Entrepreneurial Business Planning: Assignment
Added on 2021-04-21
13 Pages3680 Words25 Views
EntrepreneurshipData Science and Big Data
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Running head: ENTREPRENEURIAL BUSINESS PLANNING1Entrepreneurial Business PlanningStudent’s NameInstitutional Affiliation
ENTREPRENEURIAL BUSINESS PLANNING2Entrepreneurial Business PlanningEntrepreneurship is a crucial element in the world that has led to economic and social growth. It provides new employment opportunities and improves the economic standing of thecountry. It involves the application of creativity and innovation in business practices to produce different goods and services (Ratten, 2012).The sports industry is unique and dynamic, and it is also inherently entrepreneurial in different areas. Sports entrepreneurship is defined as any innovative activity in the context of sports whereby the majority of events that involve risk-taking and being proactive. Sports entrepreneurship is defined by Robson, Wijbenga &Parker (2009) as the mindset of organizations and people who actively engage in the process of pursuing opportunities that may exist in the sports field. It exists because entrepreneurial activities are in almost all sports organizations albeit invisible. Sports entrepreneurship is an emerging field where innovation iscritical because it involves mainly the maintenance and creation of new ventures (Rawhouser, Cummings & Newbert, 2017). It also involves decision-making activities, practices, and processes that lead to the development of markets, services, and products in the sports sector (Marvel, Davis & Sproul, 2014). Sports entrepreneurship thrives because entrepreneurship is a crucial component of ahealthy economy and thriving industry. Over the years, the sports industry has been growingextensively, and it is now worth about $600 billion across the globe (Maina, 2018). Eventhough the recent recession events adversely affected the sports sector, there are still manyopportunities in the industry. In the united states, the sports market has been valued at $400billion (Nová, 2015); (Ratten, 2010). Different factors have influenced the consumption ofsport. First, there has been a ‘sportification of the society.’ This refers to the changes that have
ENTREPRENEURIAL BUSINESS PLANNING3occurred in the social values and attitudes of the society as well as the economic and politicaloperations. Second, globalization has led to increased consumption of sports products.Another factor that has increased sports consumption is democratization. Finally,technological advances, economic development, implications for civic pride, and sports eventshave also led to an increase in sports consumption (Ratten, 2011). Organizations that are sports related usually create connections with differentstakeholders in and out of the sports industry and they also contribute to the national economy.The various stakeholders include consumers, competitors, the government, professionalathletes, and sports managers.The sports entrepreneurship industry is different from other consumer products andbusinesses in a myriad of ways. The sports sector uses symbolic elements such as the teamsand athletes. It is also special regarding its promotion methods, finance, marketing, and in itsproducts. Additionally, it has high levels of unpredictability and inconsistency. It also makesuse of the celebrity status of different professional athletes. Finally, the sector is characterizedby a long product life cycle which is depicted by fluctuating seasonal demand (Hemme et al.,2017). Social entrepreneurship just like the entrepreneurship within any given firm is a factorof both internal and external factors. The internal factors include organizational culture,strategies, structure, and the personality of the various leaders. Conversely, the external factorsinclude government relations, product and market cycle, industry globalization, and theenvironment. Sports entrepreneurship also follows the product life cycle just like any otherproduct. There is the introduction stage where different products and services are introducedinto the market, followed by the growth stage. In this stage, the sales revenue increases as the
ENTREPRENEURIAL BUSINESS PLANNING4venture gain market share. The firm then enters the maturity stage where the sales stagnate andfinally, it gets into the decline stage where sales revenues begin to go down. Since sportsentrepreneurship is continually changing, the steps move quickly, and hence there is a need forendless creativity and innovation to identify the next opportunities (Ratten & Babiak, 2010).Sports entrepreneurship is composed of different sports enterprises which may be involved inenvironmental, financial, and social issues. In general, entrepreneurship involves profit-seeking and the taking of risks. However,on top of these two elements, sports entrepreneurs are also motivated by other factors such asthe love of sports, egotism, and civic duty (Chih Ho, 2017). The individuals who carried outentrepreneurship in the sports field earlier on were trailblazers who were very innovative in abid to find new entertainment options that they could bring to the market. In so doing they hadto take massive risks and work to satisfy different needs that were unmet in the sports field. According to Ratten & Babiak (2010), innovation is the primary factor when it comesto sports entrepreneurship. Different sports entrepreneurs usually make use of promotionalinnovation, product innovation, and technological innovation techniques in a bid to remaincompetitive and satisfy the needs of their target market. There has also been innovation that isrelated to different sports equipment. Technological innovations that have been created in thesports field can be viewed in various areas such as in computer games and sports videos. In1992, there was a technology that was advanced in the sports entrepreneurship sector calledthe photo finish technology. In the recent past, technology has been used in the legitimizationof the secondary ticket market by different organizations such as StarHub (Chih Ho, 2017). Different sports organizations also pioneered innovative approaches to productpromotion. The primary tool that has been used in advertising is technology. The new media
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