Entrepreneurial Lessons: What Entrepreneurs Can Learn From Lebron James
Author: Aron Schoenfeld
Last week, we saw an incredible spectacle. The most popular free agent, the man who will be bringing millions to the team that signs him, created a show to declare who the winner is. Regardless of where he went, Lebron James would be making millions and have endorsements worth much more than that.
While his decision made some people jump for joy, others break down crying and others bashing him for this overly orchestrated event, there are many lessons that can be taken from what watching the whole process of Lebron going through free agency, some positive and others, negative.
Here are four very important lessons that an entrepreneur should take away from this “event”-
Surround yourself with an experienced team – Looking back at the process of Lebron’s free agency, the one thing that came out of it was how his team miscalculated many things, specifically the image that was portrayed during the ESPN interview. When starting a business or entering into partnerships or new lines of business, you need to talk to people that have experience and have been there before. These people can help guide you and help you figure out the best way to approach things.
Many entrepreneurs partner with friends or other entrepreneurs to get themselves started, especially since it is very hard to hire people with no money. But create a board of advisors or a network of people with experience that can help you.
Don’t burn bridges – When you leave a job, turn down a partnership or decline to work with an angel or venture capital firm, it is essential that you do it with class and respect. These people have helped you along the way and you never know whom you will need help from later on. Lebron managed to turn an entire city from friend into hated enemies in a matter of seconds as a result of the manor in which he chose his new team. While he may have upset them by leaving, even without the spectacle, doing it respectfully and in a manner similar to how he was treated by the fans for seven years, could allow him to return home.
As an entrepreneur, you may not want partners now, but you may need a partners help down the road. You may not want an investor’s money in the first round of financing, but there may be a second, third or an exit that you need those people along the way. Keep those relationships strong and never burn those bridges.
Never forget those who helped you along the way – Apparently, in order to protect the secrecy of his decision, Lebron didn’t let anyone know what he chose until the last few minutes before he announced it. At that point, he had one of his associates call his old boss, Dan Gilbert of the Cavaliers, to tell him Lebron is leaving. And as we all know, Lebron rejected his hometown and previous employer in one of the biggest television events of the year. Entrepreneurs start out as people with ideas and dreams, just like a basketball player.
While your company may become a success, many people help you get there by providing you guidance, flexibility and mentoring along the way.
Money isn’t everything – And no, it’s not the only thing. Money is great, especially when going through an exit for your company. But as we saw from Lebron, sometimes, taking a little less to be in a better situation is the best exit strategy. When you are selling your company or bringing in investors, you need to consider what your goal is; to make as much money as possible or see your company grow into something bigger and better with lasting success.
Dress for success – When people come to you for a meeting or especially when you go to them, keep in mind that how you dress tells a lot about you. Asking executives from 6 teams to come to you for a meeting and presentation and then showing up in shorts and a t-shirt gives off a very negative impression. It portrays you as childish and a lack of professionalism. You ultimately want to be the face of your brand and grow it into an empire, so dress that way. Imagine that any second some big deal could close and you can be on television or in the paper. What impression do you want to give off? People perceive you but the first impression and what you wear makes a huge difference.
While outsiders may not like our decision or you have to leave friends behind, doing so with dignity and class will help leave a favorable impression. As an entrepreneur, that impression could help make you a success. Learn from this Lebron fiasco and do things the quietly and effectively. Earn the respect of others because at the end of the day, how people perceive you is really all that matters.
Tags: No tags where found.
Share:
