When it comes to performance under pressure, business people can learn a lot from sports stars. But, can the qualities that drive exceptional performers like Roger Federer help to build a new business? Simon Wicks examines the evidence
Sport is outcome-orientated - it's about securing clearly defined results in a competitive environment. And certainly, business can be described in similar terms (although not every business is driven by competitive imperatives, but that's another discussion).
The similarities between sport and business
Of course, there are other similarities beyond this straightforward definition:
- Both sport and business frequently emphasise teamwork in the pursuit of goals, for example.
- Sometimes they even stress collaboration between different teams/businesses (success in cycling, for example, often depends on co-operation between competitors).
- The development and exercise of skills is integral to each.
- At the highest levels of both sport and business, insight, imagination and the capacity to assess risk and opportunity swiftly are qualities that separate the greatest from the merely very good.
It's fair to say that many successful business people also enjoy sport and quite a few practise it to a reasonably high level. An earlier interviewee once told me that recruiters looking for high-flying professional women advertise in rock-climbing magazines.
And it works the other way, too. Traditionally, footballers would open up a pub when they retired. And there are endless examples of retired sports stars putting their names to products and getting their faces on billboards (George Foreman anyone?).
Exceptional sports people rarely make good entrepreneurs
But I'm not interested in ex-sports stars hawking brands, chasing sales targets, taking on narrow roles within organisations or making money from clever investments; I'm intrigued by the ex-sports people who have successfully set up and run their own business. I'm sure there are plenty, but a Google search is more likely to highlight business failure than success.
Why? Because self-centred performance in a clearly-defined role is relatively straightforward; but dealing with the organisational, administrative and human complexities of running a business requires another set of qualities. At the very least, you need to be able to set flexible goals, devise strategy, marshal the resources to execute your strategy, lead a team through every challenge your environment throws at you, display the patience and staying power to build your enterprise from the ground up... and so on.
A successful entrepreneur is far more like a good sports manager than a player - a Rafael Benitez, say, or an Alex Ferguson. Neither was an exceptional player, but both have great team-building and organisational management skills. Stand-out players rarely make good managers; perhaps they struggle with organisational processes or can't get to grips with other people's talent, or just find it hard to see things from someone else's point of view.
A sense of duty - an essential entrepreneurial quality?
But there are exceptions to every rule and, as a cycling fan, one name jumps out for me: Eddy Merckx. You should check Merckx out; he was so good that one year the organisers of the Tour de France actually paid him not to race, so someone else could have a chance of winning.
At first glance, he is the epitome of the self-centred individualist practising his sport to the exclusion of all else. But Merckx is different. Post-retirement, he set up a business manufacturing bicycles and spent almost 30 years overseeing its operation, day-in, day-out, until selling up. The reason the business became successful is that Merckx brought to it the same care and conscientiousness that he brought to setting up his bicycle, raising his family, maintaining contact with his fans.
Indeed, Merckx once spoke of the duty he felt to compete hard, as if winning was a matter of conscience and not just a selfish goal. No doubt he felt the same sense of duty when setting up his business. The product and service had to be good, because nothing else would do for his customers - just as nothing less than trying his hardest would do for the people who willed him to fulfil his immense cycling talent.
So maybe we can add conscientiousness, too, to the list of qualities that make a rounded and successful business owner - a sense of duty towards customers, staff, even family members who depend on your endeavours. It's quite a weight to bear, but you don't need to be Eddy Merckx to bear it. Anyone who carries it off is exceptional in their way.