3 successful sports entrepreneurs and what we can learn from them
With a worldwide value of almost $500 billion, the sports industry continues to grow rapidly; with exciting new events in the horizon such as Tokyo Olympics Games, Football Euro 2021 or the New York Marathon's 50th anniversary. Due to this incredible value and growth, there are countless entrepreneurial opportunities in the world of sports, including new business models in the sector such as the franchise.
To those with no experience in business, it may seem intimidating and impossible to become a sports entrepreneur. However, we can look at famous examples of people who have made a living and become successful in the sports industry.
Here you have three good examples of successful sports entrepreneurs:
If you don’t know his name, you definitely know his brand. Knight created Nike directly out of university. He started by selling Japanese shoes and, not much later, he was managing a billion-dollar brand. Despite we can’t all expect to own a world-leading brand such as Nike, a key lesson to learn from Knight is how his passion for a brand could connect with customers, leading to success.
Knight explains how he was horrible in previous sales jobs, but amazing at selling his shoes; this is because he believed in sport and what he was doing would help the world be a better place. This is a mindset we share at Sportmadness; by connecting sports entrepreneurs we can spark a change in the world, changing the game forever.
Mark Cuban is an American entrepreneur most well known for being the owner of the Dallas Mavericks, as well as multiple appearances on TV, making himself a brand. Cuban’s main lesson is to always persevere with an entrepreneurial mindset, even if you fail. He got fired as a bartender, cook, and salesman; however he continued to believe in himself and founded his own company. He is now worth billions and has business across the sport and entertainment industries.
Going from selling baseball cards on the street to owning billion dollar companies has given to Mark Cuban great insights about how to succeed in business. Another advice he usually gives is to "do your homework". By being an expert in your industry, you can find opportunities that everyone else has missed, and will be more trusted by your customers. If you do not have this knowledge, there is always time to learn; the Sportmadness model offers a great solution to this for example, providing sports entrepreneurs with the knowledge of years of activity.
With over 300 appearances for FC Barcelona, Gerard Pique has more than enough money to retire and never work again. Despite this, he has the mindset of a true sports entrepreneur: he launched his own sports investment group, with a huge participation across the sports industry, including tennis and football.
What makes Piqué a great example is his diversification of business opportunities. Moreover his stakes in Davis Cup and Spanish football, Pique is involved in companies of film production, sunglasses, food, and more. This range of interests is a great example to future entrepreneurs and can be seen in the Sportmadness model: operating in events, camps, and academies. This is a great way to generate as much revenue as possible, rather than focusing on one only service.
Gerard Piqué, Kosmos' Founder and President, and Dave Haggerty, President of the International Tennis Federation.
While the experiences of these successful sports entrepreneurs may seem unachievable, a great amount of knowledge and lessons can be learnt from them. Having passion, perseverance, and a diverse, entrepreneurial mindset can lead to success, no matter the size of your potential business. These qualities are exactly what Sportmadness look for in our potential franchisees; we give the knowledge, marketing, and technology needed to own your very own successful sport management business.