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Personal Statement

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What knowledge do you possess that can contribute to serving a market need?
The knowledge that I possess when entering a new industry is possibly the required technical skills in my engineering bachelor’s degree. Even then, industries in software, entertainment, IT, medical devices, and other high tech is very knowledge intensive. Before I enter a new industry, I need to know the importance of human expertise as well influences of money, location, and relationships on my startup’s success within that industry. I have an interest in the sport apparel industry and I believe that I can work and combine engineering and sport together. I believe that this industry has a high knowledge conditions and that mean it is hard to enter and have a medium …show more content…

Green, to maximize the chances for success, I need to be an early entrant. It is far easier to attract new customers when there aren’t existing market leaders in the space. The new product should be able to do things that the products on the market can’t do. For example, back when Apple and Samsung, and other major smartphone designers were young and just a startup, then it would be easy to join the industry and try to compete with them. Now the stage of development for this industry has been in a long process already, this would make new entrants harder to join and compete. There are five stages of a business. I understand that as my startup grows and develop, I have to make sure that the objectives, strategies, and priorities are in the right direction. Starting with stage 1, it is the seed and development. At this stage if I can, I should try to get advice and opinion from all possible sources as to the potential of my business idea. Stage 2 is making the idea official and launch the startup. Stage 3: the business should now be generating a consistent source of income. Stage 4: Expansion of the startup. Broadening my horizons with expanded offerings and entry into new layout. Lastly is stage 5: Maturity and possible exit (Petch, N.). I believe the sporting goods/apparel is a mature industry. Businesses have been selling sporting goods in many place for quite a while

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The sporting goods industry has a long history from the mid- 1800s until the early 1980s. Since then public ownership led to the expansion of footwear and apparel products in an exploding marketplace. This allowed the top 20 firms to have sales of at least $1 billion. (Lipsey, 2006) After 1980s, sports equipment manufacturing is estimated above a $70 billion industry and is continuously growing worldwide (statista.com, 2014). The production of sports equipment is one of the biggest and most profitable industries nowadays and it gathers all the attention of big brands with powerful marketing techniques which compete in global scale.

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As clothing is a staple product there is always a demand for it. Being more specific and looking at sports apparel on its own, the demand for it is expected to grow, as worldwide interest in sport continues to rise. In the past seven years “sports apparel and footwear sales have jumped 42% to $270 billion” (Stanley, 2015) and a report, Global Athletic Wear: Very Bullish Five-Year Outlook by Morgan Stanley Research, indicates that the prospects for growth are only getting stronger (Stanley, 2015). The report shows that the global health and fitness trend among adults and the push to increase sports participation for youths is going to increase sales. Therefore, this threat is low as it appears that there will be demand for this industry for some

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