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4 Entrepreneurial Lessons You Can Learn From Michael Jordan

4 Entrepreneurial Lessons You Can Learn From Michael Jordan

When most people think about Michael Jordan, they consider the athlete. After all, we’re talking about the best basketball player to ever play the game. He finished his career with six NBA championships, five MVP awards, 11 All-Star nominations, two Olympic gold medals, and a long list of other worthy accomplishments. On top of that, Jordan took a shot at playing professional baseball at the age of 31. He played in 127 games for the Birmingham Barons of the Southern League before deciding to transition back to basketball. That’s not something any athlete can just decide to do. Yet, Jordan did it and never missed a beat.

But when you start to look past all the athletic accolades, championship rings, trophies, and stats, you realize that Michael Jordan is much more than a superior athlete — he’s a polarizing businessman. Forbes estimates his net worth somewhere north of $1 billion, thanks to his part ownership in the Charlotte Hornets and lucrative marketing deals that bring in more than $100 million annually from global brands like Nike, Gatorade, and Hanes. Jordan also owns seven restaurants, a car dealership, and is involved with a handful of other ventures.

The takeaway? Jordan is more than one of the greatest athletes of all time – he’s one of the savviest businessmen of the twenty-first century. As an entrepreneur, there are plenty of lessons to be gleaned from his time on and off the court. Let’s take a look at a few of those:

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1. You Must Desire to be Great

“When you are around Michael enough, you realize very quickly that his rise to the top was far from coincidental,” said Andrew Walters, one of Jordan’s former business advisers. “I observed his leadership style, his quick mind, and his pure desire to be the best.”

There’s a common misconception that successful people stumble into greatness. While it may make for a good Hollywood story, this is rarely the truth. Successful people aim for greatness and do what it takes to get there. In Jordan’s case, he’s obviously been blessed with the talent to match his desire, but it’s the latter that fuels the former.

2. You Must Rebound from Failure

It’s a worn-out story, but is worth reiterating. Did you know that Michael Jordan was actually cut from his high school varsity basketball team the first time he tried out? That’s right, the coaches told him he wasn’t good enough to play high school basketball.

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In the NBA it wasn’t all success, either.

“I’ve missed more than 9000 shots in my career,” Jordan once famously said. “I’ve lost almost 300 games. 26 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.”

People who say Jordan has it all obviously haven’t watched closely enough. There have been times when he failed, failed again, and failed some more. However, at the end of the day, he always picks himself back up and learns from his mistakes. As an entrepreneur, you’re going to fail. You’ll probably fail more than once. Do you have the courage and tenacity to get back up and succeed?

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3. You Must Get the Fundamentals Down

As an entrepreneur, you have to identify the handful of skills that you need to succeed. Those skills will look different depending on the industry you work in, but you have to recognize them and master them before focusing on more complex, bigger-picture things.

“You can practice shooting eight hours a day, but if your technique is wrong, then all you become is very good at shooting the wrong way,” Jordan warns people. “Get the fundamentals down and the level of everything you do will rise.”

4. You Must Stay on Guard

In your pursuit of success and greatness, people will try to bring you down. They may call you callous or greedy. You can’t let the noise drown you out. Sometimes you’re the only one that can protect yourself, so don’t be afraid to take a stand.

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Just recently, Jordan was forced to do so himself. After a supermarket used his name in an advertisement without his permission, Jordan decided that he couldn’t sit back and let people devalue his brand. He filed a lawsuit and was eventually awarded $8.9 million (which will ultimately be donated to local Chicago charities).

“He was compelled to send a message to the marketplace that he takes the protection of his identity seriously,” said Kevin Adler. It was a risky move that could have damaged his reputation with many, but it ultimately paid off. Jordan stood his guard and provided a lesson for entrepreneurs everywhere: Success doesn’t come by taking the easy route.

Featured photo credit: Jason H. Smith via flickr.com

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Schuyler Richardson

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Last Updated on September 29, 2020

How to Start an Online Business That Will Grow and Succeed

How to Start an Online Business That Will Grow and Succeed

Unsurprisingly enough, all businesses are online today. Considering the advances in the smartphone industry as well as the increasingly accessible internet facility, it was only a matter of time before businesses took advantage of the online environment.

This increasing popularity makes for a promising future for a lot of young entrepreneurs. And knowing how to start an online business will open up a world of possibilities for you that was not possible 10 years ago.

So, keeping the potential for exponential growth in mind, let’s dive into the article below, and explore the steps of starting an online business that will bring you success.

1. Becoming the Master of ‘ONE’ Trade

Most successful online businesses are the master of one trade. And that’s why beginning with a niche is always a good idea.

A niche market is a focused segment within a larger market. Imagine a men’s shoes market and then, imagine handcrafted brown Italian leather shoes for men. While the previous one is a bigger market, the latter one is simply a more focused segment within that market.

Knowing the niche helps a lot to start an online business and if you are feeling a bit lost, here are some self-queries that will act as a perfect guide:

What Speaks to Your Heart?

This first way of discovering the niche is perfect for those who want to do what they love. Working in a market that you love will ensure that constant excitement and drive to do better, eventually leading to ultimate prosperity.

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Decisions Based on Knowledge

The second way is perfect for those who have a lot of untapped knowledge about a specific industry. Utilizing the insights on a specific industry is a great way to find a niche. This way, you’ll already know all the ins and outs of the industry and can easily get ahead of all the competitors.

Undiscovered Potential

Lastly, conducting research into various industries and finding an untapped segment is another amazing way of finding the right niche. This practice will require you to come up with a new and unique solution for uncatered audiences.

2. When Is Your Idea Valid?

All the great ideas for starting an online business needs to be valid. And once you have found the niche, this validation process is what comes next.

Proving the soundness of the idea is not at all hard. A detailed industry examination is all you need initially to understand the value of the concept and recalibrate it to turn into a great online business.

Market research is a systematic unraveling of the target market. This research will include all the information on the product/service you are about to sell, the target audience, and how the competitors are operating in this crowded market.

This in-depth research will give you the initial idea of how the products can make an impact in the outside world. And once the small online business ideas are validated, it will be time to move on and craft a plan and start working on establishing the business.

3. Crafting the Map to Success

Having a proper plan for an online business is like having a map when you travel to an unknown city. This is a document that includes all the factual information on the business and crucial business data.

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To help you out, here’s a list of all the information online business plans must include:

  • An idea of objective – The best online business plans always have a clear outline of the business goals and intentions. Having this clear outline will increase the efficiency of business functions later on. The target demographic, business model—all kinds of information needs to be a part of this document.
  • Taking stock of available resources – A startup needs to utilize all the resources it has, and that’s why the plan needs to have an in-depth outline of the financial resources in use as well as the employees and their expertise. With a better idea of all the resources in hand, starting an online business will be an easier process.

4. The Virtual Storefront: A Process of Development

The steps of how to start an online business are incomplete without the website creation process. With the right website approach, you can easily succeed in increasing business revenue.

What does that perfect business website look like? Let’s follow these steps to create an effective business website.

Choose Your Approach

There are numerous ways of making a website and for a positive outcome, you need to choose the perfect approach. Depending on the business model, initial finances, and end goals, there are two kinds of approaches for the online storefront:

  • Third-party approach – Third-party platforms will connect you with the customers out there. For small online business ideas, Creating an account or site with these platforms will be beneficial because these platforms come with a large array of services as well as a big enough existing consumer base ready to utilize.
  • Creating a new website –  A business-specific website will help you eliminate the third party go-between and connect directly with the buyers. With this approach, you get more control over the business and how it is presented to the consumers out there and the revenue you make. Any of the above-mentioned approaches can be beneficial for easy online business startups. However, to achieve some specific business goals, having a customized website will be more beneficial for you.

Design Can Bring You Maximum Success!

For those who have decided to create their own site, the design is of paramount importance. With a great design, you will be able to engage and interact with the visitors better and encourage them to make a purchase.

The design, however, is not just a matter of aesthetics. A website’s design encompasses all aspects of it, from the visual effects to the content that’s used on the site.

To create a truly amazing design that reflects new online business concepts here are a few matters to consider:

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  • Keep it responsive – Many markets are simply skipping over the desktop phase and launching the business for mobile users around the world.[1] Considering this popularity of the mobile internet market, the business website has to be responsive. This approach will help you to reach a bigger audience and conduct business on a larger scale.
  • Users want a fast experience – Using high-quality images on the site does improve the visuals, but make sure all those images are compressed. Having a faster website will enhance the user experience on the site. Besides compressing all the media content on the site, you can also utilize an asynchronous loading technique that loads all the contents simultaneously, reducing friction. With a faster site, it will become easier to implement the online business startup ideas into reality.
  • Define the brand – The design stage determines a lot of things for the business website and one of those things is the business image. To make an impact on the world with the business, you have to create a perfect image and for that, a brand guide is necessary. The brand guide is a document that includes all the information and guidelines on various visual elements on the site that makes up the business personality. Based on the kind of image you want to create, all the elements will be outlined in this documentation.

Where the Website Becomes Reality

Since we know how website design helps to launch a successful online business, it is time to move onto development. Online business development is where the idea becomes a reality. And to make this reality perfect, you need to make sure that the development and deployment process goes well.

A high performing site always includes all the right features that enhance the user experience as well as helps you to convert more traffic. And for the best results, ensure the use of only the latest tech stack during development.

Here are some development issues you have to pay attention to while building the business website:

  • The right partner makes all the difference – For small startups who are wondering how to start an online business, finding the right development partner is going to make all the difference. However, before making a decision, there are a few things you should contemplate. The team that you are about to hire should have experience in catering to your industry, as well as an extensive portfolio and good reviews. Additionally, it will be perfect if the agency or freelancer also provides a 360-degree service, from development to maintenance.
  • How to assure the quality of the site? – Testing the site is an integral part of the answer to the question of “how to start an online business?”. An experienced partner will be able to help you the most with this. From security testing to split testing, this stage in development will help in understanding how well the site functions and what needs to change. And once the changes are made and the test results come clean, it will be time to launch the website.

5. Some Tricks to Increase Online Sales

Selling online is not easy, but not hard either. In a physical store, you can use campaigns, go door to door with pamphlets, and such. However, successful online businesses have their own style of campaigns that helps them to sell more without any problems.

So, what are these tricks?

Utilize the Magic of SEO

With an increase in quality traffic, the sales ratio will go up too. And to drive quality traffic on the website, you need to utilize the SEO tricks, and probably hire an SEO expert.

When starting an online business site, ensure all the content on the site is optimized to rank for the right queries by target consumers. With a higher rank on the SERP, the traffic will increase on the site.

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With the increase in quality traffic, it will become easier for you to convert visitors. The visitor data will help you to adjust the site performance. In brief, utilizing SEO will open the doors to a lot of possibilities for your small online business ideas.[2]

Entice With Free Value

Consumers today have lots of options to choose from. And keeping all that in mind, it will be wise to create a business plan for an online startup that provides free value to the users before asking them to buy something.

Consumers want to buy from someone who knows what they are doing, especially in the case of a curated service or goods provider. And that’s why to turn the profitable online business ideas even more effective, you need to start offering free value on the site, with free products and content.

Having a blog is also another way of displaying your expertise. With specialized content on the industry, you can easily grab the attention of the audience. And once assured of your knowledge on the matter, consumers will feel a lot safer about making a purchase.

A Killer Customer Service Is Everything

Your small online business idea needs a better service option. Using AI-based interactive features to implement better support for the global consumer base will prove to be extremely beneficial. With a 24/7 automated support channel, customers will be satisfied with your business and come back more often.

It’s an Easy Process: All You Have to Do Is to Start

And there it is, the simple five-step process of starting an online business that is bound to succeed. If you look closely, you’ll notice that there are not a lot of differences between creating a physical business and an online one. The main differences are only in the consumer and competitive landscape.

While a physical store faces and caters to local competitors and consumers, the online business has to deal with the same on a global basis. So, focusing well on the global market landscape while crafting the plan will help you succeed.

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Featured photo credit: Austin Distel via unsplash.com

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