Your Life Plan: Career Development, Entrepreneurship & Business Fundamentals

Key topic

Athletes should be ready and prepared to do something meaningful and financially sustainable during their after sports days, whether that is when they finish college or when they will be retiring from a professional sports career.  If athletes go professional, hopefully it will be a long and successful career, but every day they need to remember that a sports career has an expiration date and that they need to work towards preparing for life after sports from day one.

Learning objectives

• Identify your talents and passions outside of sport
• Understand the importance of preparing for life after sport
• Choose a mentor who can guide you in your post sports career
• Learn the pros and cons of entrepreneurship and employment
• Learn the basics of business and entrepreneurship
• Find out how to develop a good business plan and how to best utilize your network
• Discover ways to be entrepreneurially successful in your after sports days

Introduction

You can start preparing for your after-sports-days, by considering what you want to do in your life outside of sports. Remember that sport retirement can be in a year, or five or ten. It can even happen soon because you may simply not get the opportunity to compete professionally after college.

You should not make any assumptions, but what you should make is a conscious effort to be prepared for the outcome whenever it may arise. Don’t be tricked into thinking it’s too early, or that you have your whole life ahead to figure things out. Start early, prepare as best as possible, so when it’s time to leave the sport you love, you will be in a position to move on successfully.

Many athletes choose to remain in the sports industry as coaches, scouts, trainers, etc. but you have a lot of other options as well. Find your passions and think of potential career paths in different industries, that align to these passions. Research each industry and make a list of skills, experience and education needed to get a job in companies that work in that area. If you need specific or technical skills to get the job you’re interested in, there are courses or qualifications you can take in order to be the perfect candidate.

As an athlete you have acquired a number of transferable skills during your sporting career which can be applied in other areas of your life and to other non-sport careers. Such transferable skills include organizational skills; adaptability/flexibility, dedication and perseverance, patience, self-motivation as well as abilities associated with performing under pressure, meeting challenges/deadlines and setting and attaining goals. In order to have a successful career transition you need to utilize your transferable skills, develop personal resilience, obtain formal education, create a professional network which will help you find opportunities, and experiment with new roles outside of sport.

The psychology of retiring from sports at a young age

Athletes are considered to be mentally tougher than other people, due to the hard work and devotion to their sport in their everyday life.  Professional athletes have also dedicated their lives to sport and made personal sacrifices to pursue their athletic dreams.  But what about when the time comes to retire from sport?  Can all these years of hard work be terminated without distressful reactions and psychological effects?

Retirement can be involuntary or voluntary. Involuntary retirement occurs when athletes have no choice in the matter which can happen if they don’t go professional after college or in the case they go professional, it will most likely happen due to age, or due to illness or injury. On the other hand, voluntary retirement can happen at any age, and it’s the athletes’ decision to leave their sports career and move on. In any case, once athletes leave their sport, they usually find it very hard to adjust to their new lives.

Plenty of psychological, behavioral and emotional studies conducted during the last decade from various researchers, attempt to explain the changes in an athlete’s life after retirement from sport.  We set below a few guidelines on how to deal with the psychological effects of retirement from sport in order to speed up the adjustment period.

1. Dealing with your Emotions

First, you should be ready to take control of your emotions before these emotions direct you towards making wrong decisions and desperate moves.  Retirement from sports can be emotionally challenging, but mental health apps like Calm, Headspace, and MyCoach help athletes manage stress, anxiety, and transition periods. Some retired athletes also benefit from online therapy services such as BetterHelp and Talkspace, which provide access to licensed professionals through digital platforms. Additionally, AI-powered wellness tools and virtual support groups allow athletes to connect with others going through similar transitions.  We list below the emotions associated with withdrawal from sport and offer tips on handling these emotions.

Anxiety: Anxiety could be pervasive, making you too conservative with your dreams and personal goals and lowering your self-worth. You need to learn to control the causes of your anxiety.  If you are so worried and stressed about your prospective sports retirement you will not be able to see things clearly and decide what to do next.  Creating a plan on what to do next will alleviate a great part of your anxiety.

Jealousy: If you are jealous of your friends’ or other peoples’ careers, then in trying to ‘keep up with the Joneses’ you might end up doing something you don’t really like after your sports career ends. Stop thinking about the others and try to focus on what you have, not what you lack. Each day, jot down one thing that you’re thankful for. Soon enough, it will be second nature to focus on the good stuff in life and to focus on yourself and your future plans.

Regret: If you beat up yourself all the time about lousy decisions of the past then you are stuck in the past. Channel your regret into a learning opportunity. Forgive yourself for any past mistakes and focus on strategies that will steer you clear of the same missteps in the future.  Create a plan for your future and gear your efforts towards implementing this plan instead of thinking about past mistakes and failures.  You have to realize that the only way is “forward”.

Sadness: When people feel sad or depressed because of a problematic or stressful situation, they avoid talking about it or thinking about it. Find a trusted person, a mentor or a psychologist who can assess the situation and help you in whatever needs to be done. Discussing your difficult situation with a professional psychologist or a mentor or even a friend, helps take the pressure off—and knowing that you are getting help in taking control of your life may help lift you out of your depression.

2. Taking Action

There are numerous steps that an athlete can take to reduce the probabilities of anxiety and depression after retirement from sports.

• Step #1. Discover your skills and interests in other activities beyond sport. Expand your self-identity to other directions and reduce your exclusive identification with sports.
• Step #2. Develop your time and stress management skills; such skills will help you find personal balance and reconcile your sports activities with other roles.
• Step #3. Keep solid relationships with people in your life who really care about your personal success. Managers, coaches, mentors, friends and family, can significantly support you in the procedure to discover your after-sport identity.
• Step #4. Consult a sports psychologist before finding yourself helpless, desperate and confused. A psychologist can help you explore aspects of yourself you have not even thought of.

There are many exciting careers out there besides the ones we typically think of. The important thing is to identify what you enjoy doing. What is your particular talent, what are you especially good at? What do you feel passionate about? There’s no right or wrong answer; each person has a different set of talents and passions.

Once you identify what you’re passionate about, you should check what skills are needed and you should focus on building skills centered on that passion.  You can also follow a career based on your college major.  Given that you like your chosen major, it should make things easier in the search of a job, after you are done with collegiate athletics.

The abilities which you have trained and gained as an athlete can open any door for you whatever career you decide to follow. These qualities make athletes valuable in a wide range of industries. In addition to careers within the sports sector (such as coaching, sports management, or sports psychology), many former athletes find success in entrepreneurship, business consulting, media analysis, personal branding, fitness training, and even motivational speaking.

Find a mentor

A mentor is a person with experience who can guide your development and help you transition smoothly into your post-sports career. In today’s digital world, mentorship is no longer limited to face-to-face interactions—virtual mentorship programs, LinkedIn connections, and online coaching platforms have expanded access to guidance from top industry professionals.

During your sports career you will have people around you, probably coaches who will support your growth and development. While the terms mentoring and coaching are used interchangeably, they are not the same in practice.

Mentoring is a process for the transfer of social capital, provision of psychosocial support and knowledge more generally relevant to work and professional development. Mentoring is exercised through communication over a sustained period of time, usually in-person between an individual who is perceived to have greater relevant knowledge and experience and someone who is perceived to have less.

Your coach will observe and advise you on specific actions or your behavior in your sport. A mentor is a person with whom you will build a long-term relationship, who is a source of wisdom and support, and who will support your overall growth and development.

There are examples of great people who had great mentors:

• Michael Jordan described Dean Smith, his college basketball coach in North Carolina as his mentor, his teacher and his second father.
• Richard Branson, of Virgin Airlines, admits that he would have gotten nowhere in the airline industry without the help of his mentor Sir Freddie Laker.
• Mark Zuckerberg of Facebook, was greatly influenced by his mentor Steve Jobs.

Work on your professional network

In your post sports career, you will be entering a very competitive environment, and having a strong network will help you find a job, start a business, or build a clientele. What will ultimately open doors is not what you know, but who you know.

Building a network is as important as building a team of trusted advisors around you. The bigger your network, the more opportunities, personal or business, you have available today and in the future.

You can start networking by simply gathering contact information of people you share interests with. Platforms like LinkedIn, Twitter (X), and sports networking sites like ‘Sports Business Journal’ or ‘Athlete365’ allow athletes to connect with industry leaders, sponsors, and career advisors. You should make it a point to show up at interactive events where you can meet interesting and useful people from different “worlds”. You should also be willing to follow up with people you have met and schedule to meet with them again by inviting them to get together.  You should make it a point to continue to gain knowledge and build your network of contacts over time to help ensure business success. Remember: you never know what influential person your friends or contacts may know. So stay in touch with everyone!

Entrepreneurship or employment?

There are two main ways of making money; employment and entrepreneurship; working for yourself or working for someone else. You should evaluate which of the two options you are most comfortable with and which aligns with your dreams and goals.

No one but yourself can tell you which one is the best option for you, but you can definitely find out which of the two best fits you. Write down your dreams and goals and assess which method will help you the most in achieving them. Discuss matters with your mentor, your advisors and your family and listen to their thoughts and advice.

As an athlete, you have gained a great deal of experiences that are going to be a huge asset to any company and can also give you an edge in your future endeavors.

If you need stability and peace, you hate risk, value your free time and need time to relax, you better choose the employment path. If you are able to take some risks, you love to work, you want to keep growing, you are ambitious, and you can handle uncomfortable situations then you can follow the entrepreneurship path. Both paths are very different but can be enjoyable depending on your personal characteristics.

Characteristics of a successful entrepreneur

Successful entrepreneurs have certain skills and personality traits in common.  Some of the typical qualities of the successful entrepreneur are the following:

• They have a vivid imagination and they are creative
• They are big picture thinkers
• They are self-motivated
• They are risk takers and their risk tolerance is above average
• They understand their own strengths and weaknesses
• They are self-starters, goal oriented and competitive

Furthermore, entrepreneurs have the ability to supplement areas where they are lacking by hiring people who are exceptional in those areas, or finding ways to complement and enhance their relevant skills.

Athletes should realize that not everyone is cut out to be their own boss, but if they find themselves longing to be in control of their lives — and if most of the traits listed above can be used to describe them — then they have what it takes to go into entrepreneurship.  Something very important that all athletes who aspire to become entrepreneurs should know is that most successful entrepreneurs go through a period of struggle before finding and implementing the right business idea that will make them successful.

The world of work

As already discussed, you must start working towards determining your interests and expanding your social network, long before the end of your college life. You should start building skills which will help you transition from a sports life to a life outside of sport and which at the same time will help you earn an income.  Building relationships in both sports and other industries is key to securing future opportunities. With digital networking platforms like LinkedIn, Twitter (X), and Athlete365, connecting with industry professionals and potential employers is easier than ever. Many athletes also explore remote and freelance work in areas such as digital marketing, content creation, consulting, and coaching.

To identify possible industries where you can look into for work, you should answer the following questions:

• What are your interests?
• What are your greatest skills?
• What would you like to do other than sports?
• How much money do you need to earn?

It is very important that your post sports career is an interesting one and at the same time earns you enough money to support your desired lifestyle. Your goal is to have a career that pays you enough to live on, and that matches your current and future interests.

One way to move forward is to do volunteer work in your area of interest. Volunteering while still in college, helps you learn job skills and give back to the community; it helps you learn more about that particular field so you can decide whether that’s really what you want to do. Volunteer work looks good on your resume and demonstrates a positive, responsible attitude.

Another way to become acquainted with jobs in your area of interest is to apply for internships while still in college.  Internships are a great way to see first-hand what a particular job is all about and it usually gives you the chance to apply for a full-time job at a later point in time.  Usually, good interns are prime candidates for future full-time positions within an organization.

Tips for pursuing your dream post sports career

• Decide what type of career you would like, based on what you enjoy doing, the pay level you want, and the benefits (insurance, retirement plan, etc.) you
• Assess whether you have the necessary schooling and skills to get your dream post sports occupation. This may require additional schooling or working other jobs to build the necessary skills.
• Become a master networker by meeting and staying in contact with people who can help you build the post sports career of your dreams.

Examples of careers that Athletes have pursued after the end of their sports career

• Media & Content Creation – Athletes like JJ Redick (YouTube & Podcasting), Megan Rapinoe (Netflix Deals), and Paul Bissonnette (Hockey Media Personality) have built careers in sports media and digital content creation.
• Business & Entrepreneurship – Serena Williams and Shaquille O’Neal have become successful entrepreneurs with diverse investments in tech, fitness, and retail.
• Esports & Gaming – Former athletes like David Beckham and JuJu Smith-Schuster have capitalized on the gaming industry, launching their own esports teams.
• Tech & Startups – Athletes like Kevin Durant and Andre Iguodala have invested in Silicon Valley startups, using their influence to drive innovation.
• Fitness & Wellness – Tom Brady launched TB12, his own fitness and nutrition brand, capitalizing on athlete-led wellness trends.

LinkedIn has analyzed data on over 3,000 former NFL players to find out where they transitioned after their professional athletic careers.  It is a rather diverse list which shows that there are a lot of realistic options out there for you. The results are shown below:

• 20% small business / entrepreneur
• 18% sales
• 9% coaching / fitness professional
• 8% finance/insurance/banking
• 5% campus and professional athletics
• 3% media and sports broadcasting
• 3% education
• 2% non-profit/board member
• 23% other

Action Steps – Exercise 1 (25 minutes):

Make the following statement to student athletes and give them 10 minutes to write down their answers. Have them read their answers in class and continue with an open discussion of their answers.

“It’s never too early to start thinking about your future. Start by answering the following questions which can help you get in the spirit of long-termism.

• What is your college major?
• What are your interests? Are they in line with your college major?
• What are your greatest skills?
• What would you like to do other than sports?
• How much money do you need to earn?”

The advantages and disadvantages of entrepreneurship

If entrepreneurship is the path you will choose to follow after college, then you should know that it has both advantages and disadvantages. The advantages of entrepreneurship should make you feel stronger about your decision but at the same time you have to be willing to deal with the disadvantages and not be disheartened when things don’t go as planned. We list below a few of the advantages and disadvantages of entrepreneurship so that you know what you will have in your plate as a new entrepreneur.

 

Advantages

Lifestyle

The personal freedom associated with being an entrepreneur is unrivaled. You are the decision-maker about everything. You can work your own schedule, make your own hours, and control your own income.

Choosing Who You Work With

You can choose the people with whom you conduct business. It’s a great feeling talking business at the beach with your friends who are also your business partners.

Financial Rewards

As a business owner, you have the ability to control how much you earn. When you want to make more money, you simply work more efficiently or put more effort. With the rise of digital entrepreneurship, online platforms, and remote business models, athletes have a lot more options than ever before.

Skill Set Growth

Being a business owner means you are responsible for everything that happens within your company. Consequently, you will be exposed to a lot of new things and you will learn many new skills.

Disadvantages

Financial Insecurity

You must take the rough with the smooth, and owning your own business is no different. Being in charge may mean sacrificing the security of a regular paycheck and regular work hours. You are responsible for your financial security as well as for those who work for you, if you have employees.  This can definitely keep you up at night, trying to figure out how you will meet the payroll at the end of the month!

Health Insurance

As an entrepreneur, you must manage your own benefits. However, modern platforms like Betterment, Deel, or freelancer-friendly insurance providers allow independent professionals to access benefits comparable to traditional employment.

Decisions, Decisions, Decisions!

Although being the primary decision-maker is a key benefit of entrepreneurship, it can also be challenging and sometimes overwhelming having to make all the decisions. Not everyone can handle being responsible for everything at all times. Autonomy and having a free hand sound nice in theory but some people are just not cut out for it.

Entrepreneurship is not for the faint-hearted, that’s for sure!  Before you actually choose going into business for yourself as a post sports career option, you need to weigh all the relevant factors but most of all you need to be in check with yourself that this is what you really want to do.

Business fundamentals for athlete entrepreneurs

If you do choose to follow the entrepreneurship path, the below will help you understand where to begin and how to formulate your business plan.

The road to entrepreneurship: Where do you begin?

Initially and most importantly, you need to identify your passion and/or interests. One of the most important aspects of starting a business is to choose a field, industry, service or product that you are passionate about.  For example, it just doesn’t make sense to open a coffee shop when you don’t even drink coffee. After you’ve identified your passion, it’s vital to educate yourself and learn as much as you can about the product or service that you’ve chosen. Finally, after you’ve come up with the idea, it’s important that you solidify it through a business plan. Your business plan will act as your compass in your intended business endeavor.

Preparing a Business Plan

No self-respecting team runs onto the field without a game plan. When you have a business goal in mind, you need a solid plan. At the initial stage, the first draft need not be elaborate, don’t get bogged down in creating the “perfect” plan—there’s no such thing. Just getting some bullet point ideas down on paper will do at this stage.  A business plan is a roadmap to creating the business you imagine and making it successful. The plan will change over time as your knowledge grows and new ideas come to mind.

The preparation of a business plan will force you to think strategically; strategic planning is the foundation of success for any start-up idea. Strategic planning encompasses the following business concepts and fundamentals:

1. Describe your goals

Accurately describe your business goals and objectives. Here is an example of specific objectives: “I will start an Online marketing company. Ten thousand people will have visited my site by January, and I will have made income exceeding US$25,000 from online advertising.”

2. Describe your product or service

What product or service will you offer? Describe your idea in as much detail as possible. Identify the strengths and weaknesses and set the price point (base price at which the product or service will be sold). Clarity of thinking at the outset will help develop all the details that must follow.

3. Finding the need

Find out early whether the market has a need for your product/ service. You should offer a solution to a problem for which people are actively looking to solve. There must be a demand for your product/service, and people must be willing to pay for your solution. Additionally, you should verify whether other products or services already exist that offer the same solution at a better price.

4. Identify your competition

Thoroughly understanding your competition gives you an advantage when marketing your product or service. Learn what they offer, their pricing, and what makes them stand out. Learn the history of your competition and some of their top customers. What you need to do is essentially market research.

5. List your skills

What experience do you have that puts you in a great position to start this business?  Understanding the skills you bring to the table gives you confidence to stand behind your product or service and gives your business a competitive advantage. A skill doesn’t have to necessarily revolve around education or qualifications; it can be the network that you’ve created throughout your college years and the close connections that you’ve built.

6. Identify risk and reward

As with all investments, managing risk is an important part of starting a business— especially your first business venture. The ability to accurately evaluate risk is a key attribute of a successful entrepreneur. A common misperception is that entrepreneurs are crazy risk-takers. Successful entrepreneurs don’t take wild risks— only calculated ones.

7. Identify your target market and how to reach your customer

Who are your potential customers? Target market means those people who are most likely to purchase your product or service, and to whom your selling efforts will be directed. A true understanding of your target market is one of the most important pieces of your business plan. So identify the people to whom you’re trying to sell.

8. Figure out the financing of your business venture

Who’s going to put the money for this business idea? It’s generally recommended NOT to just dive into your savings account and pour all your money straight into the business. You could consider partnering with individuals or companies who’re more familiar with the industry. Furthermore, you could reach out to financial institutions (Banks) and see if you could finance your idea through a loan with reasonable loan terms.  You can also consider modern funding options, such as crowdfunding, angel investors, venture capital, or sports-specific startup incubators. Many athlete-focused investment funds and digital crowdfunding platforms (such as Kickstarter or Indiegogo) can provide funding while allowing you to test market interest. Additionally, blockchain-based funding through tokenization or NFT-backed investments is an emerging option for athletes.

       9. Estimate what is the return on your investment

As challenging as it sounds, it’s not as hard to do, assuming you have a good understanding of the industry. Try to figure out what will be the future revenues and what are the current and future costs. If that intimidates you, there are always experts who specialize at valuing your investment and estimating the returns.

Becoming a successful entrepreneur is not easy, nor something that happens overnight.  You should be aware that getting prepared for entrepreneurship will give you better chances of success in your future entrepreneurial endeavors.

Action Steps – Exercise 2 (20 minutes):

Make the following statement to student athletes and then have an open discussion in connection with their answers.

“Based on what we have talked about in relation to being an entrepreneur, do you think that you want to be one?  If yes write down why you think you would make a good one.  Relate your answer to your skills and personality traits.  If no, please explain why entrepreneurship is not for you.”

Building the athlete’s entrepreneurial team

For a business to become successful, a huge amount of information, skills, capabilities and knowledge are needed, making it almost impossible for a single individual to succeed. Therefore it is vital for athletes to surround themselves with the right group of people who will support them and supplement their skill set.

Building an entrepreneurial team today requires both traditional collaboration and digital connectivity. Many successful athlete-entrepreneurs assemble teams that include experts in social media strategy, digital marketing, e-commerce, and blockchain technology. Remote collaboration tools like Zoom allow athletes to work with a global team, ensuring flexibility and access to the best talent worldwide. There is extensive academic research on building entrepreneurial teams but in brief, you need to form a team that will be innovative, strong and viable, with a diverse enough set of skills and strengths; a team that you will feel comfortable letting take control, in order to push your business forward.

Here are a few tips to help you get you started on building your ideal entrepreneurial team:

• Realizing the areas in which you are personally lacking in skills, will help you identify the roles you must fill in order to get the right people for your team. You should remember that you are not looking for individuals like yourself, as you are already part of your team.
• Recruiting the perfect candidates for your team is not going to be an easy job but you can use your personal or professional network to help you identify prospective targets. If you get an introduction you feel can work, you can arrange to meet them over coffee or lunch and check whether you have any chemistry with them.
• You have to keep your team small. Your team will be spending a lot of time together so it is important to have the cohesion that will allow its members to work together effectively and communicate and share ideas easily.
• Your team members shouldn’t need constant direction and supervision. They should be able to develop their own methods, utilize available resources and manage their time in order to complete any given assignment.
• You need to be constantly looking for new talent who can bring that extra kick to your team and help your business stay on top of its competitors in terms of innovation.
• Your team should share your vision and goals. Research shows that monetary benefits are not the main motivation factor for your team to perform at the top of its game. Have them invested in a greater plan, your plan, and reap the benefits of their performance.

As the head of your entrepreneurial team, you will have to create and sustain the right climate between team members and be able to correct any team dysfunctions.  Building the right entrepreneurial team to support you both when launching and operating your business, is not an easy feat.  However, by following the above ground rules you are off to the right start.

Athletic entrepreneurship: Using your brand to build a business

When we think about entrepreneurs, we tend to concentrate on people that came up with new ideas and innovations that have shaped our lives in different ways. While this is a core determinant of what an entrepreneur is, it excludes a big fraction of entrepreneurship that has been on the rise the past couple of decades: Athletic Entrepreneurship. This form of entrepreneurship, rather than focusing on providing life-changing innovations and solutions, emphasizes on creating value by leveraging an athlete’s unique brand and mindset.  Let’s explore how athletes can pursue their own unique form of entrepreneurship by exploiting their brand as well as several distinctive characteristics of their athletic careers.

One of the aspects that makes professional athletes able to naturally evolve in being entrepreneurs is their distinct brand. The athletes’ brand is essentially the backbone of athletic entrepreneurship and the core pillar which athletes tend to build on in order to become successful entrepreneurs. Simply put, a professional athlete that’s become recognized in their sport, is able to capitalize on that fame by moving to the entrepreneurial level. At that level, there are no rules about what you can achieve and how to achieve it but there are ways to best align your brand with value-generating ideas. Another important aspect that makes athletes great entrepreneurs is the mindset they cultivate throughout their professional career. Successful athletes have common characteristics that are vital to becoming an entrepreneurial champion. Such characteristics involve a winner’s mentality, a legend’s attitude and a soldier’s discipline and dedication. Nevertheless, having both the brand and the attitude are not sufficient to becoming an entrepreneur as the athlete needs to be able to use these advantages in a constructive and value-generating approach.

Throughout the years, many athletes in different types of sports have utilized both their brands as well as their set of skills in pursuit of creating value. The most common ways athletes seek to create value have been either through building their own businesses or creating synergies to promote other products and brands. The way towards athletic entrepreneurship is not a one-way street but rather a carefully executed plan based on the athletes’ abilities, strengths and overall influence in their sport. To put things into perspective, we will list several athletes, examine how they’ve pursued athletic entrepreneurship and why they chose to pursue it in such a way.

An athlete who is known as the king of athletic entrepreneurship is the famous American football quarterback Tom Brady. Tom Brady has basically combined everything that we’ve discussed above, in his pursuit of athletic entrepreneurship. Initially, he used his fame as one of the best quarterbacks to strike a massive endorsement deal with Under Armour through which he manages to generate value both for himself as well as the athletic apparel brand. Moving on, Brady leveraged his fame as a long-lasting sports player who lives a healthy lifestyle and wrote a book called “The TB12 Method: How to achieve a Lifetime of Sustained Peak Performance”. The book emphasizes how one can create a lifestyle like Tom Brady and has even been included in the New York Times’ best seller list. Both the endorsement deal with Under Armour and the TB12 Book are exceptional forms of athletic entrepreneurship and they both place Brady’s brand and lifestyle at the core of their existence.

An equally successful athletic entrepreneurial story is the one of tennis champion Maria Sharapova. Unlike Brady, Sharapova has taken a less conventional approach towards athletic entrepreneurship through creating her own candy brand “Sugarpova” and promoting luxury jewelry brand Tiffany & Co. While Sharapova became famous for her excellence in tennis, she used that to promote her love of sweets as well as her appreciation for quality jewelry.  After building the image of candy lover, Maria Sharapova was in the best position to create her own candy brand and promote it as the candy which everyone should have after a long day of training or work. Using the same strategy, Sharapova leveraged her fame to promote luxury jewel wear and created a synergy with the mother of luxury brands, Tiffany & Co. The goal of this partnership is simple: to influence her fans, especially women, that it’s important to always strive to look their best, by wearing what’s best.

While there are numerous successful athlete-entrepreneurs who have pursued entrepreneurship in different ways, it’s important to understand what has driven their ability to become entrepreneurs and why they chose to do it in the way they did. Brady wrote a book not because he just thought it would be a cool idea, but because he could appeal to new people, who might not follow him as an American football player, but who have a passion for living a healthy and balanced lifestyle. Same applies for Maria Sharapova; her partnership with Tiffany’s allowed her to expand her reach and influence in new markets and be able to influence all women, regardless of whether they follow tennis or not. In short, athletes pursue entrepreneurship in ways that leverage their athletic excellence to essentially promote their individuality and through that, they recycle athletic value and build societal and monetary value.

In today’s digital economy, athlete entrepreneurship is evolving beyond traditional endorsements and retail businesses. Many athletes, including Naomi Osaka, Patrick Mahomes, and Serena Williams, have entered the NFT and digital brand space. They invest in blockchain startups, launch NFT collections, and build digital-first brands that engage global audiences. This shift illustrates how digital platforms and emerging technologies have created new business opportunities for athletes beyond traditional industries.

Franchising

If there is one thing professional athletes understand, it’s how to follow the game plan.  Many ex-athletes buy into franchise business models, which basically provide a ‘business in a box’, with all the instructions.

Just like any other business, franchising requires a serious commitment of both money and time. Before buying a franchise, athletes need to consider all the pros and cons of owning a franchise in order to decide if the franchising option is the right one for them.  The International Franchise Association website (www.franchise.org) offers an abundance of tools to help aspiring franchisees decide whether franchising is right for them, the criteria through which they can select a particular franchise, and many more.

During the past couple of decades, we have seen a lot of athletes venture into entrepreneurship through franchising.  Pro athletes actually have a rising presence in the franchise world due to the notion that franchising provides athletes with an easy transition into post-retirement life. The truth is that franchising does provide a viable and easily accessible post sports career solution for athletes.

For many franchise systems, professional athletes are prime candidates for recruitment.  Franchisee professional athletes usually have the funds to invest in franchises and they also have an edge when it comes to marketing the franchise. Franchising gives the retired professional athlete the opportunity to return ‘back home’ and continue to be a star; an entrepreneur star! Franchises are aware of this and recognize the competitive edge that local stardom can give to their business.

The advantages that franchising provides to athletes transitioning into their post sports lives are many.  Athletes spend their sports career following the rules and receiving and executing instructions. Franchising provides a system that works a lot like a sports team with a support group and a book to follow.  The franchisee is given a business plan and clear instructions on how it should be executed and implemented.

In addition, most athletes are team players- used to working together and alternating roles within their teams and with their team mates.  They have transferable skills: they are resilient, they focus on the target, they have self-control and a strong work ethic, perseverance and so on. This unique set of strengths along with their visibility makes athletes prime candidates for successful franchise ownership.

Also, franchises have an already established infrastructure so athletes do not have to ‘reinvent the wheel’ when transitioning into the business world. Franchisee athletes get mentored, receive training and ongoing support from the franchises and that in itself actually minimizes the risks associated with setting up a new business.

Another reason that makes franchising an attractive option for professional athletes is because it combines the strengths of two brands, that of the franchise and that of the athlete. It basically offers athletes the opportunity to get involved in an already known brand which coupled with the usually strong marketing power of the athletes themselves, can lead to exceptional financial results.  If there is one thing professional athletes know and probably have vast experience doing, it’s how to represent a big brand. And that could be why so many pros buy into franchise business models, where huge payouts can come from executing on an existing image and concept.

Athletes looking to enter franchising should explore opportunities in digital-first businesses, such as virtual fitness programs, meal prep delivery services, or self-service retail models (like smart vending machines and automated storefronts), which require lower overhead costs and align well with their personal brand in health and performance.  Even though the franchise industry is definitely a promising and lucrative one for athletes, especially professional athletes, there are no guarantees for success. There are many factors that need to be taken into consideration when making the final decision.

First of all, there are so many franchises out there and athletes need to research and evaluate the particular ones that are right for them.  This is not an easy task and it requires a lot of discipline and linear thought from the athlete’s part in assessing what type of franchise will be exciting while at the same time earn the athlete enough money to sustain a desired lifestyle.

Second, the athlete has to be prepared to receive training, not just on how the particular franchise operates but on the entrepreneurial side of it as well.  Running a franchise requires a number of business and entrepreneurial skills as well as knowledge of business fundamentals. The above are key in running a successful business and athletes have to make sure that they educate and familiarize themselves with basic business concepts.

Third, athletes have to be prepared to complement what they lack in business and other necessary skills by working with the right professionals. As discussed before, building a star team of business advisors and other professionals will provide athletes with the necessary tools to achieve success in their franchising ventures.

Franchising is a lucrative option for athletes but at the same time it requires caution in selecting a franchise which aligns with the interests and skills of the athlete and has a desirable money earning potential.

New trends in sports, health, and esports franchising are rapidly emerging, providing athletes with innovative opportunities. Fitness franchises, including boutique training studios, cryotherapy centers, and holistic wellness brands, have become popular choices for athletes looking to remain connected to sports and health. Additionally, esports franchise teams and gaming centers have become an attractive investment for athletes looking to tap into the billion-dollar gaming industry. Exploring these modern franchise models could provide long-term revenue streams while staying relevant in the digital era.

Online businesses as an option for a post sports career

Before the Internet became an integral part of our everyday lives, if you wanted to start a business you either had to have some savings or visit your local bank manager for a business loan. However, now, in the age of e-commerce, where a brick-and-mortar presence is not required, the cost of starting an e-business is quite low and can be reclaimed after a few months of profit-making.

The fundamentals of commerce apply in the online business world as well: someone is trying to sell a product or service to another human to either fulfill an unmet need or solve a problem that needs solving.  The Internet provides access to a growing global market with billions of people that can be potential customers.

Athletes who carry some visibility from their sports career, are considered as one of the most direct channels to reach customers; the connection between fans, sport and athletes, develops the fan phenomenon which is unprecedented in any other sector of society. The huge virtual marketplace provides a unique opportunity for athletes to start their own online enterprise and take advantage of the special characteristics of their brand, image and the relationship they have developed with fans and others, throughout their sports career:

• Customers are one of the most important assets a company can have. As an athlete what puts you in an advantageous position when it comes to starting your e-business, is that you don’t need to build a customer base from scratch, as you most probably already have a social media following that can be utilized as a base to promote your products or services. In addition to the pool of pre-existing followers, you have useful information about these followers which if used properly, can tell you a lot about their preferences and purchasing habits.
• Your personal sports brand can be tied to your product or service to increase the visibility of the message you are sending to potential customers, without spending crazy amounts of money on advertising. Even if you have an excellent product or service to sell, you still need to make people aware of it using the channels the internet is offering, such as social media, online advertisement and search engine marketing.  Utilizing your personal sports brand as a promotion tool for your product or service serves as a low-cost and effective advertising channel.
• Although the internet allows your product or service to become visible in every corner of the planet, creating a marketing strategy to reach customers in different markets around the globe is not an easy task. As an athlete, it is possible that you have a personal brand that is recognizable across various countries and continents, therefore you have an edge in your attempt to reach even more customers globally.
• All the people you have met or worked with throughout your career are part of a useful network that you can utilize in your e-commerce endeavors; you can either ask people from your network to mentor you when it comes to e-trade, you may also reach out to people from your network to invest in your upcoming business venture, or you can look into your network for talented people who can work for your business.

The internet marketplace constantly develops and changes, and modern trends like AI-driven personalization, dropshipping, and digital products (such as NFTs, online courses, and membership-based platforms) have expanded the possibilities for athletes to create scalable income streams without heavy upfront investment. Tools like Shopify, Amazon FBA, and AI-powered marketing automation make it easier for athletes to launch and manage e-commerce brands with minimal effort.

Athletes today have vast opportunities to build digital-first businesses through social media, e-commerce, NFTs, and online coaching. Platforms like Instagram, TikTok, and YouTube help athletes engage with fans, attract brand partnerships, and promote personal ventures, as seen with Simone Biles’ digital presence. Many, like Naomi Osaka (KINLÒ Skincare) and Cristiano Ronaldo (CR7 Brand), have launched e-commerce businesses, while others, such as Tom Brady (Autograph NFTs) and Lionel Messi, leverage blockchain and NFTs for digital monetization. Additionally, athletes can create online training programs and courses expanding their income beyond endorsements. The digital world removes traditional business barriers, allowing athletes to monetize their brand globally, scale their ventures efficiently, and sustain their influence post-career.

Social entrepreneurship: Athletes thinking “outside the box”

When the question becomes “What’s Next”, athletes should think outside the box.  Not all athletes can make good coaches; the market is anyway already saturated, especially if we are talking about team sports. Not all athletes can make good sport executives, front office managers or directors of sports operations. At the same time, a nine-to-five desk job may not be a top priority for a typical sport character, not by a long shot. When planning your post career development, remember your enthusiasm in striving for perfection, and your fearless head-on approach at difficult sporting situations that has made you used to being out of your comfort zone and thus more resourceful and creative.

What is it that made you stand out as an athlete? What qualities and capabilities carried you as a sport personality? What did you learn while in sports? Combine these thoughts with reflection about today’s society; think of the needs of any industry in which you see yourself contributing, or reflect on the needs of your community.

Thinking outside the box, means finding something with which you would be proud to associate your name. Search for the things that can make a difference, either in people’s lives or in the sport which you have loved and served your entire life. Consider your legacy, as a person first and foremost and decide how you wish to be remembered in your life away from sports. Making a valuable and useful contribution to an industry of your choice is the exact same thing as winning the MVP trophy.

Thinking outside the box”, when it comes to entrepreneurship, encompasses the following key words:  a) environment, b) development, c) peace, d) community, e) social responsibility.  Correlating these areas with the sports industry and within the realm of thinking outside the box, results in the following distinct areas of sports entrepreneurship:

• Sport for the environment
• Sport for development
• Sport for peace
• Sport for the community
• Sport for social responsibility

If these key words or phrases somehow give you that feeling of walking through the tunnel onto the playing field, in anticipation of the big game, then trust your athletic predisposition, your instincts and your sport personality and go for it.  If you can combine your commercial skills with social issues, you can create positive changes in society and improve the lives of people around you. This is the notion behind social entrepreneurship, a constantly growing field, which is gaining popularity and attracting lots of talented individuals and funds.

Social enterprises work to solve social issues by using money they make by selling something to consumers, or by using grants and government money. Their success is not only measured in terms of financial profit, but with the positive change they manage to make in the world, however that is defined.

Athletes have been leading social change throughout the course of history and some people argue that they have a pivotal role to serve as role models for their fans and followers. Living in a sports-focused society, at the intersection of sports and business, athletes have the power to reach people from all different walks of life.

Many athletes aren’t just inspiring on the field—they’re using their influence to change lives off it:

• Spanish international soccer player, Juan Mata, has partnered with football charity organization, Street Football World, to launch his charitable movement Common Goal. Soccer players who sign up for the cause pledge 1% of their salaries to a central fund that is allocated to high-impact organizations that harness the power of football to advance the United Nations Global Goals.
• Successful Indian American professional tennis player and Princeton graduate, Shikha Oberoi, launched her media and lifestyle company, SDU Seva Inc., in 2013. Using the power of sports and television, she made six documentaries to push towards people becoming more involved in positive social reform within India. Through her media company in India, she has also created a reality show that is used as a platform for social entrepreneurs to gain visibility.

The secret to a successful social enterprise lies not only on focusing on a cause you are passionate about, but following the same principles as building any other business.

• If you haven’t already aligned yourself with a charitable cause or mission that you deeply believe in perhaps you should consider it. Giving back isn’t just the right thing to do—it builds your legacy and strengthens your personal brand. If you need to decide on a cause, you can ask yourself: What are the things happening in the world that make me feel like I want to change them and make them better?
• You can research organizations that are already involved in the cause about which you feel passionate. If for example you are passionate about sports and its power to change the world, you can visit org.uk or www.streetfootballworld.org to see how these organizations are making a difference using sports as a tool.
• Use your free time to volunteer for organizations that triggered your interest so that you can learn even more about them. A volunteer athlete can always attract more people to the cause and increase media attention.
• Set a clear, big-picture goal for what you want to achieve. For example, you want to organize international soccer matches with famous ex-players to raise money for bringing electricity to rural areas in Africa. Your network and connections, from the sports industry such as coaches, ex-teammates, etc., can be very useful.
• Take action and make a difference!

It is a really difficult task to set off to change the world alone; before entering into a venture to create a positive change you should consult with your trusted advisor and form a solid plan to ensure the success and impact of your social venture.

Action Steps – Exercise 3 (15 minutes):

Are You an Entrepreneur? Quiz (By NFEC)

Athletes should take the quiz below to see if they have what it takes to become entrepreneurs.

1.Are you a self-starter?

1. If you point me in the right direction, I’ll get there.
2. If I set my mind to it, I’ll make it happen.
3. If I have to, I’ll get it done.

2. Do you get along well with others?

1. I already have plenty of friends.
2. I like to talk to people and am easy to get along with.
3. Most people are annoying.

3.  Are you a good leader?

1. a.      I can make people do what I want.
2. b.      I can usually motivate people to do things.
3. c.      I know when to let people do their own thing.

4. Are you responsible?

1. I can take over when needed.
2. I’m usually in charge of making sure things get done.
3. If someone else wants to do it, why not let them.

5. Are you organized?

1. I like to take things as they come.
2. I typically have a plan before I get started.
3. I do pretty well as long as things don’t get too complicated.

6. Can you keep track of records?

1. I’ve got a good memory and that’s more important.
2. It’s not the most fun I’ve ever had, but I can do it.
3. I’m busy getting the work done, but I can do it if I have to.

7. Are you a hard worker?

1. Hard work never got my parents anywhere.
2. If I enjoy what I’m doing, I hardly notice the time pass.
3. I work hard enough to get the bills paid.

8. Are you trustworthy?

1. I’m usually up front, but sometimes little white lies are easier.
2. I never say things I don’t mean.
3. Who cares as long as people think I am.

9.       Are you able to make decisions?

1. I can make a decision if given plenty of time to think it over.
2. My first choice is usually the best one.
3. I’ve been known to change my mind pretty often.

10. Do you follow through?

1. I generally finish things that I start.
2. Nothing gets in my way once I’ve made up my mind.
3. If a job’s not going well, it’s best to move on.

Explain to athletes what their answer selections to the quiz indicate:

If you most frequently selected “b,” then you definitely have an entrepreneurial mindset. It’s a wonder you’re not in business already!

If you most frequently selected “a,” you’re off to a great start. Take some time to get some additional training or help with the areas where you answered “a” and make an effort to develop good habits.

If you most frequently selected “c,” then you should probably look for a successful entrepreneur for whom you could work, in the hope that you’ll pick up some tips and motivational tools that will help you if you’re serious about becoming an entrepreneur yourself.

Lesson wrap-up

Today we have seen that a successful transition from sports to the outside world needs to be preceded by deciding or understanding who you are and who you want to be off the pitch. Once you’ve identified what you’re passionate about, you should check what skills are needed and you should focus on building skills centered on that passion—if you do not already possess them. Throughout your sports career, you have acquired a number of transferable skills, which can be applied in other areas of your lives including your career after sport. Networking can also help you in your post sports career whether to find a job, start a business, or build a clientele. There are two main ways of making money; employment and entrepreneurship. You should focus on choosing which of the two options will make you happier and which best aligns with your dreams and goals.

Beyond traditional career paths, athletes can explore digital income opportunities like social media branding, NFTs, and e-commerce. Franchising provides a structured business model, while social entrepreneurship allows athletes to drive social change. Transitioning from sports also requires career coaching, mentorship, and mental health support for long-term success.

At this point the instructor should go over the learning outcomes stated at the beginning of the lesson and take questions from student athletes.  An open discussion on the concepts taught and how they relate to the student athletes and their greater life plan should be encouraged.