By Iacovos Iacovides, Contributor
Every athlete will eventually retire from the pitch and must move on to the next chapter of their life. This is a question athletes must address well in advance. Many athletes want to stay close to the action, becoming coaches, technical directors, or taking on similar roles. Others may choose tangential roles, such as pundits or agents. However, there isn’t enough space for everyone in these positions. Not everyone can be the next Carragher and Neville of punditry, or the next Pep Guardiola of coaching. A successful post-retirement plan requires imagination and creativity.
Social Entrepreneurship
Thankfully, athletes have gradually realized this and started exploring career options unrelated to sport. One excellent example is social entrepreneurship. Social entrepreneurship involves spotting social issues and applying creative, entrepreneurial solutions to solve them. Social enterprises aim to address social, cultural, and environmental issues. The key to a successful social enterprise is not only focusing on a cause you care about but also following the same principles used to build any business.
As a mature athlete, you should know by now which causes matter most to you. If you don’t, that’s okay. Some key concepts to help pinpoint your passions include development, peace, community, equality, and the environment. There are, of course, countless other possibilities.
Role Models
Throughout history, athletes have led social change. Nowadays, people often argue that athletes have a duty to be role models for fans. Athletes occupy a unique position at the intersection of sports, business, and a sport-obsessed society. This gives them the power to reach people from all walks of life.
1.Shikha Oberoi
Take Shikha Oberoi, a professional tennis player and Princeton graduate. In 2013, she launched SDU Seva Inc., a media and lifestyle company. She created six documentaries to encourage people to get involved in positive social change in India. Through her company, she also created a reality show for social entrepreneurs to gain visibility.
2.Serena Williams
Many other athletes have turned to social entrepreneurship, but Serena Williams stands out. Her fashion line, S by Serena, is exclusively for women, offering inclusive, accessible, and diverse styles with authentic designs. Even more impressive is her early-stage venture capital fund, Serena Ventures. The fund’s mission is to support diverse, creative founders who aim to positively impact society. According to its website, 53% of clients are women, 47% are Black, and 12% are Latinos (percentages not mutually exclusive).
It’s clear that social entrepreneurship differs from philanthropy and charity. The crucial difference is profit. Social entrepreneurship isn’t defined by its profit status but by the goal, nature, or story behind its products or services. Its products are created to make a positive change. This can range from eco-friendly coffee cups to a PR company that promotes young female athletes. Success is not only measured by financial profit but by the positive change the business brings to the world.
A point of caution: Changing the world alone is a difficult task. Before launching a venture to create positive change, consult with an advisor. They can help you connect with the right people and develop a solid plan to ensure success and impact.
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].