3 Things The NFL Can Teach Us About Entrepreneurship
NFL and entrepreneurship? Really? Really.
I know it may not seem like a logical relationship but let me tell you, there is one. And I’ll avoid a big entry paragraph and get right to the goods.
(1)
The NFL is full of attrition.
According to Statistica.com, the average NFL career is 3.3 years. That’s ridiculously short! Not every NFL player is like Tom Brady, who has been going strong for over 20 years and has no plans to retire soon. When you consider most players enter the league between 21 and 23 years old, that means the average player is out of the league by their mid-20s.
The players who stick it out work hard as all get-out for staying in shape, honing their skills to be starters or at least second-string, and are grateful for the time they get.
That said, entrepreneurialism is chock-full of attrition. Of course, there are two schools of thought on this: those who bow out of being an entrepreneur entirely and the number of startups/establishments that fail after a few years. For the latter, look at how many restaurants fail within their first few years; according to USA Today, the average lifespan of a new restaurant is ~5 years, with 90% failing in the first year! Aside from restaurants, Investopedia mentions, “Data from the BLS shows that approximately 20% of new businesses fail during the first two years of being open, 45% during the first five years, and 65% during the first ten years.”
As far as how many entrepreneurs quit entirely, I would assume that’s less likely since a common thread of entrepreneurs is to move onto something else after a previous project ends for any reason. However, I think it’d be incorrect to assume no entrepreneurs give up entirely.
Lesson:
- Keep your business in shape with the proper knowledge.
- Constantly hone your skills; this applies both as an entrepreneur and to your business.
- Always be reading, watching, and listening to information and lessons you don’t already know.
(2)
Learn, adapt, overcome.
Every team studies the competition and creates a game plan designed to divide and conquer. So why should starting a business be any different? Know the competition’s strengths and weaknesses of your competitors and attempt to exploit them to win. No, I don’t mean you should destroy them in a nasty way, do anything illegal, or screw them over but rather see where they fall short and pounce. Here’s an example: Burger King released a chicken sandwich, something we all know is dominated by Chick-fil-a, right? But CFA is closed on Sundays; ergo, BK said, “You can get our chicken sandwich on Sundays!” If you think that’s lame, ask anyone who’s ever craved CFA on Sundays. However, that’s the vein I’m talking about when I mention exploiting weaknesses.
One more point to this, teams change things up if they find their game plan isn’t working. For instance, a team may start blitzing more if they need pressure on the QB. Or, if the passing game isn’t working, then they may opt for more run plays.
Lesson: Create a game plan. Also, it’s okay to deviate from the original plan.
(3)
You will get bruised.
No player gets touchdowns without taking several hits along the way. You will be “tackled” in business, but you have to get up and ready for the next play and hope to score big.
Getting bruised and feeling sore is inevitable; these things may look like a fallout with a supplier, getting screwed over by a former partner or competitor, losing a key employee, etc. But, any NFL player will surely tell you they don’t regret getting into the game.
Lesson: Get in the game, take some hits, and keep running plays. Then, if you need some help, sign a new player to the team (i.e., hire someone you need), perhaps even a freelancer. Every player in the HOF in Canton, OH, worked their tail off to get those accomplishments.
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