The athletes are showing a record-shattering performance on the biggest stage of the Tokyo Olympic Games and there are many small business lessons that can be learnt from Olympics. Seeing their performance, people are astonished and pondering what state of mental and physical health, dedication, and commitment these people hold for their country and self-accomplishments. We all can see that these Olympians are committed to their goals and solely focus on achieving them without any distraction. There’s no shortage of heroes or role models out there.
As we learn from the news and coverage of the games, we come to know that they have overcome all types of hardship, including physical injuries, depression, and dealing with the Covid-19 situation that took on the quest of their dreams. Precisely, at this stage, there are many similar circumstances where we can compare the similarities of the goals and objectives of athletes and successful entrepreneurs. In fact, Olympians have the same qualities that are important for business success. Here are few qualities that small businesses need to develop for the success of their business as adopted by world-class athletes of Tokyo Olympics.
Perseverance is the ability to keep doing something in spite of difficulties. Talking about Olympians, they try hard to achieve their goals, and if they fail, they have the opportunity to try again after four years. However, this scenario changed due to COVID-19, as athletes had to wait for one more year to be a part of the Tokyo Olympic 2020. For veteran athletes, their bodies aged another year, while the competitors had an extra year to mature. Both mentally and physically, they all had to prepare for one more year of training to return to the Olympic stage.
Similarly, small and medium business owners persevered through this unprecedented times of the pandemic in 2020. Many started their year as an opportunity for their success; however, they failed to even earn a living from their business. It is evident from the facts that many small businesses around the world closed due to the pandemic situation. With the pandemic and lockdown coming to an end, business owners are getting the opportunity to access the funding provided by the different marketplace. Notably, the loan approval rates for small businesses are 50% low as compared to pre-pandemic rates. This will help businesses in finding new sources of revenue and cutting costs to become more profitable in these hard times.
Many sports superstars in Olympics does not get financial support and proper sponsorship for their training and games. Also, their careers in the business world get on hold as they pursue their Olympic career. For instance, an Olympic Discus thrower Sam Mattis turned down a job offer to participate in the Tokyo Olympic Games.
Similarly, entrepreneurs often sacrifice the security they receive with the corporate job once they make the decision to start their own small business. They put their own money into their firms, often pay themselves very little, and usually reinvest whatever money they earn back into the company. It can take years for a business to reach the break-even point and even longer to reach a significant profit. Just like athletes, many small business owners fail and never reach their dreams of success; however, others get success and become famous. Therefore, just like athletes, small business owners should never lose hope and try their best to achieve their goals.
Many athletes leave their family, friends, and home to train themselves and provide full-time training. They dedicate every aspect of their lives to pursue their Olympic aspiration. Likewise, they sacrifice their personal and social lives because of their commitments made for the Olympic tournaments and sports. Similarly, businesspersons invest uncountable hours of their personal time and frequently much of their own money to grow their businesses. Small business ownership is not a 9-5 show. The owner of the company work for more than 10 hours a day and normally do not take days off. Many times they face issues to manage their personal and professional lives simultaneously, which can also affect them financially.
Speed and Flexibility
Olympians are known for their speed and flexibility, as every game they play, whether it is gymnasts, divers, or hurdlers, they rely on speed and suppleness. Precisely, gymnasts are unable to do their implausible flips and spectacular vaults without speed. Similarly, divers need the flexibility to twist their bodies, and hurdlers need flexibility and speed to run and jump while speeding down the track.
Similar to athletes, business owners have to be fast and flexible to work in all conditions and situations. During this COVID pandemic, many business owners pivoted quickly and found their ways to acquire success. They seized the opportunity by being able to quickly provide the products and services when their competitors failed to do. This is the speed and flexibility, which is required to adopt by every small business to fulfil the needs and demands of every individual customer and target audience.
A great team always require a great leader, who manages the task, assign work, and effectively monitor it. Many gold medallists have a coach or mentor who helps them reach their goals. Similarly, successful companies often have executives who inspire other employees and make them work so that they can achieve personal as well as organizational goals.
Without the belief in themselves and in their work, no athlete can win any game. To become successful, it is necessary to become optimistic and have confidence in themselves. Similarly, in running a small business, it is essential for every entrepreneur and business owner to have confidence in their work. You can sometimes fail but should not lose hope and do your best next time to reach your goals. Therefore, being optimistic and opportunist should be a part of your entrepreneurial life.
Olympians and small business owners bestow their lives in making their dreams come true. Their will to become successful, combined with the opportunities they get, enables them to overcome every hurdle in their lives. Therefore, it can be said that the lives of an entrepreneur and an Olympian are almost the same.