Athletes are becoming increasingly entrepreneurial by starting their own businesses and making lots of money off the field.
In the age of the internet and social media, athletes with large online followers and audiences around the world can make their impact and draw consumers’ attention to their personal business ventures.
We’ll cover specific examples later in this article, but the reason this topic is so important is because it affects how athletes are compared among themselves and between different sports leagues based on their earnings.
A recent estimate from Find Betting Sites for the world’s 100 highest paid athletes showed 100 athletes with an estimate of their earnings. The list included 10 different sports and included professional athletes from 23 different countries. Their methodology ranked the athletes based on total income, which was composed of salary and profits, and advertising income. Money and income from salary and competition winnings are prize money including special bonuses paid out during the period studied, as well as anything such as signing bonuses or other incentives related to the payment of bonuses in various sports leagues.
However, endorsement income includes income from corporate partnerships, sponsorship, royalties, the sale of goods, and some forms of personal property income. This is where this situation becomes interesting; Conor McGregor topped the list and was named the highest paid athlete in the world. However, of the estimated $ 208 million McGregor is expected to earn in 2021, around $ 170 million is said to come from the sale of its Irish whiskey company Proper No. Twelve be earned. There are other interesting examples of celebrities advancing their own alcohol brands like Ryan Reynolds’ ‘Aviation American Gin’ as well as Dwayne ‘The Rock’ Johnson’s’ Teremana Tequila ‘; In short, celebrities and athletes have creatively ventured into other business areas.
What Makes Athletes Great Entrepreneurs?
The world of the entrepreneur is characterized by constant diligence, hard work, dedication and more; and the skills entrepreneurs need to be successful in their field are also shared by what athletes need to be successful, here are some:
- Goal oriented: Athletes need to constantly set personal and team goals and then work hard to achieve them. Whether those goals are aimed at scoring a certain number of goals in the next game or winning the Champions League, entrepreneurs are also able to shape their future path in short and long term goals.
- conscientiousness: Setting goals is part of the road to success, but actually achieving them is another. Athletes and entrepreneurs alike are incredibly self-reliant and don’t need external motivation to do their job. Sure, the cheers from the fans are intoxicating, but the athletes are in a state of constant exertion; Every day when the coach or the fans are not there, they do work.
- Thick skin: The ability to deal with failure and keep pushing is an absolute must for both athletes and entrepreneurs. Life is never a smooth road to victory and athletes are sure to lose heartbreaking games or otherwise suffer defeat – just like in the business world.
There are more and more athletes who have successfully made the leap into the business world and are successful as entrepreneurs. Sure, people like to focus on the money they make and wonder if there is anything else people live for other than lucrative payouts. But in this article we’ve shown that maybe what makes someone a great athlete is also the quality of creating a successful entrepreneur.