services: co-working spaces offer all the services that an employee can expect from his company to work in good conditions, even more. Co-workers don’t have to worry about supplies Perfect socializing experience to avoid lonely and unproductive work at home Interactions and collaboration with the other co-workers: you benefit from the community Possibility to attend networking events, conference, demonstrations… Participation to a community, feelings of being important and receiving support Friendly innovative environment: designs, lounge, events, all elements are present to foster innovation Co-workers: talented people coming from different backgrounds, ready to help each others, providing advices and support
- 4. WEAKNESSES: Extension of the proposed services: secretary, designs, promotion The concept could be implemented into companies who want to offer more friendly environment to their innovators to gain in efficiency Lake of privacy: possibility to hear co-workers communication or get an idea of a site that hasn’t launched yet Intellectual property: some discussions can be public to get involved other minds. Some entrepreneurs protect their innovation by making sign Non Disclosure Agreements. But this practice is prohibited by Citizen Space for example. Negotiate the public/private boundaries: the more you exposed your project the more feedbacks you received but the more vulnerable is your project as well Lake of collaboration: some of the co-workers could prefer to work individually, not sharing the value of the co-working space. It is difficult for everyone to feel empowered, supportive and take initiatives Adequacy of the space: sometimes the configuration of the space does not fit with the coworkers expectations. Depending on the nature of the business, entrepreneurs need specific tools (drawing board for designers for example). Most of the co-working spaces are dedicated to web entrepreneurs implying the unique use of a laptop Lack of frequentation: because it is not “their office” the impetus to go to work is lowered. Nevertheless, if the critical mass is not reached, the advantages of a collaborative space is lost OPPORTUNITIES:
- 5. Hacking problems: co-workers are quite sensitive about security and confidentiality. Coworking spaces can be vulnerable to hacking given the audience of the space: most of the time web experts. Co-workers are afraid of someone sealing their ideas. Some space have developed password secured wireless cable modem but hackers are stronger and stronger. We can nuance saying that start-up are far less interesting for hackers than important companies The co-working spaces could suffer the competition from cafés that offer free wifi for the purchase of a coffee. It is cheaper than co-working depending on the consumption. Cafes could adapt to this new trend by diversifying their services Development of the 3G technology: 3G wifi access all over the world is possible now for a fix rate per month. It allows to work in many different place for a good price Start-up and ventures have been hardly impacted by the financial crisis. The credit crunch has slowdown the creation of start-up and discouraged some entrepreneurs. This trend can reduce the number of the potential audience. CONCLUSION: To conclude, the co-working spaces have a lot of advantages to learn from others and share his experience. However, being in contact with others and not have a real “own” office implies to be able to live in community. The co-working space has a good potential of growth because there is a real demand. But, first of all, that is a choice made by the entrepreneurs to follow this way of working. THREATS:
- 6. FREESTANDING CUBICLES FREE PASS DAYS This one is intended to provide nonmembers get a taste of what our coworking space has to offer. This is the best way to induce them into becoming paid members. We will offer a limited number of free passes every quarter to the nonmembers and show them what it is like to work in a cosy environment with some coffee, meeting space and a personalised introduction to the working community. Freestanding cubicles can be placed where they are needed and reconfigured as necessary. They can be set up as a way to create larger spaces where workers can collaborate or they can be smaller and only accommodate one workspace. Blending a glass freestanding partition with a more standard cubicle set up can give workers the best of both worlds in their coworking space. These cubicles can also help with social distancing and giving people their own space to work without fear of germs. DEVELOP CREATIVITY & INNOVATION IN THOUGHT AND ACTION
- 7. LIVE MUSIC We will throw a launch party if one of the coworkers just came up with an album, a website, a product or any successful launch. This will provide our coworkers to get involved in one the anothers success and increase the sense of community work. Music can heal! We will provide our customers a dedicated spot in the space for performers to play music or just let the coworkers refresh their minds with the help of a soothing tune because music does everything from uplifting the mood to refreshing after a hectic working shift. LAUNCH PARTIES
- 8. TECH TALKS Creating a standalone breakout space gives people a private space to share ideas where they won’t be disturbed (or disturb anyone else). The great thing about creating a standalone breakout space is that it can be placed anywhere it is needed-even next to a putting green with a stuffed bear audience. HAPPY HOURS We will Combine happy hours with games, food and even video game sessions. Happy hours will be nothing new, but the innovation has no limits. We will try to get involved with our local developers community. This will help the developers share their new ideas and promote innovation. STANDALONEBREAKOUT SPACE
- 9. PANELDISCUSSIONS From NASA’s space app challenge to NGO initiatives in developing countries, Hackathons seems to be the latest trend. And not all Hackathons are created equally. A combination of diversity, authenticity, expert collaboration and fun; well-organized Hackathons are like parties and can help our coworking space gain exposure and popularity. We will invite the community and the members of our coworking space at large and organise discussions on hot topics like how to maintain productivity while working remotely or how to get financing, etc. This helps create a sense of collective well-being as these topics remain a standard feature across businesses. HACKATHONS
- 10. DISPLAYING THE VALUES CREATIVELIGHTING MAKING THINGS MOVEABLE When people become glued to a particular place, their perspective stays glued, too. Put things on wheels, or having rotating desks allows people to meet new coworkers and invites collaboration. And don’t sit next to someone who does the same thing as you—if you’re an engineer, sit next to a designer. Physical silos are real. Placed all around the Space 4 you office are key phrases projected in neon lights. Next to our hot desk it will be "Talk Less, Do More"; in our meeting room it will be "Make Others Successful"; next to the door before you exit it’s "Take Responsibility". These signs serve as a daily reminder of what we all believe in. One of the most important aspects of any work environment is adequate lighting. In a coworking environment, we will ensure that every workspace has dedicated lighting.
- 11. A VARIETY OF STORAGEOPTIONS Some workers will want to have locking storage Lighting can even serve as a way to designate workspaces, whether at a long table or on individual couches or other seating areas. available for things they don’t want to cart back and forth each day. A setup of lockers works nicely as they can provide their own lock and use one when they need it. Other options include individual workspaces that people can rent out on a monthly or weekly basis that includes private locking storage, or you can choose an unconventional method with lockable medical file cabinets.
- 12. The growth of co-working spaces is great in India. India as a developing nation has taken to the concept of utilizing co-working spaces very well. The old-school thought process of working from office cubicles is now being shattered with the introduction of the new and more creative concept of co-working that allows working professionals to be flexible and give them the room to express their creativity. The amenities offered by the co-working spaces have helped businesses blossom from all corners of the country especially during the pandemic. Therefore, it goes without saying that the trend and culture of co-working spaces is here to stay and will govern the future of the corporate sector. The future of these co-working spaces primarily in India is great and it is going to see an upward rise in the graph of growth with years to follow. Also, as per a recent study conducted, the share of Co-Working spaces within total office spaces presently stands at 3% which is estimated to increase to 4.2% by 2023. In terms of total square feet expansion, the Co-Working space industry is expected to grow by another 50 million square feet by the end of 2023. These figures clearly indicate that working professionals are keen on working from Co-Working spaces as they have been exposed to an ambience and work culture that keeps them motivated and increases their overall efficiency. It is expected that with more awareness and better knowledge, the demand for Co- Working spaces is going to increase. These spaces are very convenient for every employee regardless of their industrial origins. Therefore, this concept will experience a rise in demand in the future. This is one of the biggest future trends that is expected for these spaces. Work from home has become a productive concept due to these COVID times as employees worked with more freedom and flexibility without compromising on their professional responsibilities. It allowed companies to save finances and cut down costs in terms of fixed office expenses as employees responded well to the work-from-home and operated from Co-Working space format. FEASIBILITY OF THE BUSINESS PLAN:
- 13. Due to this, businesses have started investing in these spaces and it is expected that it will increase in the coming future. This is where businesses are also benefited. Therefore, the investment in these spaces will rise. Therefore, it can be safely stated that the Co-Working culture will drive the future of the corporate realm and is an idea that is here to stay.