Starting a small business is often compared to setting off on an adventure, but it’s also a lot like stepping into the world of sports. Both journeys are filled with growth, challenges, and levels that only a few manage to reach. In sports, most start on the neighborhood team and work their way up, while in business, owners often start small with big dreams. The road to becoming a large, successful company mirrors the path to becoming a professional athlete. Many start, some level off, and only a select few reach the top.
The Journey from Local Team to Professional
In sports, the journey starts with recreational leagues, where athletes get a feel for the game. As they improve, some progress to their high school team. According to the NCAA, only 7.5% of high school athletes go on to play in college, and just 1.6% of college athletes make it to professional sports. Each level represents a narrowing of the field and an increase in competition, dedication, and skill requirements.
Starting and growing a business follows a similar path. The Small Business Administration (SBA) reports that 20% of small businesses fail within the first year, and about 50% don’t make it past five years. Out of those that survive, only a small fraction scale to become medium or large enterprises. Just as in sports, the higher you aim, the greater the challenge—and the fewer who reach the top.
Keys to Growing a Small Business: Traits of High Performers
So, what sets the “professionals” apart from those who plateau? Here are some shared characteristics of high-performing athletes and successful business owners:
- Persistence and Resilience: Just as athletes push through grueling practices, business owners must overcome obstacles. Data from SCORE reveals that 30% of small businesses close due to lack of capital, and 19% due to competition. Those who succeed often “keep going when others would quit,” as business strategist and author Simon Sinek puts it. Persistence in the face of challenges is what separates the successful from the rest.
- Adaptability and Continuous Learning: Legendary coach Vince Lombardi once said, “Perfection is not attainable, but if we chase perfection, we can catch excellence.” Successful business owners continuously learn and adapt, refining their skills as markets evolve. The ability to pivot and stay relevant—especially in times of change—can mean the difference between success and stagnation.
- Setting Goals and Tracking Progress: In sports, athletes set clear goals, and the same approach benefits business owners. Harvard Business School research shows that businesses that write down their goals are 10 times more likely to succeed. Breaking down big goals into achievable steps and tracking progress along the way helps business owners stay focused and motivated on the path to growth.
- Building a Strong Team: Just as athletes work with coaches, trainers, and teammates, business owners need a reliable support network. Renowned businessman Warren Buffett often emphasizes the importance of a good team, saying, “Surround yourself with people better than you, and you will float up as a result.” A strong team and experienced advisors make a critical difference, offering guidance, insight, and encouragement to keep growing.
Knowing the Value of Your Business—Why It’s Important
Just like an athlete monitors their performance metrics, knowing the value of a business is essential for owners. It’s a strategic tool that can inform goal setting, help identify areas for improvement, and serve as leverage when seeking financing or potential partnerships. According to a BizBuySell report, over 90% of small business owners underestimate the value of their business, which can be a major disadvantage when making financial or growth decisions.
Understanding business value is particularly crucial for those aiming for long-term success. Business author Jim Collins, in his best-selling book Good to Great, notes that “Great vision without great people is irrelevant.” Having clarity about the worth of your business and the guidance of trusted advisors provides the stability needed to make the right moves and grow strategically.
Surrounding Yourself with Coaches and Professionals
In sports, even the best athletes have a coach. Likewise, business owners can benefit from professional guidance. Whether it’s a financial expert, a mentor, or a business advisor, having skilled professionals can help identify blind spots, refine strategies, and navigate critical decisions. According to the National Federation of Independent Business (NFIB), 70% of small businesses with mentors survive past five years—double the survival rate of those without mentorship.
Business coaching has become increasingly common as more owners recognize the benefits of expert guidance. As Bill Gates famously said, “Everyone needs a coach,” whether they’re in sports or business. The right advisors provide both accountability and insight, helping business owners make smarter decisions and stay on track.
The Journey is the Goal
Just as few athletes make it to the pros, not every small business will become a multi-million-dollar corporation. But the journey itself—growing, learning, and becoming better at what you do—is valuable. Whether you’re aiming for the top or striving to serve your community well, the path of continuous growth, improvement, and resilience is where the real success lies.
In Summary:
Growing a business is like training to be a professional athlete. It requires resilience, adaptability, goal setting, and the right support. Not every business will become “big,” but every owner can strive for excellence, build a solid team, and create something meaningful. Knowing the value of your business and surrounding yourself with coaches and professionals are critical steps in achieving growth and lasting success.