Four lessons entrepreneurs can learn from well-known Olympians.

In July and August, the sports world will come together in Paris, France for the 2024 Summer Olympics. Athletes from around the globe will bring honor to their countries’ names as they compete in the highest level of competition. Many come from humble backgrounds. Unlikely success stories. Others have trained in state-of-the-art facilities with the best coaches for their entire lives. All have suffered setbacks. The media will capture the moment they step forward to compete.

As a business owner, you are a lot like an Olympian. You probably don’t have a camera in your face recording your facial expressions. You don’t have international media outlets analyzing your body language or your daily routine. But just like the Olympians, you WILL experience highs and lows. Your response to challenges will determine your success and give you potential for GOLD. Since sports competition is a wonderful source for inspiration, let’s look at four principles entrepreneurs can learn from Olympic athletes about competitiveness and what it takes to succeed:

Tenacity - The Michael Phelps Story

Michael Phelps, the most decorated Olympian of all time, is renowned not just for his swimming prowess but also for his dogged dedication. Despite navigating ADHD and various personal challenges, Phelps set his sights on greatness and nothing could deter him. He practiced for six hours a day, six days a week, for years without missing a single session. When adversity threatened to throw him off, he focused on ONE goal each day: practice. 

You can set clear, achievable goals, much like Phelps set specific targets for his races. By focusing on ONE goal at a time and possessing the tenacity to stay committed, you can start seeing improvements in your business operations and customer satisfaction.

Grit and Perseverance - The Simone Biles Story

Simone Biles, known for her exceptional talent and multiple gold medals, faced a challenging moment during the Tokyo 2020 Olympics. She made the difficult decision to withdraw from several events to prioritize her mental health, demonstrating the importance of perseverance and self-awareness. Biles’ choice highlighted that grit isn’t just about pushing through but also knowing when to take a step back to recover and refocus. 

When exhaustion and burnout leave you feeling less than passionate about your work, start by taking care of yourself. Prioritize your mental health by taking short breaks during the day, delegating tasks, and seeking mentors. Stepping away for a brief time will help you regain energy and bring fresh enthusiasm to your work.

The Competitive Spirit - The Usain Bolt Story

Usain Bolt is the fastest man in history. He credits his success not just to his natural talent but also his competitive spirit and his willingness to challenge himself and others. He constantly set new goals, even after becoming the world champion. He was never comfortable with his latest achievement–he knew he could still improve. Once he broke everyone else’s records, he went on to break his own.

Is competition good? If used as a catalyst for healthy growth, competitiveness can allow you to study your competitors more closely, and learn from their successes and mistakes. Instead of viewing competition as a threat, see it as an opportunity to always improve. If you don’t like the thought of competing against others, compete against yourself. You are a formidable competitor. There is always something you can learn or gain.

Assertiveness - The Allyson Felix Story

Allyson Felix, a legendary sprinter, faced a pivotal moment when she spoke out against unfair treatment by her sponsor, demanding better conditions for athletes who are mothers. She dropped them and started her own shoe brand! Recently, this proud mom of two announced a partnership with Pampers to open a nursery in the Paris Olympic Village for athletes who are also juggling parenthood. Her assertiveness not only led to changes in policies but also empowered other athletes to stand up for what mattered to them.

You Already Possess a Certain Brand of Bravery

You believe in something. That passion drives everything you do. What you do meets someone else’s needs and makes our world better. That’s something worth standing up for! Being assertive in your business is not being pushy or crossing a line. In fact, it clearly defines what is crucial for you and your business. Assertive negotiation allows for better deals with suppliers and opportunities to pitch products to clients. It secures partnerships and contracts. At the end of the day, it’s what propels your business forward.