Sports Entrepreneurship

Assignment Task

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1. Given that many entrepreneurs don’t or won’t have access to extensive financial resources, they may have to rely on funding their own initiatives or even relying on the bank of mum and dad’ or other family and friends. American multi-billionaire Examples of companies that started using the bootstrapping method include.

2. Bootcamp-style outdoor obstacle race Tough Mudder was also, rather aptly, bootstrapped. Co-founders Will Dean and Guy Livingstone cleared out Dean’s savings and spent on a website.

3. In its simplest definition, bootstrapping is where an organisation is built up with a founder’s personal savings and relies on revenues it generates itself or personal lines of credit in order to keep going. The term is thought to derive from the century notion of pulling oneself up by one's own bootstraps.

4. Include ’personal, intangible and opportunistic mechanisms to enhance entrepreneurs’ ability to use and extract value from resources without necessarily gaining ownership of the resource at hand. These methods collectively reduce the need for outside finance, improve cash flow and enable entrepreneurs to operate their businesses in a resourceful and creative manner’. This is an important area that we discussed in the previous topic – i.e. the entrepreneur’s ability to achieve competitive advantage through creatively utilising and leveraging resources at their disposal.

5. Their belief is that too many individuals, when starting with a pile of cash, waste it on things they don’t need – an office, a secretary, expensive computer equipment, and so on. On the other hand, having a small amount of start-up cash teaches frugality and efficiency. Simply put success in business is usually based on people that can’t make money without money usually won’t make money with money. According to successful business practitioners, mind power, diligence, and passion are far more influential.Bootstrapping is a good tactic for an entrepreneur given that it keeps a start-up ‘lean’, responsive and agile at a time when it can be tempting to blow whatever cash the entrepreneur may have on (as Scott touched upon) hiring lots of staff, fancy offices, over-priced equipment or sending themselves and any hires on expensive training courses.

6. As mentioned in a previous topic, I once worked for a sports industry start-up which went on a resources spending spree, burning through lots of external financing that it received, before even worrying about its business model and where revenue was going to come from. Subsequently, most people hired at the start were made redundant a year later, although the carpets and furnishings that remained were a triumph. I also preferred to utilise a home office for my research company ArkSports in order to keep costs down and instead made use of resources offered by a business member’s club for senior executives. This was contrary to my business partner’s desire to splash out on offices in central London from day one.

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