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Business lessons from sports are a dime a dozen, but the takeaways for Indian entrepreneurs in particular are especially poignant.
Sports are a microcosm of life and business, mirroring, albeit in a controlled environment, all its unpredictable ups and downs.
In the increasingly capitalist and globalized world we live in, startups are the new superstars. This is especially noticeable in India, with its flurry of newly-minted unicorns and the latest viral success of Shark Tank India.
Business and sports: Many parallels
In this scenario, here are 10 business lessons from sports that can be mined by Indian entrepreneurs.
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#10 Have a clutch mentality
The ability to perform at your best when the chips are down and your back is against the wall is a skill that can be developed. And who better to learn from than Indian cricket's Captain Cool? Dhoni exemplifies poise and calmness under fire.
In sports and in business, it is important to trust your preparation, focus on the process, execute your strategy and let the result take care of itself.
#9 Develop a next play attitude
Virat Kohli's recent captaincy resignation controversy was all over the news. But the man himself has moved on to playing under the leadership of KL Rahul (Tests) and Rohit Sharma (ODIs/T20s).
There's a lot to learn from Kohli's attitude, chief among them being to let go of the past and move on to the next play.
In entrepreneurship too, there will be many unsavory moments: business decisions that go awry, clients reneging on their promises and partnerships that have reached their expiry date. But one has to get past those setbacks, learn from them, regroup and improvise in order to succeed.
#8 Build substitutes for each position
Consistency is the hallmark of all great teams. No matter the personnel, winning has to be made into a habit.
This was exemplified in India's historic 2-1 Test series triumph in Australia. Despite missing key stars, the Men in Blue were able to not just maintain but better their on-field performances.
Businesses must show the same versatility and nimbleness with their hiring: a mix of youth and experience, each with complementary yet overlapping skills. That way, if someone fails to show up, there is a ready replacement available.
#7 Recognize your weaknesses, embrace your strengths
"Do your best, delegate the rest" is the mantra most entrepreneurs live by. This may well be inspired by sports, where the competition is ruthless when it comes to exposing your weaknesses.
True entrepreneurs like Tiger Woods possess the ability to keep reinventing themselves. That said, they aren't shy about acknowledging their non-core areas and outsourcing them to specialists.
#6 Love the game
"Just play, have fun. Enjoy the game" is how the great Michael Jordan pithily put it.
Entrepreneurship is a series of sprints run with a marathon mentality. Patience is key not only to a successful sporting career but also to build a sustainable long-term business. When the going gets tough, it is important to keep reminding yourself why you started in the first place.
#5 Play by the rules and be patient
For the longest time, women's boxing in MC Mary Kom's preferred weight category was not included in the Olympics. But Kom bided her time and finally won Indian women boxing its first Olympic medal.
The Indian business ecosystem is a landmine of regulatory overload and numerous "miscellaneous expenses" to just get your company up and running. In such a scenario, it is important to play by the rules and be patient. Eventually, the tide will turn in your favor. Whether in sports, life or business, there are no shortcuts to long-term success.
#4 Trust your team but trust yourself more
At Kobe Bryant's memorial service, teammate Shaquille O'Neal recalled an incident when he asked Bryant to pass the ball more often.
As business leaders, it is important to trust your team, but at crucial moments, it is imperative that you trust yourself even more. By the very nature of their profession, entrepreneurs are visionaries who need to see ahead of the curve. In such situations, it is important to back yourself, especially when no one else is.
#3 Welcome competition
One of the heartwarming moments in the aftermath of Nadal's historic 21st Grand Slam triumph was the congratulatory message from his great rival Roger Federer.
True business professionals welcome healthy competition, while "pretend-preneurs" are busy weakening their rivals rather than improving their own offerings.
#2 Be a patriot
Whether we consider Neeraj Chopra at the 2021 Tokyo Olympics or Leander Paes at the 1996 Atlanta Games, the great athletes are able to step up their performances when representing their country.
Who can forget how carefully Chopra folded the Indian flag after his victory lap, like a true soldier? (Even earlier, back in 2018, Chopra was named the flagbearer at the Asian Games.)
Similarly, Indian business leaders must never lose sight of the larger role of nation-building that they are involved in.
#1 Value your support system
Once an athlete or a startup has finally tasted success, it is easy to downplay the contribution of others. Business leaders would do well to imbibe the humility of a two-time Olympic medal winner like PV Sindhu, who is conscious of highlighting the role of her support system, be it her parents, or coaches - past and present.
