18 Aug Rio Olympics 2016 from a Business Perspective
Sport demonstrates the difference between being good at something and making money perfectly. The Olympics in Rio have seen the Great Britain team exceed expectations again, especially in sports like cycling and gymnastics. From a business perspective, what’s been interesting is the commitment the athletes have, no matter what sport they compete in – or should I say in their chosen discipline.
Discipline is the right word because time after time you hear in post event interviews, how the athletes train multiple times a day and push themselves to the limit and sometimes beyond their natural limit – just ask 24 year old, 4 time Olympic cycling champion Laura Trott who was sick immediately after her individual pursuit event just a couple of days ago.
There are also great stories like that of Adam Peaty, the 21 year old Olympic 100 meter breaststroke champion and world record holder, who believe it or not used to be scared of the water – now look at what he’s achieved by overcoming fear and his commitment (there’s a less to us all there about facing your fears).
But here’s the thing, these people are the best because they are focused, have the right attitude and are supported by other committed people – they couldn’t do what they do without their team mates, coaches, the facilities they use and the science that goes in to their performance: how they train, what they eat, how long they rest and in many cases the equipment they use.
Business is no different and that’s why you need to have the right environment to operate in and have people not just helping you but also pushing you too. But this is not the norm in business though it should be.
Another thing I noted was that the England football team, as usual at the most recent major tournament, Euro 2016, under performed and you have to ask why, especially when other sports people from the same nation don’t.
Is it because they are paid too much?
I don’t think so and I’ll explain why in a moment.
The reality is that the average premier league footballer is earning in excess of £1.5 million a year but they don’t seem to have the same drive, determination and commitment Britain’s Olympians have.
Laura Trott says “I ride for medals not money” and probably doesn’t even make 1% of the amount England captain Wayne Rooney does (he gets paid £300,000 a week and I’m sure he makes other money too), in fact her 6 time Olympic Gold winning fiancé Jason Kenny is reliant on the basic funding from British cycling because in his words “I’m just not that marketable.”
And that’s the key – marketability.
Football is a business first and foremost and the market value of that business is where the money is, not how good you are at something.
It’s great when you’re good at something but you make money when you’re good at business and serious money when you can really market what you do, using Lateral Monetization™ to make money in multiple different areas. The same’s true for entrepreneurs too.
And if you’re wondering if some sports people with the “hunger” for success can win Olympic Gold and make lots of money simultaneously, yes they can – just ask 2012 and 2016 Olympic Gold medal winning tennis player Andy Murray, who’ll make, according to Forbes, $23 million this year.
So in conclusion, money doesn’t follow being good at something, even if you’re the best and work with an amazing team of people, it comes from business and the serious money comes when you know where else you can make money, the process I call Lateral Monetization™, then having the marketability and systems in place to turn talent in to value and value in to money.