The basis of this entrepreneurship paper is to provide sufficient strategies and action for the introduction of the specified new entrant in the fantasy sports industry and also to establish the fantasy team as a successful entrant, not just a sub-standard or mediocre team.
The first plan of action is to develop substantial relationships and negotiations with the affiliates of the fantasy gaming industry as well as those of other participating leagues that would regularly participate in the fantasy league. Considering that fantasy league is based on a number of concepts such as knowledge of the game, relationships with others and an understanding of the sport overall, there is a large emphasis on the development of key relationships overall. Entrepreneurship is heavily based on the development of sufficient relationships in order to influence and convince others (Standen, 2015). By establishing relationships with league affiliates, players and teams, they can be convinced firstly that it is worth introducing a new entrant league and secondly, that they will be competitive and provide value for money through the effective choice of players and other entrants. Secondly, research can be conducted into the fantasy league industry in order to determine how the new competitive league can be introduced and what requirements need to be fulfilled within the certain period of time. By conducting this research, it can firstly be ascertained whether it is financially viable and what is required to adequately compete with other leagues that contain the best fantasy teams, affiliates and have that underlying knowledge of the league. For example, receiving insights into the league environment from fans, entrants, friends and other observers can certainly provide a basis for the development of a highly effective, competitive and profitable fantasy team within a desired fantasy league. Research can further be extended to other fantasy industries outside of the current, chosen tier in order to provide a more extensive and comprehensive analysis of competitive fantasy soccer (Entrepreneurship File).
Once this research has been completed, finances can be discussed and it can be decided which teams are most appropriate to include in the league to enter within the fantasy gaming world. In this circumstance, the research and decision making processes would be solely based on the Draft Kings Fantasy League with the expectation that the new league will be successful and highly competitive. Financial strategies can now be developed using the expertise of particular professionals as well as other members of the starting league as well as affiliate leagues (Standen, 2015). Finances need to be determined prior to picking teams and also establishing a number of more senior players and managers who can then make adequate decisions on behalf of the league with respect to businesses and operations worldwide.
Marketing is also an essential part of entrepreneurship and can be used in this situation to develop a firm basis for future development of the fantasy league particularly amongst its first few fans. By generating some publicity amongst fans and other competitive leagues including Draft Kings, capital can be generated for the league and a supporter’s base can also be established. Once financials and research are completed, marketing can further strengthen the basis of a league and its respective teams and also encourage more senior players and supporters to further establish the league and its finances for competition in the short and long term (Entrepreneurship File).
The development of trial matches and alliances with other teams in other competitions can provide the players of the respective fantasy teams and directors with potential opportunities for development and can raise capital for the league overall. Trial matches can also eventuate from the establishment of alliances with cross clubs and other affiliated clubs (Standen, 2015). Competition can also ensure that the fantasy league becomes further recognized across a number of different leagues and this can allow entry into different and a greater number of competitions. It broadens the reach and potential of the league overall.
Consolidation is also an important concept in relation to developing positive and beneficial firm actions on behalf of a new league entrant in the Fantasy sporting world. If a league is able to consolidate its teams, players, entrants and observers, it can maintain high levels of overall popularity and continue to retain some loyalty amongst fans. The longer the league lasts, the more interest it accrues from new entrants who have never joined a fantasy league (Kauffman, 2015). The league itself needs to be user friendly in order to establish a firm customer and support base. For example, a league within Fantasy American football needs to contain a unique characteristic such as teams that are slightly more competitive or perhaps use different strategies to inspire change and ultimately success. In the soccer fantasy sport industry, the leagues that thrive are those that contain a mixture of some of the world’s most famous soccer players and also encourage fun and competition between relatives, families and well known celebrities. There also needs to be some level of flexibility in allowing change amongst the teams participating in the league and again, this relates to the ability of the league to market its respective interests amongst its fans and also new teams and interested parties. Considering that there are millions of different leagues in the fantasy sporting domain, there needs to be one defining characteristic of the League that makes it attract more customers and hence teams than other pre-existing leagues. This is also challenging when considering that each sport has thousands of teams and is focused on one main goal (Kauffman, 2015).
Consistency of play and rules and regulations within the league are also important and relate closely to a number of ideals associated with entrepreneurship. If players believe that a league is fair, consistent and rewards success, than they are more likely to join it. However throughout the midst of heavy competition involving large amounts of money and other monetary rewards, these rules and regulations are often forgotten for the sake of winning (Standen, 2015). The crucial aspect of fantasy sport is adhering to rules and regulations and ensuring that every entrant is treated fairly without any bias. With regards to the proposed plan, the first major rule will be the display of ethics within the league and towards any new entrants, who will not be discriminated in comparison to other entrants.
In summarizing this entrepreneurship plan, by following these steps towards the establishment of a firm team basis and foundation, it can successfully enter a industry such as the UEFA Champions Fantasy Industry. Much of the success of the league relies heavily on the development of relationships and networking between managers, key personnel and other teams. Through proper planning and the development of strategy that can appeal to potential entrants and also pre-existing members of a fantasy world site, a league can successfully attract more players and further develop and consolidate its dominance within the industry. There is also a requirement for change that this new league needs to consider particularly by its more senior players and also managers.
- Kauffman. (2015). Entrepreneurship. The Kauffman Foundation, Retrieved from http://www.kauffman.org/what-we-do/entrepreneurship Accessed on 6th October 2015.
- Standen, D. (2015). Essential of Entrepreneurship: Thinking & Action. UCLA, Retrieved from https://www.coursera.org/learn/entrepreneurial-thinking Accessed on 27th September 2015.