It is easy to dismiss successful businesses owned or run by athletes as the result of their fame and fortune. They’re already famous and loaded, so any business they start can easily succeed on the market, right? Well, if you’ve been trading for a while, you know the market isn’t that easy to conquer, even when you have all the money and resources at your fingertips.
There are actually a lot of valuable business lessons we can all learn from athletes who became entrepreneurs; successful entrepreneurs, that is. We are going to discuss some of them in this article.
There are similarities between achieving success as an athlete and breaking into a market as an entrepreneur. You need several important traits in order to survive. These traits are athletes’ biggest capital when they first started their businesses.
I’m talking about determination, focus, and a good work ethic. There will be a lot of challenges to face as an entrepreneur, whether you’re a regular guy or a successful basketball star. To tackle those challenges, some level of determination and focus is required.
On top of that, you have to be willing to invest time, money, and energy into making the business a success. Once again, athletes are used to rigorous training regimes and preparing for fierce competition. They already have a positive work ethic nailed down.
Good Marketing = Good Business
Marketing is an essential tool for every entrepreneur. It is no longer enough to focus on sales and hard-selling. You need to develop a brand that customers can relate to on a more emotional level.
Once again, successful athlete entrepreneurs knew this when they started their businesses. We all know how good Michael Jordan was at marketing himself when he played for the Chicago Bulls; Nike Air Jordan shoes were always big hits. He applied the same marketing charm and his businesses, as well as the Charlotte Hornets franchise, are all big successes.
Today, there are more instruments for entrepreneurs to use. Thanks to the internet and the social media revolution, it is much easier to reach customers and potential customers directly. All you have to do is listen to your audience. React to their input and communicate on a more emotional level.
Take a look at the successful athlete entrepreneurs and you will find that most of them used to be a leader in some way. Jordan was always seen as the driving force of the Bulls during their successful years. Payton Manning was a quarterback, while George Foreman – even as a solo athlete – was always known for his strong leadership.
Leadership is not just about leading a business or assuming the role of manager. It is about motivating others around you – your team members – and having that clear vision of where the business is heading. Master leadership and you will find the challenges you face as an entrepreneur to be much easier to handle. After all, you know exactly what to do and where your business needs to go next.