Have you ever considered the similarities between building a business and training to become an Olympic or Paralympic athlete? If you enjoy participating in sports, you might already recognise some of the traits, behaviours and qualities you share. Even if you’ve never considered yourself to be a sporty person, as an entrepreneur or business owner, you probably have more in common with an elite athlete than you think.
To become a successful business owner, you need to be resilient, dedicated, tenacious, and as focused on your business goals as an Olympic or Paralympic athlete is focused on their victory. Looking back, you would never have built such a successful business without possessing all those traits. When it comes to planning your business exit, you’ll need to demonstrate a host of sporting qualities to cross that finish line.
In this blog we will look at the comparisons between sports and business success, and reflect on what business owners looking to sell can learn from the mindset of the sporting greats.
You start with a goal in mind
For an athlete, the dream of winning an Olympic medal starts at an early age. The seed that gets planted at an after-school club will grow as they pursue their training and development. They never lose sight of their end goal and consider every step to be a positive movement towards reaching it.
While the idea may not necessarily come to you as a child, when you start your business you set goals and constantly work towards achieving them with the same focus and determination as an athlete. Your business exit is no different. It’s important to set the goal and make a realistic plan to achieve it. As you diligently work towards your exit, never lose sight of your reasons and motivation to get there.
You’re in it for long-term success
Elite athletes take years to train and prepare for their race or event, which may only last for 10 seconds! They do this because they understand that success doesn’t happen overnight. They put the work in for months in order to reach the pinnacle of their career.
Most business ideas percolate for a while before an entrepreneur takes the leap. You might have put the groundwork in as an employee and built up your skills and experience before deciding the time was right to set up on your own. Only you know what your motivation was for starting your business, and only you can decide when you want to exit. From this point it can take several years to build your business to a point where it is ready to be sold.
You’re prepared to put the work in
An athlete shows commitment and will make sacrifices to optimise their own performance. They train for just the right length of time, eat a nutritious diet, make sure they get quality sleep, and have a plan for the build up to their event, right down to the timing of their pre-game/race routine and menu.
In planning to exit your business, you need to be prepared to put the work in too. We’ve never encountered a single business that’s in a position to be sold straight away. It takes time, focus and hard work to develop an exit plan and work towards delivering it. Quite often, people need to shift their mindset from being a business manager to a business owner. That is, to step away from day-to-day business operations and focus your efforts on long-term strategy and value-building activities.
You surround yourself with the best team
Every successful athlete has a close-knit team of physios, coaches, nutritionists, sports scientists and many more who are there to support them. They say behind every gold medal winner is a strong support team. To achieve business success and the eventual exit you desire, you need to assemble a similar support network. Whether that’s made up of colleagues, co-directors, family, friends, or the services of a business exit strategy consultant like Uscita, you need the best team around you to coach, motivate, and remind you of what you’re striving to achieve. It’s much harder to reach the end goal on your own. To chat about the possibilities of Uscita becoming part of your support team, book a free discovery call with us.
You show resilience in overcoming hurdles
At the Paris 2024 Olympics men’s 5,000m heats, on the final lap, four athletes in the middle of the pack got into a tussle for space. All four of them ending up in a heap on the track as the rest of the field ran on. Seconds later, they were up on their feet and carried on running, despite bloodied knees and bruised egos. Their only focus was to finish the race.
Personal resilience and persistence also pays off in business. One thing is certain: you will encounter setbacks on your journey towards business exit. The ability to manage pressure, deal with adversity, and decide to move forward is a skill. If you need inspiration, there’s perhaps no better example of success in the face of adversity than in the stories of thousands of Paralympic athletes.
Make plans for your ideal business exit
Not every athlete is born a medal winner and not every business owner is guaranteed a smooth and successful exit. It takes focus, planning, hard work, persistence, determination, and a strong support team to achieve the kind of exit and the sale price you desire. It is an Olympic-sized task and you cannot get there alone. For guidance and advice on planning to sell your business, please get in touch.
