Gold Medal Lessons: 3 Tips Your Startup Can Takeaway from the 2012 Olympics

Unless you have been living under a rock, it is safe to assume you have caught a few minutes (or in the case of very dedicated viewers, a few hours) of the 2012 London Olympics.  The 2012 Games produce the same emotions that every Olympic event does—tears of joy, cheers of celebration, and even the pain of defeat and disappointment.  But what has been different about this year’s Olympic Games...and what can you take away from it?

The 2012 London Olympics can teach us some extremely valuable lessons in the startup world.  And lucky for you, we are here to fill you in with 3 gold medal tips: 

Don’t Let the Critics Bring You Down

Beginning with faultfinders of the Games’ Opening Ceremonies and carrying on to critics of NBC’s coverage, this year’s Olympics have been under much scrutiny.  But regardless of the criticism, the Games are still underway and NBC continues its coverage with fans and supporters all around the globe.  So how does this relate to the world of entrepreneurship?  

From the get go, criticism has been prevalent in the 2012 Olympics but that did not interfere with the determination and work ethic of both the Great Britain Olympic Association or NBC. Early-stage criticism should not bring entrepreneurs down either.  In fact, entrepreneurs should use this negative feedback to their advantage.  Use the criticisms to make your startup a better one. From there, it’s important to believe in your startup and let your confidence carry it through.

Team Is Most Important

Gabby Douglas, otherwise known in the 2012 Games as the “Flying Squirrel”, was expected to add another medal to her accomplishments in her performance on the uneven bars just as Jordan Weiber, former AA world champ, was expected to advance to the individual all around competition.  Unfortunately, both girls did not achieve what they may have expected.  And while both Olympians did not succeed on their own, it was in the team finals where they achieved the most satisfying gold of all. 

Whether you are a promised member of the USA Women’s Gymnastics Team or a solo entrepreneur trying to build a successful startup, you need a team to help you achieve success.  Remember—we all achieve greater accomplishments when we do it together.  Share your ideas.  Find new talent.  Grow with others. 

Represent Yourself Carefully

The 2012 London Olympics were hyped up to be the first “Social Olympics”, and so far, they have proven to be just that.  Unfortunately, social media did not always capture the best of the athletes competing in the Games.  Greek triple jumper Voula Papachristou, along with many others, found out the hard way that 140 characters can destroy a reputation.  After sending an offensive tweet, Voula was expelled from the Games altogether.  While she affirmed it was a joke, others did not find the humor.

Just as Olympic athletes do, your startup also reflects itself through its social media usage.  Remember to mind your social media manners and represent yourself carefully and intelligently while staying true to your brand.

There you have it—three tips from the 2012 Olympics to send your startup on its way to achieving the gold! Move over, Michael Phelps; these entrepreneurs are on a mission!

    

What Can the Olympics Teach Us About Startups?

Sports and startups have more in common than just their first letters.  There's pressure.  Expectations.  Belief.  Failure.  Success.  Ups and downs, highs and lows.  In fact, sports and startups have more in common than we may think.

So today, I ask you to put yourself back on that Little League Baseball team, on the starting block during Country Club Swim Championships, shooting from the free-throw line on your highschool basketball team or jumping for that final spike in your last college volleyball tournament.  Take yourself back to the highest highs you received from athletics...as well as the lowest lows.  Sports can teach us more about startups than we realize...and now is the perfect time to take a look.

With the upcoming 2012 Olympics Games (which I am counting down that days for!), we deemed it fit to post about how the Olympics and startups go hand-in-hand with one another.  So let's lace up our tennis shoes, board the plane to London and experience the Olympics in a different light...not as fans, but as entrepreneurs.

1. Expect the unexpected (and control the controllable)  

When Kerri Strung arrived in Atlanta for the 1996 Olympics, she probably didn't expect to impact the world with the most memorable Olympic moment of all time.  After a brutal ankle injury during her first vault, Kerri still performed a second vault...and landed on one ankle in pure agony.

No, Kerri did not plan on being injured during the Olympics.  Nor could she ever have imagined landing a vault on a sprained ankle.  But she did, and she helped the US team beat out the Russians for the gold.

In business, Kerri has taught us to expect the unexpected and to control the controllable.  Kerri could not control how the Russians or even her own team would perform during the 1996 Olympics.  But she could control her own performance...even under unbelievable pain.  Startups, beware: the unexpected will happen.  Your gut reaction may be to panic or even stop the business all together. Instead, control your emotions, control your thoughts and control what's controllable--you could come out on top with the gold.

 

2. It takes more than just hard work 

As entrepreneurs, we often hear that if we work hard enough, good things will happen.  But this isn't true.  It takes more than just hard work and determination to make it to the top.  And Olympians everywhere will tell you the same when it comes to sports.

Hard work  +  Dedication  +  Support  +  Belief  +  Preparation +  Luck 

These values can be applied to sports and startups:

Hard work: Yes, it takes many 80-hour weeks, sleepless nights and missed vacations.
Dedication:  You have to be in 110%.  No excuses, just results.
Support:  You must have a team behind you every step of the way.
Belief:  If you don't believe in yourself and in your idea, you won't get anywhere.
Preparation: It's all about goals, visualization and preparing for anything.
Luck: The stars have to align a little bit too!

3. You need a team

And not just any team...a team made up of the right people.  The 1980 Winter Olympics Hockey Team (the team that is portrayed in the hit movie Miracle) didn't beat the Soviets for the win because the team was made up of the best people.  The team won because it was made up of players that worked well together.

The same goes for your startup.  Don't hire A+ students when you can find a C student who is more dedicated, driven and passionate.  Create the team that believes in the idea as much as you do--not the one who follows all the rules, avoids making mistakes and is perfect 99% of the time.  Startups make mistakes and learn from them...and the people involved in the startup have to be able to handle that.

4.  Failure is the biggest teacher of all


In 1988, Dan Jansen, Olympic speed skater, had a difficult Games.  The odds were not in his favor when he learned that his sister had died during the Games.  After two catastrophic falls during the Olympics in Canada, it didn't seem like Dan would ever recover, not only from the tragedy, but also from his Olympic failure.

But then, Dan came back to the Olympics in 1992 to win his final race.  Failure wasn't an option for Dan...and he was determined to come out on top to finish up his speed skating career.

Dan may have failed (twice!), but he didn't let that stop him from coming back stronger than ever.  It's important for entrepreneurs to remember this same idea: failure is the biggest teacher of all.  Learn from your mistakes.  Those real-life experiences are invaluable.  Just ask Dan Jansen.

5.  Pressure is a positive 


There are two ways that athletes handle pressure:  thriving and choking.  It's those successful athletes that take pressure-filled moments and turn them into positives.  

Every great Olympic moment was met with pressure.  But my favorite story of all is that of Michael Phelps and his epic touch-out at the Beijing Olympics against Serbia's Milorad Cavic in the 100 meter butterfly (and not just because I'm a former college swimmer!).

In 2008, the pressure was on for Phelps.  He already claimed 7 gold medals at the Beijing Olympic Games...and he was just one race away from 8.  In one of the most incredible finishes in Olympic history, Phelps went from a for-sure silver medal to 8-time gold medalist by touching out Cavic by .01 of a second.

Greg Searle, director of performance development at Lane4 and Olympic gold medalist says it best when referring to pressure and business: 


In a business environment there are high pressure situations to be dealt with every day, but often that pressure can help you become focused, sharp and at your best. The key is to recognize the symptoms and embrace them. You have to reframe the situation so it ceases to be a threat and becomes an opportunity.

6.  Visualization and goals are important


Ask any Olympic athlete what the most important preparation tool is in athletics and more often than not, they will not say a proper warm-up, stretching or lucky rituals.  They will most likely respond with visualization.


Athletes must decide on a goal and visualize the achievement of that goal months (even years!) before competition day.  Visualization enhances confidence, boosts motivation and allows for maximum performance.  All Olympics teams believe so much in visualization and goals that they bring dynamite teams of sports psychologists on the road with them.

Visualization is important for entrepreneurs to attempt as well.  In a survey by Stephen Covey of 23,000 employees, only 37% understood clearly what their company was trying to achieve.  Only 1 in 5 were enthusiastic about the company's goal and only 15% felt the company was enabled to execute the overarching goal.

Make your startup better.  Start implementing goals.  Then, visualize them.

What will we learn from the 2012 Olympic Games?  I cannot wait to find out.  Until then, you can find me chanting "USA! USA! USA!" from the comfort of my desk at Think Big...no rest for the entrepreneurial!


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