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We often talk about the athlete, but rarely discuss the business acumen of Michael Jordan. Michael Jordan is known as one of the greatest basketball players of all time. He is well on his way to translate his success on the court into success off the court. The Jordan brand is worth an estimated $2B and 70% of NBA basketball players wear Jordan’s.
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Michael Jordan is a winner
Michael Jordan lives by a few simple rules that have led to massive success. For you to become a millionaire and transform your life, you need to add the below three strategies immediately.
1. Have a plan and be willing to adjust it
Michael Jordan said he struggled with confidence throughout his life. It was not until he hit the game-winning 3-pointer against Georgetown that he realized he could do anything. That shot not only won his team the NCAA national championship, but it would transform Michael Jordan from good to great.
In the early 1980’s, when you were a professional basketball player, you wore Adidas. The way the majority of athletes wear Nike today, is how it was for Adidas back in the day. In second place was Converse and Nike rounded out the bottom shoe brand.
Michael Jordan was emotionally committed to wearing Adidas when he came out of college. When he visited Adidas, things didn’t take off. As a result, Michael Jordan sat with his dad Converse to see what they were willing to offer. In the meeting, Jordan’s dad asked Converse what they were willing to do differently for his son.
Converse responded that they would offer him a competitive package that mirrors the other shoe deals of the time. At that time, athletes were paid somewhere between $100K-$150K per year. This response was not what the Jordan’s were looking for. The plan at the time was to go back to Adidas, but Michael Jordan’s agent convinced Jordan to sit with Nike.
From the unlikeliest of places
Nike came prepared with a shoe design and were willing to offer Michael stock options. He ended up netting over $7M from this contract and he ultimately signed with Nike. He did try one last time and asked Adidas if they would match Nike’s offer. Adidas ended up deciding that Michael Jordan was too short and they passed on the opportunity to sign him.
Jordan signing this deal would change the way athletes were paid in their shoe contract and it would change the way people looked at Nike.
2. Don’t allow fear to keep you from trying
Michael Jordan retired from basketball in the prime of his career and pursued a baseball career. He was dealing with the murder of his father and his dad loved baseball. Jordan didn’t want to live the life of “what if”. He went for it and while it didn’t work out, he was able to say he tried.
Winning is not about winning all the time; it is about being willing to try. Michael Jordan allows his very competitive spirit to motivate him to keep going.
3. Diversify and multiply your money
Studies show that the majority of millionaires have multiple streams of income. It is important to start by focusing on your one skill and then allowing that to open up additional opportunities for you. However, you need to start laser focused in the beginning. You must put in the work and as Jordan would say, if you do not cheat the game, the game will not cheat you.
Jordan still received $90M per year from his Jordan brand, but he is still pursuing his personal best. He bought the majority stake in the Charlotte Hornets and owns several restaurants and a dealership. He is not chasing anything but his own personal best at this point and that is the motivation we each need to have.
More articles you may enjoy:
- Chasing Happiness by Rising to the Challenge
- How Chasing Happiness Will Help You Catch Greatness
- Chasing Happiness with Dr. Mae Jemison (Restore Black Wealth)
- Chasing Happiness with Dr. Philip Emeagwali (Restore Black Wealth)
- Chasing Happiness with Thurgood Marshall (Restore Black Wealth)
Michael Jordan allowed his competitive native to drive him to reach beyond the limits of most. There were points in his life where most people would be satisfied, but Michael Jordan was chasing more than money. He was chasing happiness and following the inner drum beat in his heart.
Until next time,
Dre “Better Self ,Better Wealth” Griggs