Innovation and Entrepreneurship: Ready Sports Equipments Business Plan

This assignment presents a detailed business plan for Ready Sports Equipments, a company focused on innovation and entrepreneurship in the sports equipment industry. The plan outlines the company's vision to improve and motivate individuals, aiming to become a $50 million company within three years. The mission is to help people 'dream like an athlete', with goals including brand appreciation, serving athletes, and achieving profitability. Strategic plans involve community events, family support programs, and market leadership. The action plan includes website upgrades, supplier negotiations, product line expansion, employee training, and sponsorships. The plan also includes analyses using Porter's 5 Forces, PESTLE (Political, Economic, Social, Technological, Legal, Environmental) analysis, and SWOT (Strengths, Weaknesses, Opportunities, Threats) analysis, providing a comprehensive overview of the business's internal and external environments.

Running head: INNOVATION AND ENTREPRENUERSHIP
Innovation and Entrepreneurship
Name of Student
Student ID
Author’s Note

1
INNOVATION AND ENTREPRENUERSHIP
Table of Contents
Business Plan: Ready Sports Equipments:......................................................................................2
Vision:..........................................................................................................................................2
Mission:.......................................................................................................................................2
Goals:...........................................................................................................................................2
Strategic Plans:............................................................................................................................2
Action Plan:.................................................................................................................................2
1. Porter’s 5 Forces:.........................................................................................................................4
2. PESTLE Analysis:.......................................................................................................................5
3. SWOT..........................................................................................................................................6
Reference:........................................................................................................................................7

2
INNOVATION AND ENTREPRENUERSHIP
Business Plan: Ready Sports Equipments:
Vision:
Ready Sports Equipments would look to bring in improvement and motivation in every
human being. Within the next 3 years the company focuses on growing into a $50 million
company in Singapore and other adjoining areas. This sports equipments manufacturer would
offer all sorts of sporting apparatus to both athletes and non-athletes.
Mission:
Ready Sports Equipments: Helping people to dream like an athlete.
Goals:
The primary goals would be:
a. Brand appreciation. Ready Sports Equipments would be an identified sporting goods and
fitness equipment manufacturer in Singapore.
b. It looks to serve the younger athletes, para-athletes and runners.
c. To be operating at a profitable rate by the end of the first annual year of business
d. Attaining a 15 per cent expansion rate in sales from the first year to second year, and
maintaining no less than 10.5 per cent growth velocity subsequently.
Strategic Plans:
a. Increasing efficiency in community events.
b. It would try and focus on ‘programs’ supporting families, youth development and women
education.
c. Manufacturing sports equipments that would help the disability people a great deal.
d. To increase the share in the market to be the leader in the market.
e. Its initial brand ‘Reefil’ looks to become the training and fitness brad for casual and active
sports.
f. Expanding Ready Sports Style in the business of first fashion with Boost brand.
Action Plan:
a. Upgrading the website to being more user-friendly than professional, offering incentives and
promotions in attracting customers to the site on regular basis.
b. Negotiating best possible agreements with the key suppliers facilitating us in improving the
hold down costs, margins, and inventory turnover.

3
INNOVATION AND ENTREPRENUERSHIP
c. Expansion of the product line within 2018 March by providing equipments for additional
sports that is in demand during the slower seasons.
d. Training the employees on the features of the products and the ways of providing customer
support and family-oriented sales.
e. Sponsoring Singapore Marathon in 2018 January and bringing in the Paralympics of Singapore
in the mainstream.

4
INNOVATION AND ENTREPRENUERSHIP
1. Porter’s 5 Forces:
Threat of new
entrants (Low):
Rivalry among
existing
competitors
(High):
Threat of
Substitutes
(Weak):
Bargaining Power
of Suppliers
(High):
Bargaining power
of Buyers (High):
-Requirement of
larger amount of
capital for building
chain of stores
- Most of the
favorable locations
are already being
occupied.
-Brand
differentiation
-High fixed costs
-Countless number
of athletic
equipments
companies are
present
-Moderate growth
of market
-Increased options
of buying, value-
added service and
digital distribution
intensifies the
competition (.
Dobbs, 2014).
-Recession and dip
in spending of
consumers
witnessed the
growth rate of
industry dipping
negative.
-Threat of
innovative
products exist,
however it is
difficult in
successfully
creating substitute
products.
-Manufacturers are
realizing systems
and solutions for
facilitating them in
selling directly to
retailers
-Intense
competition
among the
suppliers helps in
product
differentiation and
avoiding the
shortcomings of
purchasing same
materials at much
lower volume
-Presence of
numerous buyers
along with being
fragmented
-Customers are
moving online
having more
options
-Wider range of
choices
-Brand recognition
is important in this
field

5
INNOVATION AND ENTREPRENUERSHIP

6
INNOVATION AND ENTREPRENUERSHIP
2. PESTLE Analysis:
Political Factors:
-Regulations that are surrounding the sports
equipments industry
-Laws related to employment
-Regulations of local authority
Economic Factors:
-Materials price
-Likely changes affecting the economic
environment
-Tax rules
Social Factors:
-Population becoming interested in sports
-Increasing number of people who wants to stay fit
and indulge themselves on sports
Technological Factors:
-Increasing in the factor of online shopping
-Need for proper website containing valuable
information
Legal Factors:
-Need for obligatory permits and inspections
-Laboratory testing required for the sports products
being arranged by producer (Eva et al., 2014)
Environmental Factors:
-Elements like changes in climate, weather and
natural disaster are being considered
-Company should ensure the product is safe for use
in regular life.

7
INNOVATION AND ENTREPRENUERSHIP
3. SWOT
Strengths Weaknesses
-Good quality sports equipments with
reasonable price would hold us in good state
- The store location should be such which would
be positioned in an area easily available from all
the corners of Singapore (Cosenz & Noto,
2017).
- In the initial stage the sports equipments
store would be introducing a few of the items
from its probable product line. The limited
sports goods item can serve as a weakness.
- Lack of proper experience: This sports
equipment company is in its start-up phase
where the odds are generally against it. Stiff
competition from other local players expected
(Brooks, Heffner & Henderson, 2014).
Opportunities Threats
-Expanding the product line in future
-Using of the technology
Sports equipment industry is expanding at
rapid pace and the demand for good product
is a never ending process.
-War of prices
-Competition
-Substitute products