LeBron James just became the NBA’s all-time leading scorer, passing Kareem Abdul-Jabbar’s long-standing record. The Los Angeles Lakers star James scored 38 points in a tightly fought 133-130 defeat by the Oklahoma City Thunder to beat Abdul-Jabbar’s record set all the way back in 1989.
An amazing achievement and a crowning glory in an extraordinarily successful sporting and business life. But it got me to thinking – what can we learn from sporting legends like Lebron? Sure, lots of them succeed in business too, but are there some key points that can help entrepreneurs achieve their goals?
Here are my 10 Lessons in Business from Basketball’s GOAT – LeBron James.
1 Think long-term
LeBron James came from poverty, growing up in the inner city of Akron, Ohio, facing incredible adversity. His childhood saw constant upheaval. Basketball was his one constant. He excelled from an early age and was a High School phenomenon.
In 2003, he was approached by Nike and Reebok who wanted to do a shoe deal with him. At the time, he was hot property, being one of only 45 NBA players ever to go pro straight out of school. Nike offered him $87 million, Reebok offered $115 million. Eye-popping numbers for a young man from such a deprived background. Many would have gone for the better money – Reebok. They already had superstars like Allen Iverson and Shaquille O’Neal on their books.
But LeBron chose Nike. He saw in them a long-term advantage. It’s now reported that his deal with Nike will earn him $1Billion in his lifetime. As for Reebok? They don’t sponsor a single NBA player today.
Short-term gains can be seductive. But it’s the long-term investments that pay dividends.
2 Teams win games
There is no denying Lebron James’ talent. He is an incredible athlete with some important natural abilities. But much like Michael Jordan before him, it was only when he managed to surround himself with a strong team – on and off the court – that he really started to dominate.
As entrepreneurs, we are often single-minded and determined and feel like we are out there on our own, doing our thing. We can learn a lot from sports – even those that seem to present stars as individual talents. We need to create and build a great team around us- fast. Find the best web designers, salespeople, marketers, accountants, lawyers, and managers – people who can support you in all you do and deliver the kind of quality standards you expect. Even if you are just starting out, if you are looking for ways to boost your productivity on a shoestring, you should always find a good bookkeeper – virtual assistants are a cost-effective solution. It’s never too soon to start building that winning team.
3 Buy, build, sell, repeat
As a household name worldwide with a combined following of 118.6 million between Instagram and Twitter, LeBron has the ability to generate instant sales for almost anything.
But LeBron doesn’t simply start dozens of businesses in new markets from scratch. Although he could, he doesn’t just cash in his following to launch a business – he buys, builds, sells, and repeats.
For example, in 2008, LeBron quietly invested in a company called Beats Electronics – an established, thriving company. This became Beats by Dr Dre. He made $ 700 million.
He avoids the pitfalls of start-ups and goes for investment in a proven concept. Then, when he adds his influence and energy, it takes off!
Sure, he could have started his own electronics brand from scratch. And it might have been a success with his social following. But he chose to buy into a proven product, build it, and cash out, and now he can use those funds for future ventures.
4 Bounce back from losses
Just like elite sportspeople, there are very few absolute certainties for the entrepreneur apart from a pretty bumpy ride. LeBron lost his first two trips to the NBA finals and despite going to eight straight NBA finals, he has only won three times.
He has spoken about dealing with disappointment. He says, early on in his life, a mentor taught him something he has never forgotten. “When you win, people forget the losses.”
Kobe Bryant, Tiger Woods, Thomas Edison, Richard Branson and Elon Musk have all had their fair share of failures. But we know them for their incredible achievements. It’s been their ability to bounce back, get up, deal with failure and start again, that singles them out.
Entrepreneurs must never forget the price of success often comes in the form of failure. Criticism is a motivation for LeBron. Loss is the catalyst to success – we must all learn to bounce back from losses.
5 Find your niche and dominate it
LeBron is a force of nature on the basketball court. He’s on the record saying that he makes it his business to know every position – all five key roles – on the court. He can step into any position, any time and know all the plays. Despite that, he knows his strengths and plays to them.
So, even if you are a specialist, and you need to focus, you’ll need to know every aspect of your industry. The more you understand what everyone else does, the more you can dominate your niche and make your position stronger and more valuable.
6 Be consistent
One of the most impressive – and powerful things – about LeBron James is his consistently high performance. Right from when he started, he has seemed to have set and maintained a critically high standard for himself – and the other players on the court. He’s never become complacent.
And that takes hard work. Entrepreneurs have to understand the importance of continuously doing their best too. Just because you are having success right now, you should never use that as an excuse to stop delivering at full blast.
7 It’s not over ’til it’s over
There have been hundreds of times that LeBron has been written off. It might have been when he left the Cleveland Cavaliers the first time – or the second time. At any time when the first few games of a season did not go the way people expected, when he missed 71 games due to injury in the first 15 seasons, or when he missed 71 games due to injury since 2018… And as a star from the very start, he has been right in the spotlight – who knows how many column inches have been written about him – not all good!
It would’ve been easy for LeBron to let those words, those thoughts, and those predictions affect his resolve. But nothing silences critics better than success, and LeBron used what the doubters said, to work even harder to prove them wrong.
If you and your business attract negative comments, critiques and commentary, it might mean you’ve achieved a certain stature. Don’t waste your energy on them, shut them down by sticking to your principles and following through on your plans.
8 Know when it’s time to change your game plan
IN 2016 LeBron was instrumental in winning the NBA Finals with a nail-biting 93-89 victory in Game 7 at Oracle Arena. The Cavaliers became the first team to win the Finals after trailing 3-1. It’s the most unlikely comeback the NBA has ever seen.
The result of LeBron’s leadership yes, but also the result of a fresh strategy as they went into the deciding game of the season. They reviewed their playbook and came up with a Game 7 strategy that righted the ship.
Every entrepreneur knows how important it is to be able to solve problems, act quickly, and shift your company’s direction in response to changing conditions. Past performance is no guarantee of future success, as the Warriors found out.
9 Tap into a personal passion.
For LeBron James, the fact that he was a Cleveland native infused his quest for a Cavs title with extra meaning. He had started off at Cleveland, then had a taste of championship victory in Miami. But the 2016 win is extra-special because he felt real empathy for the fans of his former team, having no professional sports champions since 1964. He made it personal. He put the pressure on himself by promising Cleveland he’d bring the trophy home.
In business, if you choose to back yourself, you need to make sure you have skin in the game, and that it is personal. That way, you are on a mission that gives everything you do purpose and reminds you that everyone is counting on you to deliver.
10 Go for a Slam Dunk once in a while!
A slam dunk is a statement. It’s a big move and shows absolute domination, commitment and power. It’s the result of teamwork, but a moment for true individual glory. People remember the slam dunks.
So occasionally, when you have the confidence, and the time is right, it’s good to do a slam dunk in your business. That big, bold move that people will remember, talk about and maybe define you and the way you do business.
It is a great way to get people’s attention, make your mark and stand out from the crowd. When LeBron jumps up and slams the ball into the net, the crowd goes wild, and that moment is possibly the one thing they will remember about the whole match.
So, make a splash once in a while, and create something that catches people’s eye, and makes them sit up and take notice…
A world-class celebrity, businessman, icon and now record breaker! You don’t have to be an elite sportsman like LeBron James to learn from his example. Whether you’re playing basketball or running a business, there are lessons to be learned from one of the greatest athletes in history. If you like what you read, don’t hesitate to get in touch and talk to me about investments, networking or new opportunities.
“I treated it like every day was my last day with a basketball.”
–LeBron James
