There are so many similarities when one compares the areas of entrepreneurship and sports. The team aspects, giving your best, challenging competition…the list goes on and on. And I for one firmly believe that athletics and leadership in one’s youth is extremely beneficial to your future career as an entrepreneur.
The most important and possibly most destructive quality however is dealing with failure. Champions are instilled with the desire to win, no matter what. This is necessary for most any startup to succeed. There will be times when you wanna quit, can’t handle, are too tired…whatever, but need to persevere. Entrepreneurs and athletes that succeed have to overcome tremendous amounts of struggle, hardaches and failures. If it was easy, everyone would do it.
The enormous difference however is the cost of failure. Athletes lose a game. Miss out on a championship. Maybe even lose their job. The cost of pursuing failure however is blood, sweat, and tears. You don’t lose anything for trying, other than the opportunity cost of your time.
Entrepreneurs however are more financially attached. If you cross the line and don’t know when to call it quits, you can lose everything. Your house, savings, business…maybe even your family. Entrepreneurs need to go balls to the wall, but be able to identify risk and no when to cut their losses and start anew on something else.