Top 10 Reasons Why Athletes Are Terrible Entrepreneurs:
1. SPONSORSHIPS - Athletes have worked hard to get where they are, and companies see this as a way to market their products so they approach these athletes with free products and gear. A lot of these athletes then promote these products just for free swag, races, exposure, but very rarely get paid. Instead of relying on sponsorships, why not try business and partner affiliations and get paid for products that you really use and believe in. Build your dream, not theirs!
2. MINDSET - The mindset of most athletes is to be the best at what they do, unfortunately it doesn't mean being the best at making business or money making decisions. Companies make money from these great athletes, I think it's time for athletes to change their mindset and begin educating themselves about taking their talents and earning a living with something they are passionate about. It's time to become entrepreneurs, and not just an athlete with an employee mindset.
3. "I Just Love What I Do" - I hear this a lot from athletes. They say they love what they do and then they continue to go to a job that they don't like on Mondays. People who love what they do, they do it for a living. Pro Football Players do what they love to do and get paid. Why not start a business on the side to help you do your passion full time and one day you will be able REALLY DO WHAT YOU LOVE, and not just say you do.
4. FEAR - Athletes are great people. They have earned respect from a lot of people, and they have credibility. That's great, but what happens when you can't play football anymore, or race elite at a Spartan Race, what's next? Athletes are BEASTS by nature but have a fear of venturing out of their comfort zones. By the time they retire from their sport, most of them are dead broke or struggle to make ends meet. Why not get the knuckle up and diversify while you are still on top, so when you're done playing top athlete, you will still be able to stay afloat. Become an entrepreneur, sponsorships are temporary.
5. CLOSE-MINDED - This is a big one. Athletes are so set on their own ways sometimes it cripples them. Most athletes are used to getting hand outs and so many times they expect to get things for free. They expect to be offered business partnerships without even doing their own research or work on their end just because they are an athlete. Be smart, understand that business is totally different from athletic training and be open to learning about ideas that could benefit you in the future instead of expecting things to fall on your plate all the time.
6. TRUST - It's difficult to find trust in anything that you do which involves business. Some athletes trust too easy, while others have a 12 foot wall around them. Athletes like to keep a lot of things private because they train to be the best, and that's understandable. If they give away their secrets, then someone else will be the best, and they don't want that. But in order to excel, athletes have to find trust in a coach, accountability partner etc to keep them on point. Business works in the same way. Search for a person that you can trust, someone who has credibility, and someone who is focused on your goals (not theirs), and allow them help you build a future business....together!
7. STUBBORN - Some athletes think they know everything. Yes, they are great at running, catching, surfing etc. but if you want to continue having companies (and a boss) run your life then it's time to listen and begin getting some sound BUSINESS advice. This is where you can stop running and start listening because your future is at stake.
8. RESIDUAL INCOME - Most athletes don't have a clue about passive residual income (Income that keeps on coming in even though you are not working). Pro Athletes live off of endorsements, sponsorship deals etc. But if you're not one of those big time athletes then this might be something that you should be looking into otherwise you'll be working a lot harder (for the rest of your life) then how you are training now.
9. BAD INFLUENCE - The cool thing about athletes is that they all ban together like brothers and sisters. The camaraderie is insane! But when it come to business, some athletes consult the wrong people. Like anything, if you want advice on having a good relationship with your spouse, you don't talk to someone who has relationship issues! Business is the same way, if you want to run a successful business, you get advice and direction from someone who is successful in the business, not someone who has failed or knows nothing about business. It's called the BASICS.
10. DON'T HAVE WHAT IT TAKES - Let's face it, becoming an entrepreneur is tough. Most people don't have the mental toughness to become successful business owners because of the fear of selling, getting rejected left and right, and the big "D" delayed gratification, people just want success now, and it just doesn't work that way. Athletes endure lots of pain, so you would think that they would make good entrepreneurs, but that's not always the case. Just like anything, if you don't BELIEVE you can, then you're absolutely right!
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