Money Smart Athlete Blog

Athletes: Is the entrepreneurial lifestyle a good fit for you?

Aug 24, 2022 | Entrepreneurship

By Vasilia Polycarpou, The Sports Financial Literacy Academy      

Entrepreneurial careers seem to be relatively common among athletes seeking to safeguard their financial stability, especially after retirement from sports. At a first glance, entrepreneurship may seem like the ideal career alternative to sports, due to the wide prospects it has to offer. However, it is important to start creating a realistic image of what entrepreneurship is actually like, that better reflects the truth, to allow athletes to understand which roles fit them best; aligning with their dreams and goals. Before deciding to take the risk of starting something new on your own; there are certain advantages and disadvantages which should be taken into consideration when making an informed decision.

To begin with, you should know that as an athlete, you have gained a great deal of experiences that are going to give you an edge in your future career endeavors. Starting your own business gives you full responsibility for anything happening within your company, constantly exposing you to new situations and environments which are meant to teach you new skills, through experience. This will not only help you grow as a business person but also as an individual, in a holistic manner.

The entrepreneurial lifestyle is commonly associated with personal freedom; since you are the decision-maker about everything. You can work your own schedule, make your own hours, and control your own income. You have the flexibility to choose the people with whom you conduct business, creating the work environment dynamic of your liking. Most importantly, this freedom and autonomy enhance your creative ability and allow you to bring purpose to what you do.

The positive aspects of the entrepreneurial lifestyle are undoubtedly significant, however when choosing the entrepreneurial path, you have to be prepared to deal with the obstacles and difficulties it comes with, without being disheartened when things don’t go as planned.

Being a business owner means there are no pre-determined work hours. Switching off can be extremely difficult, since you need to be monitoring and focusing on everything going on at work; making sure things are running as smoothly as possible. This comes with major personal sacrifices since you may need to miss out on personal commitments to keep up with work obligations. Consequently, this can lead to feelings of loneliness and isolation as well as exhaustion.

Moreover, being the primary decision-maker and having so many responsibilities at all times can be overwhelming and pressuring, since there is always a risk of failure. You should keep in mind that you are not only responsible for your own financial security, now that you don’t have a regular paycheck, but also for that of your employees and dependents at home. Success is not guaranteed; therefore, you need to be prepared for the possibility of things deviating from your initial plan.

Before making the decision to take the road to entrepreneurship, it is important to weight all the aforementioned factors to ensure that this is the lifestyle you really want to commit to. You can begin by writing down your goals and dreams, assessing whether they can be met if you decide to pursue a career in entrepreneurship. Discussing your thoughts with a mentor, advisor as well as family members and trusted friends can be really helpful, since they will listen to your concerns and offer valuable advice and support.

Remember, if you prefer a life of stability with minimal risk, entrepreneurship may not be ideal for you. However, if you are not afraid to take risks, can take on multiple responsibilities, handle uncertainty and pressure and want to keep growing professionally, leaving your mark in the business world, then the entrepreneurial lifestyle may be the right one for you.

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].