For my genius hour I would like to
design a business plan for the medium between high school and the professional
ranks for aspiring athletes. To do this I would have to apply my current
knowledge of business as well as greatly expanding my knowledge of business
along the way. I think constructing a business plan would be a very rewarding
but also challenging task.
What inspired me to partake on this
path was two of my biggest passions in life, which are sports and business. I
am an avid follower of both collegiate and high school sports league and
business has long been one of my passions. Despite being a big fan of
collegiate sports, I have never been an advocate of the way the NCAA operates.
And from recent controversies, most significantly the Ed O’Bannon trial, it
sounds like there is a general support among the public. A long idea of mine
has been that a league needs to eventually be created that would offer more
autonomy (just like genius hour) to athletes. Creating a business plan would be
the first step to making this potential business idea a reality. And even
though it’s not feasible for a 15 year old to create this league in the span of
six weeks, a business plan would be a great starting point and learning
experience.
My final goal for this project
would be to post a comprehensive business plan onto a site intended for
entrepreneurs. A potential site would be Crowdfunder.com, which connects
entrepreneurs to experienced investors. However, there are downsides, and
Crowdfunder requires you to pay a small fee in order to market your idea, so I
will continue to scour the web. The business plan would be a complicated and
intricate process, involving many steps along the way. My current skills are
inadequate to create this task, so for the next six weeks I will be immersing
myself in the business field. One of the primary goals would be to complete
revenue and expense projections. To complete this I will have to study the
economic structures of professional and semi-professional leagues. When posting
on Crowdfunder I would also include an informative video on my Crowdfunder page
describing my idea.
There would be many factors to
consider and it would easily fill 6 weeks, as mot business plans take year. I
would go through it in a step by step process, with each week having a specific
goal and purpose. For example Week 1 my goal would be to finalize each
component I would need. In the second week I would spend that time researching
semi-professional leagues and their economic structure. By week 3 I would hope
to finalize revenue and expense projections. By week 4 I would hope to have a
video explaining the my project. On week 5 I would have my final culmination,
which would be to post my business plan on Crowdfunder. Measuring my goals
would be fairly straightforward, as most of them would either be “Yes” I
completed the task buy the deadline or “No” I didn’t. However, I don’t foresee
any major complications and I believe that all of my goals are fairly
realistic.
Until next time:
For the next few days I will be
deciding on the components of my business plan and most likely completing some
of the rudimentary parts. This source http://www.forbes.com/sites/davelavinsky/2013/12/03/business-plan-outline-23-point-checklist-for-success/ looks to be extremely
helpful and informative. I will also utilize several sample business plans, as
I can view several of them on crowdfunder or kickstarter.
Definitely an interesting idea, as it would have profound effects on the sports world. There is nothing of the sort that I know of, and it makes sense in all honesty. The leagues that they do have get no publicity, making there be no point to join them for any other reason besides for fun. There are also sites like Indiegogo and Kickstarter that have the same idea except the people are the ones who give you the money, you may be able to list the idea on there. I do not know if there is a fee though so keep that in mind. Remember if the idea becomes big, give people an incentive to invest/give their money to you. Especially on sites like Kickstarter and Indiegogo
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