The Business Lessons You Can Learn From Michael Jordan
When most people think of Michael Jordan, they think of him as the greatest basketball player of all time. With six NBA championships, five MVP awards, and 11 All-Star nominations, Jordan is undoubtedly one of the most accomplished athletes to ever play the game. He’s also a two-time Olympic gold medalist and once tried his hand at professional baseball.
However, there’s more to Michael Jordan than his athletic feats. He’s also a very successful businessman, with an estimated net worth of over $1 billion. This is thanks to his ownership of the Charlotte Hornets and numerous lucrative endorsement deals with global brands such as Nike, Gatorade, and Hanes. Jordan also owns seven restaurants, a car dealership, and is involved with several other ventures.
Entrepreneurs can learn a lot from Jordan’s success, both on and off the court. Here are some of the key lessons that he can teach us:
1. Desire to Be Great
One of the most important lessons to learn from Jordan is the importance of having a burning desire to be great. According to one of his former business advisers, Andrew Walters, Jordan has always had a pure desire to be the best at whatever he does. This is a common trait among successful people, who don’t just stumble into greatness but work tirelessly to achieve it.
2. Rebound From Failure
Another lesson that Jordan teaches us is the importance of bouncing back from failure. Despite being one of the most successful athletes of all time, Jordan has dealt with his fair share of setbacks and disappointments. For example, he was actually cut from his high school basketball team before going on to become a basketball legend.
Jordan himself has acknowledged his failures, famously saying, “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 an entrepreneur, it’s important to learn from your mistakes and not let them deter you from reaching your goals.
3. Get the Fundamentals Down
Jordan also stresses the importance of mastering the fundamentals. For entrepreneurs, this means identifying the essential skills needed for success in your industry and working to perfect them. Without a solid foundation of skills, you can’t hope to succeed in the long run.
4. Stay on Guard
Finally, entrepreneurs can learn from Jordan’s willingness to protect his brand and reputation. When a supermarket used his name in an advertisement without his permission, Jordan sued and ultimately won $8.9 million, which he donated to local charities. This move was a risk, but it showed that Jordan takes the protection of his identity seriously. As an entrepreneur, you must stay vigilant and always be willing to stand up for yourself and your business.
In conclusion, Michael Jordan is much more than a basketball legend. His success as a businessman is just as impressive as his accomplishments on the court. Entrepreneurs can learn a lot from Jordan’s drive, resilience, focus on fundamentals, and willingness to fight for what he believes in. By taking these lessons to heart, you can increase your chances of achieving your own success.