With the 2016 Rio Olympics in full swing, we're watching history being made — staying up way past our bedtimes to catch the re-runs and laugh at the hilarious Olympic memes. Amongst all this fanfare, let's not forget that the Olympics' reach goes beyond just sports; there are key lessons founders, investors and entrepreneurs can learn from these world class athletes. Here are four in particular that stand out:
1. Forge your own path.
"Here we are, what 100 years into freestyle? And Ryan's literally discovering a new way to swim freestyle," said David March, the coach of U.S. Gold Medalist Ryan Lochte. With "The Lochte Turn," the swimmer pushes off the wall while facing upward and starts to swim while still on his back, swimming at a deeper depth than most others. It has paid off too, according to Lochte, who says it's given him almost a full-second advantage over most of his competitors, which is a huge feat in the world of elite swimming.
U.S. Olympic Weightlifter, Kendrick Farris, proves you don't have to consume meat to be strong and explosive. Farris is a vegan and is the only U.S. male weightlifter to qualify for the Rio Olympics.
Professional fencer Ibtihaj Muhammad is the first U.S. athlete to compete in the Olympic Games in a hijab, a headscarf worn by some Muslim women.
With Lochte, Farris and Muhammad, it's clear to see that you don't have to do things the way others have done them before you. No matter how many business blueprints and case studies there are, you can always write your own story of success in a way that stays true to your personal values and unique style. Innovate and disrupt.
2. When you fail, dust yourself off and try again.
After the 2012 London Olympics, Michael Phelps called it quits and went into retirement. Soon after, he had a very public fall from grace, including a struggle with substance abuse that led to two DUIs and admission to rehab in 2014. It was in rehab where he was able to turn things around and change his outlook on life. Phelps said he hasn’t consumed any alcohol since Oct. 4, 2014.
This summer in Rio, Phelps has emerged as an embodiment of hope, optimism and the strength of the human spirit. He's already added four new Olympic gold medals to his previous 18.
After being cut from the U.S. Women's Under-21 National Soccer Team, Carli Lloyd lost her passion for soccer, telling her parents she would stop playing after her final year at Rutgers. Fortunately for the U.S., Lloyd soon thereafter met James Galanis, who would play a key role reigniting Lloyd's passion for the game and taking her talents to a whole new level. Lloyd has already put away two goals in Rio, and the U.S. Women's Soccer Team is well on its way to making history as the first soccer team to win back-to-back Olympic gold medals and World Cup trophies!
There's one thing you can be sure of as an entrepreneur: You will face an incredible amount of adversity. It doesn't matter if you've raised capital for your venture, you're well on your way to scaling or you're gearing up to sell or for an IPO. As an entrepreneur, you will consistently experience new challenges that will test your will to persevere; that's just a part of the game. Phelps and Lloyd, however, prove that it doesn't matter how many times you get knocked down; you're never out for the count until you say you are.
2. Everyone is capable of greatness, no matter where you start.
Nineteen-year-old U.S. gymnast phenom Simone Biles' mother struggled with drug and alcohol addiction, and as a result, Simon and her sister were placed in foster care. Fortunately, her maternal grandfather adopted the two young girls. Sixteen years later, Simon has swept the Rio Olympics, earning gold medals in every single category she's competed in thus far!
Uzbekistan gymnast, Oksana Chusovitina, is competing in her seventh Olympics (wow!) in Rio — at the youthful age of 41. If that's not motivation, I don't know what is.
Less than 2% of venture capital goes to companies founded by African-Americans. Only 8% of those funds go to women founders. Ageism is also very much alive and well in the tech industry. Despite these discouraging numbers, underrepresented entrepreneurs around the country are overcoming those odds and all the conscious and unconscious biases to showcase their abilities and build great companies. Just like Biles and Chusovitina, entrepreneurs — no matter their backgrounds — have the ability to achieve greatness!
4. Surround yourself with people who make you better.
Coach Glen Mills has not only helped Usain Bolt become the world's fastest man alive, he has also helped Jamaica gain the identity of the "sprint capital of the world." “Coaches have to continuously react and replay and redo the drills, getting the athlete to run over and over to break habits," stated Mills.
As an entrepreneur, you're ability to scale, and ultimately succeed, is dependent on other people. Just as Bolt has enlisted a fantastic coach in Mills, an entrepreneur must prioritize surrounding herself with people — employees, advisors, investors, etc. — who are going fill in the gaps, cover your weaknesses and help you see around corners so you can stay on top.
Mandela Schumacher-Hodge helps 100+ tech startups succeed in business, social impact, and diversity. Subscribe to her newsletter or follow her on Twitter @MandelaSH to stay in touch.
