ReportWire

Tag: Sports Businesses

  • VP Exec’s Top Tips for Negotiating and Relationship-Building | Entrepreneur

    VP Exec’s Top Tips for Negotiating and Relationship-Building | Entrepreneur

    [ad_1]

    Karen Brodkin, co-head of William Morris Endeavor (WME) Sports and executive vice president at Endeavor, oversees the representation of some of the biggest names in sports, spanning the NFL, NBA, MLB, tennis, golf, soccer, Olympic and action sports, and more. She’s closed hundreds of deals with partners across every distribution platform over the course of her 20-plus-year career.

    Image Credit: Courtesy of WME Sports. Karen Brodkin.

    However, Brodkin’s path to her current position “wasn’t a straight line,” she tells Entrepreneur, but “a winding road.”

    Related: I’ve Negotiated High-Pressure, Multi-Million-Dollar Deals for Artists Like Bruno Mars and Enrique Iglesias — Here’s the Strategy That Always Helps Me Win

    Brodkin spent five years as an entertainment attorney at two Los Angeles-based firms before she joined FOX Sports Media Group, where she oversaw deals with the NFL, MLB, NBA, NASCAR and more as executive vice president of business and legal affairs.

    “When you push away from the table, both sides have to feel [that] they got enough.”

    Needless to say, Brodkin has learned a lot about the art of negotiation over the years — and has some time-tested tips for success.

    First, do your homework before the meeting. “When we are working with the client, whether it’s with the incumbent partner or when we’re going to market, we always come in prepared,” Brodkin says.

    Next, prioritize what you want to get out of the negotiation — and don’t forget to leave space for give and take. “I always say, ‘When you push away from the table, both sides have to feel [that] they got enough that they feel good about the deal,’” Brodkin explains.

    Related: The Art of Negotiation is Misunderstood. Here Are Some Lesser-Known Tactics I Use to Win.

    That also means leaving a “win at all costs mentality behind,” according to Brodkin.

    “We work with our clients to figure out what’s most important,” she adds. “And then you have to get into a back and forth with the other side where you have to be transparent: ‘This is what we really need. Tell me what you really need.’”

    Finally, don’t underestimate the power of building strong relationships.

    “I want to have a relationship with the other side of the table that was born before we were in the middle of this deal, where there’s trust, respect, transparency and, in the best case scenario, a friendship,” Brodkin says. “Sports is a relationship business. Some of these people have been in the business as long as I have, and they’re not going anywhere.”

    Related: How to Build and Sustain Deep, Meaningful Business Relationships (and Why It’s the Key to Long-Lasting Success)

    “I wake up in the morning thinking about the WME Sports business unit, and I go to bed thinking about it.”

    A commitment to fostering positive relationships also extends to Brodkin’s own team at WME Sports.

    “I think about [how to manage my team effectively] every bit as much as I do about the dealmaking side,” Brodkin says. “I’m not looking for kudos. I have no judgment for how anybody else at this company or other companies leads. That’s what works for me: I wake up in the morning thinking about the WME Sports business unit, and I go to bed thinking about it.”

    Brodkin strives to be an honest, accessible leader who isn’t afraid of hard conversations, keeps empathy at the fore and gets to know people on a personal level. She also aims to empower the members of her team.

    Related: Stop Lying to Your Team — And Yourself. Try Radical Honesty Instead.

    “I don’t try to micromanage,” Brodkin explains. “I just want them to know that I’m there to be their sounding board, their safety net, the person that advocates for what they need or for them personally. But I’m never going to know as much as they know about their business.”

    “We’re definitely open for business if other people want to hop on board.”

    Brodkin says she’s proud of the culture she’s helped build at WME Sports—and some days, she even feels “like the chief culture officer of WME Sports.” She notes that a strong culture benefits not only employees but also clients.

    Brodkin looks forward to expanding the WME Sports brand and seeing the organization’s young team members succeed.

    “We have an unbelievable bench of young agents,” Brodkin says. “We’re definitely open for business if other people want to hop on board. I’m excited about where we are and excited about where we’re going. I’m not done yet. We’re not done yet.”

    [ad_2]

    Amanda Breen

    Source link

  • How Global Digitization is Transforming Sports

    How Global Digitization is Transforming Sports

    [ad_1]

    Opinions expressed by Entrepreneur contributors are their own.

    Web2, Web3 and AI have allowed sports to move into a more digital space, and now they are completely changing how fans, athletes and coaches enjoy it.

    While the industry was already on a path toward more sophisticated tech, the isolation of the pandemic accelerated the need for better data collection and analysis tools for athletes and coaches. Now, sports tech has evolved far beyond simple wearables, utilizing artificial intelligence and machine learning (ML) for newer, better ways to play, practice and enjoy sports.

    Enter the metaverse: from practice to gameday, we’ll be playing online

    We can divide sports into four main categories: learn, play, watch and wear.

    Traditionally, learning comes from either one-on-one training sessions with a coach, mentor or instructor or through team practices. Those who don’t have access to teams or pickup games often hone their skills at home or in a community center gym, using whatever tools they have available.

    Playing encompasses everything from casual pickup games with neighborhood friends to amateur and professional leagues. The “watch” and “wear” categories apply to athletes and fans. Here, we’re talking about going to sporting events, watching live streams, playing in fantasy leagues, wearing team jerseys and purchasing sports equipment.

    Related: 8 Industries Being Disrupted by Virtual Reality

    In all four categories, a massive shift toward digitization is happening thanks to AR and VR technology, plus the growing popularity of AI and Web3.

    Now, athletes can train better with AI coaches. Apps like Level Up utilize ChatGPT to create helpful, accessible AI coaching, and artificial intelligence analytics tools like Athlete’s AI provide better performance analysis for more effective training.

    In addition, the evolution and growth of the metaverse are opening up new possibilities for a global athletic community that can play and compete together from anywhere in the world. It is also paving the way for brand-new sporting event experiences like future metaverse broadcasts, AR minigames in-stadium and, hopefully, immersive 3D viewing packages.

    Related: Why Apple is Primed to Take a Bite Out of Live Sports

    Better AI means better athletes

    Professional coaches and leagues have been using AI and ML to assist with training for years. However, the broader availability of AI tech means that amateur athletes and school-level coaches and trainers can leverage this technology to sharpen their practices and analyze player performance data even more effectively.

    In particular, augmented reality is an exciting new tool from which athletes can benefit considerably. For example, the ability to overlay objects (such as computer-generated players) onto a real-world court or field can help players who have to train alone.

    Other AR applications allow data to be incorporated into a real-world environment or pre-recorded videos so players and trainers can better understand play styles, movement patterns and potential mistakes in real time.

    For amateur leagues and coaches, VR and AR overlays can be used to study opposing teams’ footage to plan better defensive strategies before game day.

    Related: How Big-Name Sneaker Brands Are Racing Into the Metaverse

    Global digitization means global competition for amateur players

    In today’s world, younger generations have all grown up with smartphones and sophisticated technology since before they could walk. This means they are totally connected to the internet, and things like social validation and “leveling up” are essential parts of their lives.

    Rather than trying to change this, the digital shift helps society lean into these near-universal traits. Now, apps and communities exist globally so that people anywhere in the world can connect by playing or watching their favorite sports.

    Athletes can make progress posts or participate in competitive leaderboards and receive likes, comments and validation from other athletes. Fans can participate in group watch parties or live streams no matter where they live.

    This level of social validation is a critical component of the growth and evolution of the global sports community.

    Sports fans are also a vital part of the industry, and AR is already transforming how fans engage with their favorite sports. Most significant sports broadcasts are already embedding 3D graphics and using real-time AR overlays to provide better commentary and game analysis.

    Finally, fantasy sports have gained major traction recently, especially during the lockdown. Fantasy sports apps have already begun incorporating augmented reality to create more exciting experiences. The most popular company for this is AR Sports, which has a patented interactive experience reminiscent of other games like Pokemon Go.

    Related: Qatar-Based Sponix Tech Is Transforming How People Engage With Largescale Sporting Events

    Digital transformation helps sports tech unlock new and exciting achievements

    Web3 may still be in its earliest stages of development, but it is already expanding our minds and stretching the bounds of what we believed was possible.

    In sports tech, the uses for AI, ML and Web3 technologies like blockchain and the metaverse are nearly limitless. Whether you are an avid sports fan, an amateur player or a professional hopeful, team sports are becoming more digital and exciting than ever.

    [ad_2]

    Eugene Lisovskiy

    Source link

  • What to Do With Aaron Judge’s 62nd Home Run Ball

    What to Do With Aaron Judge’s 62nd Home Run Ball

    [ad_1]

    Opinions expressed by Entrepreneur contributors are their own.

    All hail the Judge! Yankees slugger Aaron Judge made baseball history on October 4, 2022, when he knocked his 62nd ball out of the park this season. This breaks the tie with Roger Maris for the American League single-season home run record.

    Judge’s 61st home run ball was fumbled by fans and eventually ended up in the Blue Jays bullpen. From there, it was picked up by a coach for the Blue Jays and subsequently returned to the Yankees.

    Had this ball been caught by a fan, experts estimate that this piece of history could have garnered more than $250,000 at auction.

    As you might imagine, Judge’s 62nd ball, which broke Maris’ record, could potentially be sold for millions.

    In this article, I’ll take a look at Aaron Judge, then outline how the lucky fan who caught his record-breaking ball could turn this windfall into an entrepreneurial opportunity.

    Who is Aaron Judge?

    Judge was raised by his adoptive parents in Linden, California, where he developed an early love for athletics.

    Growing up, he possessed an impressive frame, which he put to use in three sports (baseball, football and basketball) throughout high school. Eventually, he settled on baseball and went on to play at Fresno State.

    In 2013, Judge moved to the minor leagues, where he quickly impressed teammates, major league scouts and his opposing players. In 2016 he joined the Yankees in the big league.

    In his first game and his very first professional at-bat, he hit a home run. This was the first of many, which led to him breaking one of the most impressive records in baseball.

    Sports memorabilia throughout history

    Some people may question why Judge’s home run ball is such a big deal. How can one little baseball possibly be sold for so much money?

    Sports memorabilia has always been an important part of sports history, and collectors are willing to pay the big bucks to procure their favorite pieces of said history. Items previously owned or used by Michael Jordan, Muhammad Ali and others are valued in the millions.

    Related: This Baseball Card Just Sold for an Insane Amount of Money

    How to turn sports memorabilia into an entrepreneurial pursuit

    Some entrepreneurs pursue expensive sports memorabilia because they see it as a way to turn a lot of money into even more money. For example, a collector could sell their valuable sports items to the right buyer and then use that money to pay off their house, invest in stocks or otherwise maximize the value of their earnings.

    An entrepreneurially minded sports fan could sell the ball and leverage those earnings into an enormous payday.

    Let’s take a look at some entrepreneurial opportunities that could arise for that lucky fan who caught the home run ball.

    Purchasing property

    Throughout history, property has always equated to power. If you own property, you are generally in a good position in today’s day and age. You can rent these properties out, sell them to someone else for a profit or keep them as assets, allowing them to grow in value over time.

    Those who have invested in property often enjoy significant profits. These individuals allow their money to work for them, instead of chasing after money themselves.

    Investing in the stock market

    How the stock market is doing is generally a good indicator of how the overall economy is doing. It’s certainly seen better days than it is now, but investing in index funds or other generally reliable stocks can lead to a payday down the road. Use sound investing strategies that will leave you in a good financial position in the long run.

    Paying off debt

    Throughout our entire lives, we always have to balance our debt-to-income ratio. This value is what many lenders will look at when deciding on whether or not to give us a loan, and it’s also a good overall indicator of how well a person is doing financially.

    Although making more money can help to improve this ratio, one of the best ways to improve it is to simply pay off debts. The person who caught Judge’s 62nd homer could likely pay off most — if not all — their debts by selling the ball.

    Looking at the world through an entrepreneurial lens

    Entrepreneurs always look at the world from a very specific viewpoint. Specifically, entrepreneurs are constantly on the lookout for the next big thing and how they can be involved in it.

    By spotting trends early, taking risks and using whatever resources they have, entrepreneurs truly make themselves stand out amongst the masses.

    Judge’s 60th and 61st home run balls are a piece of baseball history. The 60th ball was willingly given back to the Yankees by the fan who caught it. The other took an unfortunate bounce and ended up in the Blue Jay’s bullpen, after which it was returned to the Yankees.

    Although it’s admirable that these folks decided to give these pieces of memorabilia back to the Yankees (and Judge specifically), there is nothing wrong with treating said home run balls as the potential investment opportunities they represent.

    Aaron Judge would probably love to have these balls in his collection, enabling him to reflect on his career and the impact he had on the sport. However, if he doesn’t get them back, he’ll be just fine.

    If you catch a significant ball like this, you shouldn’t feel any pressure to give it back. It’s perfectly reasonable for you to keep the ball, cherish it, display it, sell it or do whatever you want with it!

    Never feel bad about trying to improve your lot in life by viewing these opportunities through the lens of an entrepreneur. And if you do end up catching one of these balls in question, make sure you keep it safe from anyone trying to nab it from you.

    [ad_2]

    Christian Massa

    Source link