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At the age of 30, many professionals experience the prime of their career, with the exception of professional athletes. According to Jim Reynolds, founder and CEO of Loop Capital, professional athletes make their peak money at a young age, while individuals in business typically start accumulating real wealth in their 50s.
While the average NBA player retires at 29, nearly 60% of them face financial hardships after retirement. However, there is a way to change this narrative. Retired players possess transferable skills such as tactical smarts and a competitive drive, making them valuable assets in the business world, as recognized by executives like Jim Reynolds.
Jim Reynolds currently serves as the CEO of Coco5, a fitness drink company co-owned with a NBA dream team including Devin Booker, D’Angelo Russell, Derrick Rose, and the Morris twins, Marcus and Markeiff. The company gained attention for its partnership with the American Cancer Society to raise funds for research and promote early detection.
Julian Aiken, a tech entrepreneur and former DII point guard, is also familiar with the world of professional sports. Alongside NBA players Michael Carter-Williams and Mo Harkless, Aiken founded Special Teams Real Estate, a venture that converts vacant commercial buildings into residential ones, showcasing how athletes can successfully transition to business.
These elite athletes and their business partners emphasize the universal principles that transfer from the sports arena to entrepreneurship.
Get a Little Better Every Day
Just as in basketball, where practice leads to improvement, in business, developing a self-starter mentality and a growth mindset is crucial. Michael Carter-Williams emphasizes the importance of continuous learning and getting better by 1% every day, instead of aiming for instant success. Small wins, like understanding new concepts or answering difficult questions, signify progress in the business world.
Embrace Your Role
Similar to basketball role players who prioritize team success over personal glory, it is important to know your strengths and weaknesses in business. Marcus and Markieff Morris, former role players in the NBA, use their skills to complement each other at Coco5, leveraging their NBA status to open doors and gain new opportunities.
Play the Long Game
Thinking ahead and planning for the future is vital in both basketball and business. Michael Carter-Williams regrets not seeking more knowledge about investments early in his career. He now focuses on preparing athletes for life after sports, emphasizing the importance of financial planning and investing. Jim Reynolds also stresses the importance of owning equity, highlighting how it can lead to long-term financial success.
