What is an entrepreneur in the sports business?
The fast-growing sports business sector offers plenty of opportunities to anyone looking to set up their own venture: sports equipment, sports apps, event agencies, at-home coaching and more. The entrepreneur designs a product or service that meets an identified need in the sports market and builds a viable business model around that idea.
What does an entrepreneur do?
Before starting out, the entrepreneur carries out in-depth market research to validate the concept and identify the target audience. They then draw up a business plan, seek funding from investors or banks, set up the company's legal structure and steer its day-to-day growth: recruitment, communications, customer relations and financial management.
The essential qualities and skills of an entrepreneur
- Initiative
- Financial management
- Commercial strategy
- Project management
- Resilience in the face of failure
- Leadership
Salary and career prospects
An entrepreneur's earnings depend entirely on how successful their venture is, so they can vary enormously, with no guaranteed ceiling or floor. The first few months, or even the first few years, often bring modest income while the business finds its feet, before a comfortable salary becomes realistic once the business model turns a profit.
Which courses lead to a career as an entrepreneur?
There is no compulsory qualification for becoming an entrepreneur, but a three- to five-year degree from a business school or a sports management school provides the grounding in management, marketing and corporate strategy. Many founders are also supported by incubators that specialise in the sports business.
