PARIS, FRANCE – Gold medalist Simone Biles of Team USA shows off her gold medal and her GOAT charm … (+)
Olympic athletes inspire us because they embody excellence. Their achievements inspire us and remind us that through hard work and perseverance, we can pursue our dreams, overcome challenges, and accomplish things others think are impossible.
At times, the Olympians in Paris seem superhuman – from gymnast Simone Biles, who can launch herself 10 feet into the air, to swimmer Katie Ledecky, who can win the 1500 meters, to golfer Scottie Scheffler, who made an epic comeback to win gold. The country is filled with pride when these athletes reach the top, but the climb is rarely easy. To reach the summit, many of them have overcome adversity, including broken families, emotional loss, physical injuries and other challenges.
Olympians and small business owners pursue their goals with the same ambition and work tirelessly to achieve them. In fact, they exude many of the same qualities – even when they’re told the odds are stacked against them.
1. Determination
The ability to bounce back from setbacks, be it an injury, a past failure or a poor start, is vital for Olympic athletes. They often face tremendous pressure and challenges, and their ability to stay focused and resilient is critical to their success.
Similarly, entrepreneurs are determined to succeed, stay true to their long-term vision, and keep their goals in mind despite short-term setbacks.
2. Preparation
Almost every Olympic gold medalist talks about envisioning winning a medal, setting goals, and preparing physically and mentally for the challenge every day. One can only imagine how many practice shots Stephen Curry took to become the best 3-point shooter in basketball.
Likewise, preparation is essential to building a profitable business. An important first step is writing a business plan, which provides a roadmap to success. The plan defines what the business will be, sets its goals, and provides a strategy to achieve them. It is an important tool for securing small business financing because it outlines the business model, provides financial projections and cost estimates, and defines the business’s growth potential and long-term profitability.
Related: Writing a business plan can be your key to financial success
3. Work ethic
Success at the Olympic level is the result of years of dedication and hard work. Athletes realize from a young age that they must be willing to put in long hours and make sacrifices in their personal lives to achieve their goals. They persevere – even on mornings when they may not want to get up early and hit the track, pool or gym – in order to one day stand at the top of the Olympic podium.
Similarly, entrepreneurs who work long hours to make their business successful often put this dedication and commitment to building their business ahead of other aspects of their lives, much like world-class athletes put other aspects of their lives aside in the pursuit of Olympic gold.
4. Adaptability
An athlete’s ability to adapt is key to their success. Individuals with raw physical talent seek out the best coaches and then must learn to adapt to their style. Athletes must also adapt to injuries and their competitors. For example, a runner who makes a great final sprint must be careful not to fall so far behind the leaders that they cannot make up the gap at the end of the race.
Business owners must also learn to cope with change, whether it’s new regulations, difficulties in financing, staffing problems, emerging competitors or an economic downturn. Those who can’t adapt to the challenges are unlikely to survive.
5. Passion and optimism
Olympic athletes love what they do. The sport is a part of who they are. Without the passion to win and the belief that they can do it, they are unlikely to put in the countless hours of training needed to get to the sport’s biggest stage. Similarly, business owners are naturally optimistic. Their companies are their passion and they are usually fully dedicated to their business success.
6. Self-confidence
Belief in one’s own abilities is a key element in the success of Olympic athletes. In Paris, we saw confident people achieve things that perhaps only they thought possible. This confidence shows itself in several ways. After winning gold in the 100-meter dash, sprinter Noah Lyles boasted, “America, I told you so!”
PARIS, FRANCE — Noah Lyles celebrates winning the gold medal in the men’s 100-meter sprint at the Paris … (+)
In contrast, hurdler Sydney McLaughlin-Levrone, gymnast Simone Biles and long-distance swimmer Katie Ledecky exude the quiet confidence that comes from being the GOAT (Greatest of All Time) in their respective sports.
Entrepreneurship is not for the faint of heart. Few entrepreneurs succeed when they are plagued by self-doubt. Their belief in themselves is an important part of their determination and ultimately their success.
7. Support systems
Athletes cannot succeed without strong supporters. This includes the parents (and sometimes grandparents) who raise them, as well as the spouses and children who must spend time away from their loved ones while training. In addition, Olympians rely on coaches, fitness trainers, doctors, psychologists, and even personal chefs! Athletes also receive financial support from sponsors. The U.S. Olympic Committee does not pay American athletes, although medalists receive prize money of $37,500 for gold, $22,500 for silver, and $15,000 for bronze medals.
PARIS, FRANCE – Gold medal at the 2024 Paris Olympic Games. (Photo by Alex Pantling/Getty … (+)
In addition, small business owners need a strong support system, including family members who understand the commitment required to run a successful business, employees who are committed to the company’s success, and investors who are willing to invest in the individuals and their potential.
Olympic success is the result of a unique combination of physical ability, dedication, discipline, adaptability and passion. Many athletes have talent, but only the best are willing to train for years for a chance at glory every four years. Successful entrepreneurs make similar commitments as they strive for business excellence, which often takes years to achieve.
