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What business advice can entrepreneurs learn from top athletes?

Posted by Oliver Corrigan on Jul 22, 2016 2:00:00 PM
Oliver Corrigan
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On 22 and 23 July 2016, athletics stars from around the world will meet at the Queen Elizabeth Olympic Park for one of the world’s biggest athletics events – the iconic IAAF Diamond League.

While we watch in awe as the best athletics across the globe compete at the iconic stadium, Carrwood Park, a top quality and well-facilitated Yorkshire business centre, explores what tricks business owners can learn from top athletes.

 

1. Resilience 

Top business leaders are resilient. Top athletes are resilient. In fact, one of the key symbols in business proficiency and effectiveness is the ability to be resilient. A business owner with resilience will bounce back quicker from setbacks. They will overcome problems with tenacity and they will keep their team moving in the right direction.

In his business advice book ‘How the Mighty Fail’, Jim Collins identifies resilience as a key skill of a business leader. This resilience helps to get businesses through tough times. Resilient business leaders and professionals embrace flexible business structures and adapt quickly to changes. They are not afraid to take calculated risks to achieve innovation and success.

As this ‘Ready To Manage’ blog post ‘Resilience Factor in Leadership’ points out:

“Resiliency is sometimes seen as the ability to cope with stress and life’s challenges, and to draw upon the emotional reserves that have been built up for the tough times.”

Resilience is also a key word in athletics. When faced with opponents, intense physical challenges, injuries, difficult competitions, and more, a top athlete needs to adapt well in the face of such challenges and ‘bounce back’ from such penetrating trials. Top athletes need to be resilient. As the saying goes, “you only fail when you give up the battle”. As discussed in our last blog post ‘Do business mistakes make us stronger?’ tenacity, courage and accountability are all key characteristics of great business leaders and successful entrepreneurs.

 

2. Commitment

If there is one quality a top athlete possesses, it is commitment. From sticking to meticulous training schedules to eating the right food, the world’s best athletes are truly committed to their sport. This enduring commitment is how they got to the top in the first place.

To be at the top of their game, business owners should show the same levels of commitment as top athletes. Being committed to your business and your team has many positive consequences. It not only helps drive your business forward, but will also inspire the rest of your team, encouraging them to show similar levels of commitment.

As Forbes writes:

“By proving your commitment to the brand and your role, you will not only earn the respect of your team, but will also instil that same hardworking energy among your staff. It is important to show your commitment not only to the work at hand, but also on your promises.”

 

3. Confidence

According to sports psychologist, consultant and author, Dr Jim Taylor, “confidence is the single most important mental factor in sports.” Being confident and having confidence in themselves means athletes believe in their ability to achieve their goals.

Dr Taylor goes one step further, stating that athletes require prime confidence.

“Prime confidence is a deep, lasting, and resilient belief in one’s ability. With prime confidence, you are able to stay confident even when you’re not performing well. Prime confidence keeps you positive, motivated, intense, focused, and emotionally in control when you need it”.

Another trick business leaders can learn from top athletes is how to utilise this prime confidence to their advantage. From having the confidence to adopt flexible business structures, to possessing the confidence that your business idea will work and then having the confidence to make it work, prime confidence helps business owners to stay positive, motivated, intense, focused, and emotionally in control: all key symbols in business success.

Top athletes who became successful entrepreneurs

Given the reciprocated qualities between athletes and entrepreneurs, it is hardly surprising that many of the world’s best athletes went on to become business leaders and entrepreneurs.

Take as an example, Oscar De La Hoya. Boxing’s ‘Golden Boy’ won five titles in different weight classes and in 1992 was crowned an Olympic Gold Medallist. The boxer-come-businessman now owns a management company (Golden Boy Promotions), which comprises numerous businesses and brings in $100 million in revenue each year.

US basketball superstar Michael Jordan is another top athlete who is now a respected entrepreneur. The Chicago Bulls champ owns a company known as Charlotte Bobcats. It is believed Jordan bought the company for $175 million.

 

London Anniversary Games 2016

In the meantime, if you want to be inspired by some of the world’s leading athletes, watch the excitement unfold at the London Anniversary Games for the IAAF Diamond League on 22 – 23 July. These highly anticipated Games come just weeks before the Rio de Janeiro Olympic and Paralympic Games get underway, held on 5 – 21 August 2016 and the 7 – 18 September 2016 respectively 2016.

Whether you’re a veteran business owner in a Yorkshire business centre or a start-up business owner in Essex, taking a leaf out of the book of the world’s top athletes will help put you on the track to business success.

 

If you’d like your business to excel, take a look at Carrwood Park, a high quality Yorkshire business centre on the outskirts of Leeds.

Our superior quality serviced offices in Leeds and meeting rooms in Leeds are stylish, comfortable, modern and well-facilitated.

Inspire yourself and inspire your business, get in touch with Carrwood Park today to book a viewing of our office space and meeting room space to hire.

 

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