Podcast Summary
Olympics financial losses, athlete branding: The Olympics often result in financial losses for hosting countries, while the rise of NIL and athlete branding creates a trade-off between maintaining the purity of the athlete experience and financial opportunities.
The Olympics, though a global spectacle, often results in financial losses for hosting countries. Despite this, the Paris Organizing Committee has a budget of $4.4 billion, with costs including infrastructure pushing the total closer to $9 billion. Kerry Walsh, a three-time Olympic gold medalist in beach volleyball, shares her insights on the changing business landscape of sports. She reminisces about her college days when the focus was on representing her university rather than personal branding. With the rise of NIL and the monetization of college athletes, there's a trade-off between maintaining the purity of the athlete experience and the benefits of financial opportunities. From a parental perspective, Kerry advocates for children having a range of experiences and not being overly specialized at a young age. The conversation around youth sports and their development is complex, and it's essential to consider the unique needs of each generation.
Self-definition: Individuals should define themselves beyond current labels and see limitless opportunities for growth, using strengths and weaknesses as stepping stones towards goals.
Individuals, regardless of their chosen niche or focus, should strive to develop themselves beyond their current label or definition. The world may label us, but it's up to us to define ourselves and see the limitless opportunities for growth. By leveraging our current labels and acknowledging our strengths and weaknesses, we can use them as stepping stones towards our goals. Ultimately, it's essential to remember that we are not one-trick ponies and that we have the potential to excel in many areas. By staying true to ourselves and focusing on our individual growth, we can overcome external noise and limitations and ultimately achieve success.
Personal growth, Opportunities: Observing others and embracing our passions can lead to personal growth and great opportunities. Renting can also be an investment through programs like Built Rewards, allowing individuals to earn points on rent payments towards future goals.
Expanding our perspectives and following our curiosities and desires can lead us to great opportunities and personal growth. Kerri Walsh Jennings, a successful beach volleyball player, shares her journey of discovering her potential by observing others and embracing her own passions. She emphasizes the importance of not letting external labels limit us and encourages intentional and consistent efforts to pursue our curiosities. Moreover, Walsh Jennings also discusses the potential of renting as an investment through the Built Rewards program. This innovative approach allows renters to earn points on their rent payments, which can be used towards future vacations, fitness classes, or even a down payment on a home. By turning renting into an investment, individuals can start building towards their future goals while enjoying the present. In summary, the conversation highlights the importance of personal growth, embracing opportunities, and making the most of everyday experiences, whether it's through following our passions or optimizing our financial situation.
American Olympic success, volleyball: American Olympic athletes in volleyball find success through autonomy and brand partnerships, despite lack of government subsidies. The Pro Volleyball Federation aims to bridge the gap between collegiate and team USA, and The Lynch Pinco connects athletes with purpose-aligned companies.
The success of American Olympic athletes in various sports, including volleyball, is largely driven by their autonomy and the support from brand partnerships rather than government subsidies. This model, despite not being as lucrative as other countries, allows American athletes to control their own destiny and build their personal brands. However, the lack of a strong pro tour in America creates a gap between collegiate and team USA, and the new Pro Volleyball Federation aims to address this issue by providing a platform for athletes to grow and thrive on American soil. Additionally, the recruitment agency, The Lynch Pinco, plays a crucial role in connecting purpose-led companies with purpose-driven people, making hiring decisions that benefit both parties.
Beach Volleyball Business Model: The Pro Volleyball Federation aims to professionalize beach volleyball by creating a league structure, attracting sponsors, and providing salaries, offering a sustainable career path for athletes
The business model for beach volleyball athletes is significantly different from other sports, with most players relying on prize money and paying for their own expenses, leading to many retiring with less money than they could have earned. However, the Pro Volleyball Federation aims to change this by creating a league structure similar to the NFL, attracting media partners and sponsors, and providing salaries and guaranteed money for athletes. The similarities in fundamental skills between indoor and beach volleyball may allow for successful transitions between the two, but the adjustment can be challenging. The Pro Volleyball Federation's efforts to professionalize beach volleyball and provide a sustainable career path for athletes is a promising development for the sport.
Passion and financial hardships: Passion and commitment to a goal can lead to greatness despite initial financial hardships and the need for self-funding. Surrounding yourself with a supportive team is crucial.
Passion and dedication are key to achieving greatness, even if it means financial hardships in the beginning. Three-time Olympic gold medalist athletes, like Misty May-Treanor and Carrie Walsh Jennings, illustrate this principle. They didn't have guaranteed income and had to fund their careers themselves, but their love for the sport and commitment to each other drove them to success. They held each other accountable, respected each other, and gave their best performance every time, regardless of the opponent or situation. Their unbreakable bond on and off the court was a significant factor in their 112-match win streak. So, if you're passionate about something, stay committed, and surround yourself with a supportive team, even if it means financial sacrifices in the short term.
Teamwork, community: Success requires partnership and support, whether in business, sports, or personal relationships. Learn from the best and choose to be excellent every day.
The key to success, whether it's in business, sports, or personal relationships, is the ability to stick together and support each other. Carrie Walsh Jennings, a member of the ownership group of the San Diego Mojo volleyball team, emphasized the importance of partnership and community in achieving long-term success. She also highlighted the excitement and potential for financial growth within the Provital Health Volleyball Federation. When asked about her trading secrets, Carrie emphasized the importance of learning from the best and choosing to be excellent every day. Overall, the conversation underscored the importance of teamwork, community, and personal growth in achieving success. To learn more about the San Diego Mojo team and Carrie Walsh Jennings, visit SanDiegoMojoVB.com and follow her on social media.
Olympic volleyball player's self-accountability: Olympic volleyball player Kerry Walsh's inspiring self-accountability and self-ownership can encourage reflection on personal choices and accountability in life. Economically, hosting the Olympics often results in significant overspending due to the pressure to make a good impression.
Inspiring self-accountability and self-ownership displayed by Olympic volleyball player, Kerry Walsh. Her story left a profound impact, encouraging listeners to reflect on their own choices and accountability in their lives. Additionally, the economic strain of hosting the Olympics was highlighted, with every Summer Olympics from 1992 to 2028 exceeding their initial budgets, often significantly. This phenomenon can be linked to the pressure of making a good impression on the world stage, causing cities to overspend. This discussion offers valuable insights into personal growth and the economics of hosting major international events.
Olympic athletes' financial struggles: Despite their gold medal titles, many Olympic athletes face significant financial challenges due to income disparities and the lack of full-time support. The US Olympic Committee could take steps to secure better financial support for athletes to help them train and compete full-time.
The financial struggles of Olympic athletes are often overlooked by spectators. Interviewing a former Olympic athlete, it became clear that monetizing their talents as athletes in the United States comes with significant challenges and sacrifices. The athlete shared her experience of the day-to-day sacrifices and the frustration of being labeled solely as a gold medalist who only competes every four years. She emphasized the importance of knowing oneself, making valuable choices, and suffering for what one loves. The athlete also highlighted the vast income disparities between athletes, with the majority struggling financially while high-profile athletes earn millions. The Olympics, as a whole, are broken in terms of athlete compensation, and change is needed to ensure athletes can train and compete full-time. The US Olympic Committee could take steps to address this issue, such as securing better financial support for athletes. Overall, the conversation underscored the importance of recognizing and addressing the financial challenges faced by Olympic athletes.
Olympic Athlete Branding: Educating athletes in finance, marketing, and content creation can help them transform into successful brands, maximizing their potential both on and off the field.
The Olympics not only offer athletes a platform to showcase their skills and represent their countries, but it also presents an opportunity for them to build a brand and secure sponsorship deals. However, many athletes lack the necessary business knowledge and resources to effectively market themselves. To address this issue, supporting the education of athletes in finance, marketing, and content creation could lead to their long-term success beyond sports. The popularity of reality TV stars and their social media presence highlights the potential impact of content creation on an athlete's NIL (Name, Image, and Likeness) value. By providing athletes with resources and coaching, they can transform themselves from athletes into successful brands. Additionally, the Olympics represent a significant moment in an athlete's life, as their actions under the global spotlight can drastically change their careers for better or worse. The pressure and scrutiny faced by athletes during the Olympics is fascinating to observe, and it's essential to remember that their conduct on the world stage can have lasting consequences. Overall, the Olympics present a unique blend of sports, competition, and business opportunities. By focusing on the education and support of athletes, we can help them maximize their potential both on and off the field.