Seven key business lessons. It was billed as the greatest fight of this century. It was a record-breaking payday for both fighters. Floyd Mayweather said he wanted to be the first boxer ever to make $100 million dollars in one fight. He did and he helped his opponent make it too. Mayweather has produced some of the biggest pay-per-view events in history. This was the biggest.
The fight itself was boring Mayweather did what he did best, Philly shoulder roll, stiff jabs, right cross, and he took away the opponent’s angles. Pacquiao was outsmarted and out-boxed. Later reports say he had an injured shoulder and that probably explains why he never could throw his right hook. Mayweather controlled the tempo and the match.
Mayweather is now 48-0 with one more fight left on his contract with Showtime. Pacquiao will probably fade and will be known as one of the best fighters in this era. The fight is the fight. But the lessons I learned came from the business side of boxing.
The Big Payday
Pacquiao will take $120 million because of the 60/40 split. Ticket sales were estimated at $75 million. Pay-per-view estimates are $300 million. Not to mention all the endorsements that were going on during the event. Even the undercard fighters got paid.
It took six years, $400 million dollars, drug testing, lawsuits, harsh comments, and bad blood to pull off the biggest jackpot in history. According to Mirror.com Floyd Mayweather will take home an estimated $180 million dollars.
Here Are Seven Key Lessons I Learned From This Fight
Lesson One -You Don’t Have to Be #1 in Business to Win
Manny Pacquiao lost the match but he won in business. He will take home $120 million dollars for this fight. Remember it took 6 years to bring this event to the world. Both fighters went through personal setbacks but in the end, they cashed in. They both won the money game.
In business, unlike sports, you don’t have to be #1 to win. You don’t need to win a Superbowl, National Championship, or World Title. All you need to do is find your niche, service your customers, and stay ahead of the trends. Remember Avis Rent-a-Cars commercials where their marketing campaigns expressed that they were #2. “We are #2! We are #2!” Hertz was #1 at that time but Avis still made money.
John Gurzinski—AFP/Getty Images
When I walk down the main street in my neighborhood there are 11 dentist offices within a 5 block radius. 8 of those 11 dentists have been in business for over 20 years. This proves you can thrive with the competition around you. Each office has carved out its niche. This is how you succeed.
This is true in your business as well. You don’t have to be the #1 affiliate, real estate agent, insurance agent, or broker. Your job is to be outstanding in your business. Be outstanding and you will hit your goals. 20% of the people make 80% of the money. Be in the top 20%.
Lesson Two – Both Fighters Found Their Passion
Both fighters found their passion in boxing. Floyd started boxing at 14 with the help of his father and uncle who were ex-professional fighters. Manny was homeless and wanted a way to stay off the streets. Both will go down in history as the greatest fighters in this era. I see new affiliates, home business owners, independent contractors, and employees who don’t work in their passion.
People pick the wrong business, jump ship, and are always starting over. Entertainers and athletes excel in their professions because they bring passion every day. Those who don’t bomb out, quit, or retire.
Passion is what will drive you when you are ready to give up and helps you fall in love with your day job while you build your business. Passion keeps you learning and hungry for more education and that is why you practice your skills.
It took Mayweather 24 years to hit his payday of $180 million dollars. How many people would have quit long before that? Passion!
Lesson Three – Mastering Their Craft
Studies show that it takes about 10,000 hours or 7 years to master a skill. These boxers have been boxing for years. They studied their craft, honed their skills, and hired people to improve them. When you master your skills, talents, and strengths other opportunities open up for you. Athletes get endorsement deals, and movie roles, and become commentators. Entertainers become producers, and directors, and set up their own production companies.
My passion is writing, speaking, and conveying a message to inspire people. This has led me to produce several different income streams. Mastering your craft opens other avenues for you to take while keeping your core strengths working. Floyd and Manny mastered their craft to the point it produced a $400 million dollar event.
Lesson Four – Outstanding Work Ethic
Rick Pitino, told Sports Illustrated that he never saw a man train like Mayweather did at his age. He wished his ball players could see Floyd’s work ethic. He proved it in the ring as he ran circles around Pacquiao. Both fighters are known for their outstanding work ethic.
Manny went from earning $2.00 from his first fight to $120 million for this one. That doesn’t just happen. It didn’t happen overnight. He had to have 57 matches to get here. Your work ethic will determine your success.
I had to develop my work ethic. It’s a habit I had to cultivate. I still struggle to go the extra mile sometimes. Success is a long, grinding, arduous road that you must take. This is how you test your mettle. Professionals spend years training and getting better. They persist and persevere. It’s how the game is played.
Will it take years for you to reach the top? I don’t know. I do know you will not make it without an outstanding work ethic. It will take time and energy. Time will pass anyway. Might as well develop an outstanding work ethic.
Lesson Five – These Things Take Time (TTTT)
Athletes spend hours training every day. Olympians spend years training for a two-week event. Doctors and lawyers spend years in school. Yet most new business owners quit after the first setback. Most don’t even last 90 days let alone a year.
Successful people have a long-term thinking approach to their business. Yet they are open to going in different directions if that’s what the market dictates. It took six years for this fight to happen and the public demanded it. Will you take the time to develop your skills, talents, and strengths? There are no shortcuts. Even lotto winners have to wait months to receive their jackpot earnings.
Lesson Six – Team Theme
Sports Illustrated listed the names and pictures of both fighters’ boxing camps, the people behind the two best in the world. Even though they would be one on one in the ring it took an army to get them there. Plus the team got paid also. The sparring partners were paid, as the security personnel, publicists, etc. All were paid.
Do you have a team in place to help you win? It took me three years to find my current partners. I asked around to find my tax guy, my insurance guy, and my mentors. People will come and go. Some only for a moment and others stick like glue. No one succeeds alone. Professionals have coaches and assistants. They have a team.
You can’t do everything by yourself. At first, you are a one-person army. But as you grow and expand it will be time to Delegate, Defer, and Delete. Some people are better at the mundane stuff than you and happy to do it. Look for ways to outsource.
Add people to your team who will help you grow. Choose people who have the capacity to take your business to the next level. Find other successful entrepreneurs and see how they run their businesses.
Lesson Seven – A Burning Desire
Both boxers said they wanted this fight to happen. Mayweather said he wanted to be the first boxer to earn $100 million dollars in one match. He did it! He even showed his check to the sports commentators. A burning desire led both of these men to boxing business history.
Their burning desire has led to endorsements, their own promotions, separate businesses, and once again the biggest payday in history. Your burning desire will change your community, your business, and your family. My purpose is to help families create wealth through entrepreneurship, and real estate, and rescue them from debt.
What is your burning desire? How does your passion fit in with your definite purpose? Will you build a team to help you get to your end result? How long will you practice mastering your craft? When will you put your skills, talents, and strengths to use?
Conclusion
These are the Seven Key lessons I learned from the Mayweather vs. It’s a habit I had to cultivate. fight. Was it a disappointment? Maybe? But for two fighters who are considered the best of their era, they accomplished what no other athletes can claim. The biggest payday in sports history. Take these lessons and apply them to your business.
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