Have you been watching the Olympics. Athletes have trained for years to be at the top of their games all for the chance to compete on the world stage for that gold medal. What can you learn from today’s Olympic stars? Mashable recently put together a list of seven lessons for entrepreneurs.

Here are the top 3:

1) Great talent means nothing without great teamwork:

The 2004 Olympics were a disaster for Team USA Basketball. Despite having the most talented individuals on the court, the United States lost three times and came home with a disappointing bronze. After that, the leadership’s mentality changed to make sure 2008 was different. Coach Mike Krzyzewski didn’t choose individuals, but chose a team. This group has now played together since 2005 and 2006 in preparation for these Olympics and showed their strength in a 101-70 opening rout of China.

Learn from Team USA’s mistakes - getting great talent is never enough if that talent does not mesh and work well together. You must build a team with members that complement each other and are selfless in achieving company goals. If you ignore that team dynamic, you’re probably going to be stuck with something far more disappointing than a bronze medal.

2) Endorsement deals are great, but don’t let them distract you:

In sports, endorsement deals mean commercials, visibility, new products, and a wad of cash. For Internet entrepreneurs, endorsement deals mean venture capitalists An-Interview-With-Alan-Patricof , networking, new credibility, and of course a wad of cash. But if you get too engrossed in venture capital, it can become something you regret. If you spend too much time finding a deal instead of working on making your product the best it can be, nobody will want to endorse you in the first place, regardless of whether you’re an athlete or an entrepreneur.

3) Finish:

Finishing isn’t always easy and you can get distracted from the end by distractions. Sometimes it’s just painful and the last thing you want to do, but nobody succeeds without finishing. The greats dig deep to summon the strength needed to finish. Just ask Track and Field Gold Medalist Derek Redmond. Even if you do not come out the winner in the end, you can hold your head up high and know you did what most never do: finish what they start.

The other four lessons were:

4) When you are injured, you need to work even harder to reach your goals
5) Know your competition
6) Nothing worth accomplishing comes quick and easy
7) Remember what’s really important

Can you think of any other lessons that you’ve taken home by watching the Olympics?

Evan Carmichael
YoungEntrepreneur.com Blog Manager

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