What it Takes to Win the Entrepreneur Gold Medal

Entrepreneurs face daunting challenges when it comes to running their small businesses. In fact, only 9 percent of small businesses survive the first five to ten years of operation. Everything from onerous taxes and regulations to mismanagement doom the vast majority of entrepreneurs who risk the security of working for a large company for the freedom of making it on their own. How can entrepreneurs succeed in an increasingly volatile economy? The answer lies in learning from the athletes of the 2014 Winter Olympics.

The Attributes Shared by Olympians and Entrepreneurs

Entrepreneurs have several resources to cull tips on how to succeed in running small businesses. The SBA provides invaluable tools for small business owners to receive financing and organize accounting documents. Many successful entrepreneurs thrive because successful small business owners mentored them. Yet the best lessons that entrepreneurs learn come from Olympians. For entrepreneurs to last more than ten years in our rough economic climate, they need to possess resilience, motivation, creativity, and commitment.

Get off the Ground to Fight Another Day

Virtually every Olympic gold medal winner has faced some form of adversity during his or her career. Adversity can include career-threatening injuries, the inability to master maneuvers, or intense competition. Entrepreneurs face adversity every day, from no-call, no-show employees to rapid changes in government regulations, and even rising operation costs. As is the case with gold medal Olympians, entrepreneurs must possess the resiliency to overcome obstacles.

Think Outside Convention

If you watch Winter Olympic events such as the halfpipe and figure skating, you notice the competitors have mastered many of the same moves. What differentiates the winners from the rest of the field is the creativity displayed in perfectly executing unique maneuvers. Successful entrepreneurs not only master the fundamentals of running a small business, they also take the type of chances that translate into small business gold. For example, small business owners who think outside of the box may establish toll free vanity numbers to enhance brand awareness.

Commitment to the Vision

Olympians commit to their vision of bringing home the gold one day. They exhibit the discipline to train daily for several years until the big event arrives. You can have the greatest small business idea, but it means nothing unless you demonstrate the commitment to see your vision to fruition. 

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