Michael Jordan

Being an athlete can prepare you to be an entrepreneur

For all athletes, finally, comes the time to step out of the competitive field. From there, many of them try to take a path that may also be satisfactory, and for some of them, that path is to be an entrepreneur. To some, this could be something natural, but some questions remain in the way, like how to do it properly. Jason Hanold offers quick hints on how to approach this new path:

Your athlete attitude controls what drives and motivates you to succeed, including strands of competitiveness, desire, passion and perseverance. Traits that make athletes excel on and off the field. Entrepreneurship may be the ideal path for making the most of those unique traits. Success is unique to you and has to be tailored to what you value. However, you define it, embrace it. Own it. Eat, sleep and breathe it. Then, as you work on your plan to achieve that success, do periodic gut checks to make sure you are still on the right path.

Set targeted actionable goals that keep you working toward a challenge. As you reach each one, use the sense of satisfaction you get as motivation to power through the next. With a better understanding of who you are, you are ready to be an entrepreneur. Your business will rarely look like the business plan you started with, but don’t get discouraged. Embrace failures like an athlete, learn a lot in those moments, and never give up, evolve and strengthen your game.

Athletes like Lebron James and Tony Hawk are the perfect example of being an entrepreneur after retiring from their career in sports, earning more off the playing field than on.

Oscar De La Hoya won five titles in different weight classes (the youngest boxer ever to win five world titles), with a career total of 10 championship belts and the 1992 Olympic gold medal. During his sports career, he earned $612 million in revenue. However, his management company, Golden Boy Promotions, consists of more than 40 fighters and numerous businesses, generating more than $100 million annually. He personally owns more than 50 percent of the company.

Regarded by many as the best basketball player known to the game, Michael Jordan changed the way basketball is viewed, totaling more than $90 million in earnings as a player salary. Currently, he owns the Charlotte Bobcats and is the face of Nike’s Air Jordan sneakers, Gatorade, Wheaties, McDonald’s, Coca-Cola, Chevrolet, Rayovac, and Hanes. His estimated worth was more than $500 million before his divorce in 2006.

Venus Williams is currently ranked 6 in the world singles WTA. From her career since 1994, she pulled $75.8 million. As a businesswoman, she is the CEO of her interior design firm “V Starr Interiors”. She also launched her own fashion line in 2007. She is part owner of the Miami Dolphins with her sister Serena. In 2001, she signed a five-year endorsement contract with Reebok International for $40 million. Her new book “Come to win” was in the New York Times Bestseller list. She was ranked number 83 on Forbes’ 2010 Celebrity Top 100 list.

Tony Hawk was sponsored at the early age of 12 and was a pro athlete at 14. He changed the face of the skateboarding world, winning over 73 international competitions, and inventing more than 80 tricks. Hawk is the owner of Birdhouse, one of the largest skateboarding companies in the world, and he started his own clothing line, named “Hawk Clothing.” He has deals with Activision, Six Flags, Kohl’s, Infospace, Adio shoes, Jeep and Sirius Satellite Radio. With Activision, he created Tony Hawk’s Pro Skater Video game in 1999, which quickly became a bestseller, now making him the No. 1 action-sports video game franchise. Tony continues to release video games for all gaming systems. He has an estimated net worth of $120 million.

John Elway played for the Denver Broncos, with an initial $12.7 million contract. He helped lead the Broncos to five Super Bowl appearances and two wins. Since retirement, he has owned several businesses and writes an NFL blog. He also founded The Elway Foundation, a non-profit organization for the prevention of child abuse. He is also the owner of two restaurants and once owned five car dealerships in the Denver area. He sold them to AutoNation in 1997 for $82.5 million.

John Elway_Being an athlete can prepare you to be an entrepreneur_Jason Hanold

Image courtesy of Malingering at Flickr.com

In college, Marcell Haywood was a star basketball player, attending Florida State, he continued his outstanding performances. Sports taught Marcell Haywood important lessons about competition; about winning and losing. Being involved in athletics, also taught him about how to handle aspects of life as an entrepreneur. He found himself utilizing insights he had learned as a point guard: he learned how to stay focused in the face of a challenge; that he is the type of person that gains clarity and strength in the face of challenge and steps up to the line; pressure serves to focus him on becoming more assertive and deliberate.

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These are 2016’s highest paid retired athletes

It’s not a secret that some athletes can earn lots of money after they retire. In certain cases, they can make more money than they ever did even after leading successful careers in sports. And for the third year in a row, Forbes magazine compiled a list of the retired athletes who earned the most in 2015. Michael Jordan, Shaquille O’Neal and David Beckham are some of the names that have made out of retirement the most profitable part of their careers.

According to the magazine, at least 36 players who have retired from the Major League Baseball organization, earned over $20 million until the end of 2015.

Without further ado, let’s take a look at these highly successful former sportspeople:

  1. Earvin “Magic” Johnson

Earnings in 2015: $18 million. He retired in 1996 and as founder of Magic Johnson Enterprises, his ventures into the real estate market and business lobbying, he focused primarily on the television market and insurance, offering “Magic Workforce Solutions” for the workforce of customers. Even though he had a major stake in the Los Angeles Dodgers, Los Angeles Sparks and the Major League Soccer franchise, but now he’s completely focused on the business of his very own brand.

  1. Gary Player

Earnings in 2015: $19 million. Retired in 2009, the 80-year-old golfer still maintains a very busy schedule related to the design and consultancy for the construction of golf courses in more than 38 countries. This occupation has already led him to be the author of 400 fields to play throughout the world.

  1. Roger Penske

Earnings in 2015: $20 million. Retired in 1965, the former racing driver decided to leave the wheel behind and get to work at his car dealership, a decision that led him to consolidate the Penske Automotive Group, a company listed on the stock market that pays dividends of $11 million annually, a figure that adds to those reported by his own racing team, with 28 national championships to his credit.

  1. Shaquille O’Neal

Earnings in 2015: $22 million. Retired in 2011, O’Neal has generated significant dividends from the partial sale of his brand -Shaq-, acquired by Authentic Brands Group, a company that manages similar interests in figures such as Elvis Presley, Michael Jackson and Muhammad Ali. In addition to these earnings, his contract with Icy Hot, which is more than 10 years old and has been renewed six times, represents another significant source of income.

Shaquille O'Neal_jason hanold_These are 2016’s highest paid retired athletes

Image courtesy of Keith Allison at Flickr.com

  1. Jack Nicklaus

Earnings in 2015: $26 million. He retired in 2005 and he’s another former golf star who spends his time designing golf courses in 41 countries and 39 US states. His 398 open fields, designed by the company that he has in association with Golden Bear, in Delaware, will only be a part of his activities, as he also plans to expand into the field of gastronomy by opening 10 restaurants over the next five years. Nicklaus Children’s Health Care Foundation, his philanthropic endeavor, has raised $50 million for the cause he leads.

  1. Jerry Richardson

Earnings in 2015: $30 million. Retired in 1960 with only two seasons in the NFL, the iconic player of the 1959 title, made his fortune out of a chain of restaurants before purchasing the management of the franchises of The Panthers and The Bojangles, which he still owns.

  1. Junior Bridgeman

Earnings in 2015: $32 million. Retired in 1987 after a solid 12-year career in the NBA, which left him with a record of 13.6 points in average per game, the sixth one of the Milwaukee Bucks became famous thanks to his work with the franchise. He also dabbled in the food industry with companies such as Wendy’s and Chili’s.

  1. Arnold Palmer

Earnings in 2015: $40 million. Retired in 2006 and with some health problems in recent years, the star of the Masters tournament is still selling big in Asia, with 500 Arnold Palmer stores. Drinks are also part of the economic empire of former athlete, representing one quarter of his profits with the Arizona Beverage Co.

  1. David Beckham

Earnings in 2015: $65 million. Retired in 2013, and with an established personal brand that has entered into contracts with Kent & Curwen worth $8 million a year, plus the royalties of the collection that was launched in 2016. The former English footballer has also started planning the purchase of the Miami MLS in 2018, thanks to his revenue from businesses in real estate and advertising.

  1. Michael Jordan

Earnings in 2015: $110 million. Retired in 2003 and with his own Nike brand, which reported a growth of 14 percent last year, he had one of his most productive years by selling the rights of the MJ firm for about $100 million. Jordan also has juicy contracts with Hanes, Gatorade, and Star, which adds to his assets estimated at one billion dollars.

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The five richest retired athletes

We have known the successful careers that many athletes have had after retiring. Sometimes it gets strange that a world class retired athlete become more famous and richer than he or she was when in competition. The reason for such success lies in the fact that these world class athletes continue to receiving endorsements, licenses, etc. after a successful sport career, so huge sports brands, drinks, etc. happily embrace them to be the image of their products, and they do not pay cheap for that. We will talk about on this post about the five athletes that kept fortune over fame after retiring referred by Forbes.

Michael Jordan

Michael Jordan does not need a presentation. We all know who he is, and we know especially who he was over a decade ago. After his successful career in the United States as a basketball player, Michael Jordan continues invoicing millions every year. The main reason why he usually reaches the 40 million dollars a year is linked to sports. The Nike’s endorsement back when he was still a player ended up in a whole Jordan’s brand, which he sells on his own huge building in Oregon. Also, he owns 80 percent of the Charlotte Bobcats, plus the profits and perks that Michaels Jordan gets every year of products from worldwide brands like Gatorade, Nike, and even perfume brands. That is how Michael Jordan has reached the 90 million dollars in one single year as a retired athlete.

Arnold Palmer

Being 80 something years old and still living up from your earnings after a world class athlete career is not something that many people can say. It is not the case though of American former golfer Arnold Palmer, who had the last of his 62 PGA Tour victories back in the 70s but billed roughly 40 million dollars last year. So you might be asking How is that possible? Simple. Arnold Palmer happens to run his own line of drinks that represent only a quarter of AriZona Beverages. In addition, Arnold Palmer gets profit from business in Asia, where his name sells goods in hundreds of store. Not bad at all for one of the oldest retired world class athletes.

David Beckham

This list would mean nothing if at least one representant of the most popular sport did not appear. We could say that David Beckham was one of the first soccer players hugely used on publicity. Perhaps the fact of being attractive helped him a little bit, though. But anyhow his successful career was fundamental to form his subsequent success (economically speaking) as a retired athlete that he is now. Indeed, David Beckham’s earnings in the recent years vary from 35 to 40 million dollars. These earnings are roughly achieved by his own businesses such as a cologne of his own and even an academy soccer school. In spite of the short career that soccer players face, David Beckham is a great example of how to success and get over an expired playing career.

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Image courtesy of James FJ Rooney at Flickr.com

Jack Nicklaus

Golf has been known as an exclusive sport for the rich folks. That is perhaps the reason why we have more than one golfer on this list. Jack Nicklaus, or as his fans prefer to call him, “The Golden Bear”, had a successful career that led him to win 18 Majors. His earnings basically sum up to the profits of his company Nicklaus Design that he founded over four decades ago. This company essentially focuses its strengths on designing courses not only in the United States but also abroad, which has allowed “The Golden Bear” to build up his career as a retired world class athlete. Hundreds of courses built here and there, plus the dozens of current projects going on demonstrate his more than 30 million dollars a year.

Magic Johnson

From the list of the five richest retired athletes, Magic Johnson may be the most ambitious of all. Named Earvin Johnson Jr, this incredible retired basketball player has both a tremendous story and current retired career. His ambitions and interests on varied businesses have led him to make up to 100 million dollars in 2010 when he started opening Starbucks stores of his, plus the gains on stakes in several basketball teams. Not only that, but Magic Johnson also deliver speeches all around the world on HIV and is an activist. His earnings are usually more than 20 million dollars a year thank to the aforementioned businesses plus insurance, healthcare, food services, and staffing incomes.

To be successful as a world class athlete does not necessarily mean that retirement will be easy. However, these five wealthy retired players show us that making a living successfully after retirement is actually possible. What is a requirement for achieving it is to be cautions but sharply active.

Great athletes with awesome successful retirement careers

Athletes usually retire from their career in sports at a very young age. Some of them with an amount of resources that allow them to live well the rest of their lives, other with needs of finding a second career. No matter the situation, all of them think about their lives after the playing days.

Some athletes follow the path of broadcasters or business owners, identifying their new jobs with the passion of past athletic careers. Other athletes become coaches or teachers, but the important thing for them is to be mentored by a professional business coach that helps them sift through the available options and find the path best suited for them.

For world class athletes, like the ones that are training for the Olympics that can be a full time job, there is a need of another job to pay the rent. Some of them have predictable jobs, such as coaching the next generation of athletes, but for others are works like being a DJ.

Triathlon Gwen Jorgensen works as an accountant at Ernst & Young, sailor Debbie Capozzi at her family’s italian ice shop called Tina’s Italian Ices, diver Troy Dumais is a life advisor at the University of Texas, fencer Race Imboden is a DJ and was an intern for a record label called Fool’s Gold, shooter Emil Milev is a physical education teacher at an elementary school in Tampa, and wrestler Chas Betts is a motions designer and specializes in animation graphics. They all have to take time from their preparation and earn enough to live.

But what can they do after being athletes, what career paths are there for post athletes?

Various studies have found that as many as half of all professional athletes are broke within five years of retiring from professional sports. However, this is not the case for all, and there are even some of them that accomplished more after leaving their sports career.

Here are some examples of athletes that were successful after they retired:

Mario Lemieux or as his fans know him, “Super Mario”, is a former hockey player within the top five. Nowadays, Mario bought the Pittsburgh Penguins that was near bankruptcy in 1999, and from there he worked to keep the NHL team in the city despite several attempts to move the franchise, up to winning the Stanley Cup in 2009 as an owner. He also overcome cancer and has established a foundation in his name that founds promising new medical research projects.

Charles Barkley had a 16 years career in the NBA, but never won a championship. After that he took off as a professional broadcaster, pitchman and outspoken commentator on everything in various controversial and everyday topics. He remains in demand after 15 years of retirement from basketball. He worked as a spokesperson for Weight Watchers, wrote several books and even mused about running for Governor of Alabama.

An actor that worked on films such as Lock Stock and the Smoking Barrels, X-Men: The Last Stand and Swordfish, shows no signs of slowing down. His name is Vinnie Jones and he is a legendary soccer player in his native England, that played for teams like Chelsea, Sheffield and Leeds United, and also captained the Welsh national soccer team on several occasions.

Signed photo of Vinnie Jones_Great athletes_jason hanold

Image courtesy of Darren Foreman at Flickr.com

Dwayne Johnson also known as “The Rock”, started as a football player for the Hurricanes from University of Miami and later for the Calgary Stampeders in the Canadian Football League. Dwayne then took a successful career in the professional wrestling as “The Rock” and won 10 world championships. But his glory days came when he started as an actor, working in roles in movies like Hercules, Furious 7 and San Andreas

Dwayne The Rock Johnson_Great athletes_jason hanold

Image courtesy of David Shankbone at Flickr.com

Few athletes continued to be synonymous with his former sport as Michael Jordan is to basketball. He won six NBA championships and five MVP trophies. But since retiring in 2003, he found success and is now a billionaire according to Forbes magazine. He has corporate endorsements from Nike and Gatorade, he has been a spokesman for McDonald’s and Coca-Cola, still winning over $40 million a year and he is 90% owner of the Charlotte Hornets.

Michael Jeffrey Jordan_Great athletes_jason hanold

Image courtesy of Basket Streaming at Flickr.com

The Staubach Company began with Roger Staubach, also known as “Captain America” while he was in his professional football career with the Dallas Cowboys. After being a great athlete and winning two Super Bowls, he found success far from sports. His company started in real estate, investing mainly in commercial office properties focusing on renting space to major corporations as AT&T, K-Mart and McDonald’s. After being a chairman and chief executive officer until June 2007, Roger sold his company to Jones Lang LaSalle for $613 million.

Professional athletes usually not give the importance that a college preparation deserves, but as they are growing in the sports world, lots of Universities bid for them to study and participate in competitions in their name. It is the opportunity for said athletes to grow for the future as well.