Becoming a successful entrepreneur is easier if you have a certain skillset which includes passion, drive, and innovativeness. Thinking outside the box is crucial, because there’s nothing new under the sun (unless you happen to be an entrepreneur). Why compete in the market when you can build your own industry, providing consumers with something they need or want but never had before? That was attorney Mark Bogen’s thoughts when he started thinking about just how costly and challenging putting on a Las Vegas show is.
How did a lawyer from Boca Raton Florida go from practicing law to producing a highly rated sports show at a major Las Vegas hotel in the 1990s? It was all about delivering something brand new to Sin City’s offerings. Now as the face of the American Organization of Professional Athletes, Bogen is getting ready to launch a program connecting millions of sports fans around the country and giving them a space to interact with legends, meet and mingle with each other, and of course engage in their sport of choice.
Filling a void
No matter what direction you go with a startup or small business, sheer love, experience and knowledge are critical. Bogen says, “We have devised a sports marketing program allowing customers of any company to interact with legendary athletes at no cost to the company.” “Free” is a very appealing word and ties in with the money troubles many people face today. For Bogen, he made this work by working with credit card companies and airlines to secure partnership.
Pinpoint a new way for your future customers to fulfill a need. Generally, airlines miles and credit card points are a company liability, and when they’re redeemed it’s usually a loss for everyone except the person with the points. However, Bogen realized how to design a program that gives consumers something they want without costing the credit cards or airlines anything. This gave him leverage to create a symbiotic relationship for all (himself included).
The luxury appeal
If an entrepreneur can find a way to give an average consumer a luxury experience, such as meeting a famous athlete, they’ve secured the ultimate selling point. Before Bogen’s latest endeavor, you’d have to spend at least $5,000 and probably much more just to go to a fantasy camp. Meeting a legend may involve waiting in line for hours for nothing more than an autograph scrawl. According to Steve Garvey, a former professional All-Star for the LA Dodgers, “We believe this program will give sports fans the unique opportunity” to meet their idols.
Not all entrepreneurs have a sports background, but everyone has some insider knowledge to bolster their startup. If you have a background in high-end retail, you’ve probably done some great networking and know exactly what kind of goods customers with money to spend want. Use this to your advantage, tap into those old connections, keep up with networking and find a way to deliver something brand new. Bogen’s idea to let customers trade in points means zero cost for the company and the customer gets to attend an event with a favorite athlete, which means everyone wins.
From Forbes
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