Gold medal business lessons from the 2024 Paris Olympic and Paralympic Games

Starting and running your own business comes with its share of challenges and business owners quickly learn by experience how to overcome adversity. With the world gearing up for the Paris 2024 Olympics and Paralympics, let’s look at what business owners can learn from the athletes we’ll be watching.  

Simone Biles teaches how to prioritize mental health

After a much-publicized withdrawal from the gymnastics finals at the 2020 Tokyo games, American Simone Biles, the most decorated gymnast in history, is back to compete in Paris. She cited her mental health as the reason she stayed away from the sport for two years, and has become an advocate for mental health awareness, among athletes and the general public.  

Biles’ decision to focus on her mental health drew a lot of attention toward the pressure athletes face and the need for them to prioritize self-care. Business owners need to take time away from their businesses to focus on their own mental health, too. Sometimes this means finding someone you trust who can step in during your absence, or passing on that big project that would require your focus 24/7.  

🥇 Related: 5 Tips to support mental health in the workplace

Sinead Diver proves it’s never too late

Australian marathoner Sinead Diver is the oldest athlete who will compete in the Paris games. On the day she runs in the marathon, she will be 47 years, 4 months and 24 days old. Diver began running at the age of 33 and ran her first marathon in Melbourne when she was 37 and finished in second place. Four years later, she won Melbourne, then ran the London marathon in 2019 where she finished seventh.  

While 47 is an advanced age for an elite athlete, people can start a business at any age. Whether you’re inventing things in your college dorm room or looking for something new to do in retirement, there’s no bad time to start a business.  

Bill May knows to open the door when opportunity knocks

The Paris 2024 Olympics are the first games in which men can compete in artistic swimming. American Bill May, at age 45, is competing is his first Olympics and is the lone man on the 8-swimmer team. May is considered the best male artistic swimmer ever and is a six-time world medal winner. He had semi-retired from the sport in 2019, but returned to competition when the decision was made to allow men to compete in the Olympics.  

May’s story demonstrates the importance of taking advantage of opportunities when they present themselves. Business ownership is full of twists and turns, and few businesses turn out exactly as the founder envisioned. It’s important to consider new avenues and be flexible enough to make changes when they’re warranted.  

Dominika Banevic recognizes the importance of getting in on the ground floor

Breaking is a new Olympic sport this year, which means anything could happen. Breaking is urban dance style that has evolved from hip-hop into a competitive sport. Lithuanian b-girl Dominika Banevic stunned the breaking world by winning the 2023 world title at just 16 years old. All eyes are on her in Paris to see if she can take the gold.  

Like Banevic, business owners can also benefit from being first to market. Getting out in front of a new product or service means your competitors have to play catch-up, so first mover advantage is key.  

Tom Daley demonstrates persistence

British platform diver Tom Daley will compete at his fifth Olympic games in Paris. Demonstrating continuous improvement, Daley didn’t medal in 2008, won bronze in 2012 and in 2016, and won one gold and one bronze medal in 2020. As he competes in both individual and synchronized platform diving, he’s hoping for two golds in 2024. Even if he doesn’t reach that milestone, he may be back again – Daley is just 29 years old.  

Daley is a great example of the benefits of persistence. Even with several Olympic medals to his name, he continues to train to compete at the highest level. Experienced business owners know it can be as difficult to stay on top as it was to get there in the first place, so you don’t ever want to take your foot off the gas.  

Ben Maher knows how to bounce back

Equestrian Ben Maher will compete for Great Britain in the individual and team jumping events. This will be the fifth Olympics for the 41-year-old who already has two gold medals. Maher suffered a serious shoulder injury in 2023 but came back to win gold at the Winter Equestrian Festival.  

There will be obstacles to overcome in every area of life, and business is no different. It’s how we react to those obstacles that will determine whether or not we’ll ultimately be successful. Sometimes you have to start again from the beginning, sometimes you have to pivot, and sometimes you just have to plow through, but as long as you don’t give up, success is still a possibility.  

Ali Truwit represents courage by facing her fears

Just after her college graduation, Ali was on a trip in Turks and Caicos when a shark attack resulted in the amputation of her lower leg. Following the accident, getting back in the water was an unthinkable struggle for Ali, but her passion for swimming was enough motivation for her to face her fears head on. Just three months after her accident, she was training to swim at a competitive level again. Soon after, she qualified for the 2024 Paralympic Games in Paris.

Truwit is an inspiring example of how to bounce back after tragedy and never lose sight of the things you love. Her story can inspire business owners and people everywhere to live life with passion and positivity, even if you have to pivot from your goals. 

🥇 Related: Top 5 challenges of entrepreneurs and how to overcome them

💡✍ The Olympic and Paralympic games are always inspiring as we watch athletes from all over the world compete at the highest level of their sport. Bringing that inspiration to your business can help you reach your goals. But be sure to protect that business with the right insurance. Hiscox can help – just tell us a little bit about your business and get a quote.