STUDENT ATHLETESCOLLEGE

Entrepreneurialism in Athletics

With the approval of NIL through marketing and promotional offers, student athletes are receiving more opportunities than ever and are no longer considered just “students” or just “athletes” They are being identified as entrepreneurs, brand ambassadors and learning the ins and outs of business. Let’s talk through some skills used by entrepreneurs that may be vital to the success of student athletes looking to capitalize on NIL.

Essential Financial Skills

Ensuring that you understand some essential financial skills will help set you up for success. Knowing how much money you have coming in (income) and how much money is going out (expenses) is an important first step, and helps you allocate for funds for things you need right now or may need in the future. Spend some time understanding taxes and consider how much you need to set aside from each endorsement, so you aren’t stuck owing a bunch of money during tax season. Lastly, learn how to maximize the funds you are earning right now. Whether that is through savings or investments, most financial institutions and college campuses have partners they work with that are trusted people you can talk to about setting yourself up for long term financial security.

Building your Brand

For student athletes and entrepreneurs, knowing how crucial this piece is to building lasting success. Your brand is a foundation of things like your values, your messaging, trustworthiness, and your image. Be mindful about things you post on social media, how you show up for public appearances, and most importantly, making choices that will not harm your image. These are all major keys in unlocking opportunities when it comes to NIL.

Legal Understanding

Working with a trusted advisor or attorney can be very important when it comes to understanding and signing NIL deals. It’s necessary to know exactly what you are agreeing to do when you sign the dotted line. Having some legal understanding ultimately helps you protect yourself, your image, and your brand - just like an entrepreneur has to protect themselves and their business.

Time Management

Time management really speaks for itself. Knowing and understanding the commitments you have between classes, practices, games, and appearances requires disciplined scheduling and prioritization. Sometimes that means skipping hanging with friends because you have practice or a team dinner, and that’s okay. The work you are doing now, is setting your future self up for success.

Networking

Lastly, ensuring that you know and understand how to effectively network. Effective networking includes connecting with coaches, individuals, industry experts, and professionals in your field of interest. Building a network is simply creating meaningful, mutually beneficial relationships allowing you an opportunity to learn from a mentor and build your brand for longevity.