By Marianna Kazazi, The Sports Financial Literacy Academy
Elite athletes and entrepreneurs tend to have more in common than one might think. Athletes possess characteristics, habits, and personality traits that help them succeed in sports, which can also be applied to business.
Risk-Takers
Sports require significant effort and sacrifices, demanding discipline and dedication—traits directly related to the business environment and how successful entrepreneurs operate. Both athletes and entrepreneurs are known to be risk-takers who aren’t afraid to fail. They will always try again until they succeed, demonstrating great resilience. A great example of resilience is freestyle swimmer Tom Dean, who struggled with Covid-19 twice ahead of the Olympics. Once he recovered, Dean focused on training and became a gold medallist. This resilience and determination are foundational to entrepreneurship in an ever-changing business environment.
Goal-Oriented & Self-Driven
Athletes also have a goal-oriented and self-driven approach to their sport, adjusting their lifestyle with the ultimate goal of achieving success. This goal orientation is a common characteristic among some of the world’s most outstanding entrepreneurs.
Teamwork
Teamwork, although more closely associated with team sports, is also crucial in entrepreneurship. Being a team player fosters innovation and creativity through the sharing of new ideas, developing creativity, and efficiency. In a team, people with different strengths complement one another toward achieving a common goal.
Competitiveness
Competitiveness drives athletes and positively impacts their self-awareness, helping them evaluate their performance and strive to outperform competitors. This trait contributes to business success by enabling entrepreneurs to become more aware of their strengths and weaknesses, thus enhancing their productivity and performance. Just as athletes continuously practice to improve, entrepreneurs must embrace lifelong learning to maintain a competitive advantage and keep up with an evolving business environment.
Mental Toughness
Mental toughness is another trait shared by athletes and entrepreneurs. Remaining calm under pressure allows both groups to work more productively and reach their full potential. This also relates to the growth mindset athletes develop when faced with challenges. A growth mindset is essential in entrepreneurship, where challenges are constant. The ability to act and overcome them is crucial for long-term success.
Confidence
Confidence and a winning attitude are other athletic characteristics that apply to business. Entrepreneurs, like athletes, need this drive to repeatedly find new ways to gain a competitive edge, differentiating themselves from competitors to achieve desired outcomes.
Coaching & Mentoring
Coaching and mentoring are essential for athletes to overcome challenges and stay focused on their goals. Similarly, entrepreneurs benefit from creating support groups of people who inspire them and have their best interests at heart.
All of these characteristics can contribute to a successful business career for elite athletes. However, constant education and self-improvement are essential for entrepreneurial growth.
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].