Leading the Chicago Bulls to six NBA championships, an endless list of awards and being credited with helping to popularize basketball all over the world, Michael Jordan is undoubtedly one of the greatest hoop players of all time. Jordan has also achieved unprecedented success as a businessman, which has helped him to become the first athlete in history to become a billionaire this year. His product endorsements with Nike have become a worldwide fashion staple since the 80s and he is now the principal owner and chairman of the Charlotte Hornets.
As entrepreneurs, there is so much to be learned from Michael Jordan. Over the years he has provided a valuable and inspirational advice on leadership and success—in basketball and in business. Here are five tips to be more like Mike:
1) Don’t Give Up
“I’ve missed more than 9,000 shots in my career. I’ve lost almost 300 games. Twenty-six times, I’ve been trusted to take the game winning shot and missed. I’ve failed over and over and over again in my life. And that is why I succeed.”
As business owners, failure can be terrifying. Placing your heart and soul fully into something—not to mention your time and money—and not having it succeed can be a bleak thought. Jordan’s advice: keep grinding and keep learning from your mistakes. Embracing failure can lead to lead to some of the most valuable experience, information and insights—all of which can be leveraged to drive your business’s future success.
The first time Jordan went to the playoffs, the Bulls were eliminated in the first round. It took him and his team years before they were able to win their first championship. This failure only made him want to succeed more. He’s said: “Everyone fails at something. But I can’t accept not trying.”
2) Embrace Your Competitive Spirit
“I play to win, whether during practice or a real game. And I will not let anything get in the way of me and my competitive enthusiasm to win.”
One of the primary reasons Michael Jordan was able to accomplish so much as a sportsman and businessman is because he never settled for second best. As an entrepreneur, you will always have competition. Your goal is to always figure out ways to set yourself apart and outpace them. This means staying tuned into your industry and being aware of what the competition is up to. It means knowing your customers inside and out and leveraging that information into outperforming your competitors. Don’t let anything get in your way and demand the best from your team.
After winning his first championship in 1991, Jordan was photographed crying. While some might see this as a weakness, this emotional depth shows tremendous commitment to the game—it’s these emotions that propelled him to success.
3) Business is Like a Game
“Just Play. Have Fun. Enjoy the game.”
You may think that Michael Jordan is talking about basketball in the above quote. However, in fact this was taken from him discussing the game of business. There’s no doubt the more passionate you feel and the more fun you have, the better your work will be. Bring energy and enthusiasm to your work and you’ll be amazed at how much better your results are.
4) The Best Marketing Is Simple
“I’m back”
This above quote were the sole words on Michel Jordan’s press release when he returned to basketball in 1995—and it sparked an absolute media frenzy. His first game back with the Bulls had the highest rating of any regular season NBA game in 20 years.
As an entrepreneur, this is an indispensible rule in marketing: Keep things simple and appeal to emotions instead of logic. Saying, “I’m back” in this situation was a thousand times more effective than lengthy explanation of his logic in returning to basketball.
5) Don’t Be Afraid To Get Help
“My attitude is that if you push me towards something that you think is a weakness, then I will turn that perceived weakness into a strength.”
Not every business gets off to a perfect start—in fact, most don’t. Additionally, even the most successful businesses have room for improvement and have to evolve over the years to stay competitive. Being aware of you’re weaknesses and consistently taking efforts to minimize them is a quality all successful businesses share. If you can be honest with yourself and overcome you’re ego, you’re going to be way ahead of the game.
Also, huge success never comes without outside help. Although in the 80s Michael Jordan won a number of scoring titles, MVPs and even “Defensive Player of the Year”, he won no championships. Those didn’t come until he had the help of Horace Grant, Scottie Pippen and Phil Jackson.
Having a top-tier team and support network are vital to a successful business.
The Bottom Line
If you want to succeed as an entrepreneur it is essential to have perseverance and a love of competition. Inject passion into your work, keep things simple and remember failure is only a frame of mind. Always be conscious of your weaknesses, encircle yourself with other experts and don’t be afraid to ask for help.
I believe that finances don’t have to be stressful and that solid financial strategy is the key to successfully reaching your business goals. For more information visit www.thewealthyyogi.com
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About: Dr. Roshawnna Novellus, aka "The Wealthy Yogi" is a finance expert, author, investor, and yoga enthusiast on a mission to help people achieve their goals through wealth building, entrepreneurship, and staying balanced while juggling it all. You can learn 5 Ways to Multiply Wealth in 90 Days without Giving Up the Things you Love for free, and enter her contest to win a $50 Amazon Card.
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