In our mission to advise, inform and inspire business owners and managers we offer these ideas for your consideration. 

What can entrepreneurs learn from the Olympics?

Aside from enjoying the great spectacle of the 2010 Winter Olympics in Vancouver and the thrill great athletic accomplishments, there are also some interesting concepts and ideas from the Olympics that we can apply to our businesses.

Consider these lessons that we can learn:

The four year planning horizon
Set aside your current plan. Review your results from last year and define new “Olympic record” performance objectives for 2014 with a plan and specific milestones for each year until then.

Focus on your strengths
Choose to compete in the areas where you are most likely to succeed. Most winter athletes specialize. Even multiple medal winners don’t try more than a few events.  Accept that you can’t be great at everything, just few important things that happen to match your greatest strengths.

Decide
You have to make choices to either give it your best effort over a long period of time, or quit.  Make good choices.  Know when and what to quit.

Push your limits
Test your capabilities and endurance to the maximum. "Tear and repair" is the way to build strength and endurance in muscle tissue; maybe in your organization too.

Learn from the leaders
What do the top competitors do that you can also do? Look at their preparation and training techniques; the little things that add up to a big difference on race day.

Learn from your losses
Study your own performance and learn what makes the difference between your best results and your second best.

It's not for the money
You have to love it enough to do what it takes to be a winner. The money will follow if you have the passion and persistence to excel.

There is only one gold medal
You may have to settle for being the fourth, or sixteenth, best in the world at what you do.  That is still impressive and makes you better than a lot of your competitors.

Prepare for upsets
The best competitors know how to deliver for the big events and usually avoid surprises. They also know not to underestimate their competition. Maybe you can be the upset winner when the opportunity arises, if you are equally well prepared and committed to maximum performance when it's required.

Have a world class support team
Coaching makes a difference. Check that your consultants, advisors and support staff are up to the Olympic standard.

Don't cheat
The short-term glory of victory will eventually be replaced by the long-term disgrace of breaking the rules.

It's never too late
We’ve had a Summer Olympic equestrian champion at age 61 after competing in nine Olympics and a swimmer at age 41 who won three silver medals after coming back from retirement.  The veterans can still compete and win.  Don’t be intimidated by new competitors or new technologies.  Stay in the game and play to win.

Enjoy the Olympic games and learn a few lessons of your own.

Del Chatterson

© February 2010

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