By Iacovos Iacovides, Contributor
Over the past couple of decades, sports have increasingly internationalised, with national barriers no longer restricting athletes and clubs. Social media, 24-hour news cycles, podcasts, and transnational brands work hard to keep you engaged at all times possible. Whether in the Americas or Australia, you can follow your favourite athletes and clubs daily, staying up-to-date globally. Emerging markets like the Middle East and Asia are investing heavily to become significant players in international sports. In the UK, some speculate that those under 20 are shifting focus from clubs towards individual athletes in football. This trend suggests younger generations may prefer following athletes instead of clubs, reshaping the landscape of sports fandom. Athletes now have a unique opportunity to expand their ventures globally, leveraging this moment for wider international appeal.
Naomi Osaka
Naomi Osaka left her former agency to cofound Evolve the first talent agency ran by a female athlete. LeBron James launched Uninterrupted, a platform that enables athletes to engage directly with fans. He also co-founded SpringHill Entertainment, which focuses on creating content for diverse groups. The former baseball player Alex Rodriguez set up A-Rod Corp, an investment firm focusing on sports, tech, and the entertainment businesses among other things.
There is however, a fundamental precondition; you have to be good at what you do and there is no way around that. There are of course some outliers, but they are rather the exceptions that prove the rule. Having a strong brand at your back and a global appeal boosts your chances of securing deals, finding open doors and increases the likelihood of success. You will of course face a different set of challenges.
Be surrounded by trustworthy people
Athletes are usually being approached by dozens of acquaintances, promising them easy money and the deal of a lifetime if they invest some money with them. That is to say, that people knowing that you have capital and that your expertise lies elsewhere, might try to take advantage of you to invest in sloppy businesses. Appreciating your shortcomings is paramount. Having your people around – those who have your best interest at heart rather than whatever business you are about to embark on – is therefore a must.
Building Connections
It might also be useful to start building relationships using your sport side by engaging with an audience, before making a business move that relates to them. Identifying emerging and fruitful markets might also be the prudent thing to do.
While opportunities for global impact are on the rise, they also come with a caveat. The increased connectivity also highlights the tensions between national and regional societies. Setting shop in a specific part of the world might demonise you in another. Put otherwise, moves have to be thought out carefully in order to avoid any moral conflicts, as there are risks and costs that come with them. Opportunities might be global, but audiences are diverse and social impact seems to have become an essential factor in the decision-making equation.
Using the skills from being a high-performing athlete in every day life
Don’t hesitate to leverage your experience as a high-performing athlete, team player, and skilled individual in business. The traits that drive sport success – setting goals, following plans, resilience, and perseverance – also apply well in business. Working under pressure, overcoming roadblocks, and adapting are vital skills needed in any entrepreneurial journey or business venture. A good idea isn’t enough; you must identify your target audience: global, national, regional, or niche markets.
For example, is your concept like LeBron’s Uninterrupted, appealing globally, or aiming to fill a gap in Asia’s market? Consider emerging, profitable markets in parts of Asia and the Middle East, where opportunities are abundant and growing. Identify the confluence of opportunity and time, as this can become pivotal for success in any entrepreneurial endeavour. You need effective marketing strategies, such as partnering with local and regional players, similar to Gerard Pique’s Kosmos model.
Athletes are no longer confined within their sport’s narrow borders, but are using their fame, skills and personal brands to build successful business ventures. By embracing your entrepreneurial side, you can secure you financial future, through post-sports opportunities. The success by which some athletes have done so is a testament to the entrepreneurial spirit within athletes and the endless possibilities awaiting on the global stage. In short, identify, research, engage, plan and execute.
The Money Smart Athlete® Blog is established and run by the Sports Financial Literacy Academy® (SFLA). Through its education programs, the SFLA has the vision to financially educate and empower athletes of all ages to become better people, not just better athletes. For more information on our courses, our SFLA Approved Trainer Program®, and how they can benefit you and your clients, please get in touch with us at [email protected].