This section, and chapter in the book, is about competence needed when running a venture. How to think about the competence you might need? How to think about your own possible competence? Where, really, is talent even to be found nowadays?
Use the commentator-field (if your comment does not get published instantly, just wait for a while, in worst case even a day or so…spam-filters are not that perfect, yet, I ´m not able to be behind the curtain fixing all that when I´m sleeping).
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Stop Nobody Move 
Lance Armstrong: Almost a fairytale
Lance Armstrong’s journey from triumphant cyclist to a disgraced figure imparts vital entrepreneurial lessons. From being the number one cyclist in the world to getting diagnosed with a deadly stage-3 cancer at 25 years of age, he fought back miraculously to win 7 consecutive titles of the Tour de France, the toughest race on the Planet.
While the withdrawal of all his titles due to doping admission is indisputable, Lance Armstrong’s life and career offer profound lessons to entrepreneurs on resilience, adaptability, and the skill of transforming challenges into opportunities. At the same time his ethical lapse serves as a cautionary tale, emphasizing the importance of integrity.
Entrepreneurs can draw valuable lessons from Armstrong’s story on navigating ethical challenges, emphasizing the critical role of integrity in sustaining long-term success.
Ultimately, Armstrong’s story underscores the transformative power of adversity and the need for ethical decision-making in the pursuit of success.
https://www.history.com/this-day-in-history/lance-armstrong-wins-seventh-tour-de-france
https://www.aspetar.com/journal/viewarticle.aspx?id=53
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Hi Prashant, this is a fascinating take on Lance Armstrong’s story, which offers a great outlook on entrepreneurs. His rise and fall both highlight the importance of resilience and ethics. You are so right that entrepreneurs can learn, as it shows that ethical decision-making is critical in the long term. Best, Hailey
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Hi Prashant,
I liked your story about Lance Armstrong and see a lot of parallels between his story and some famous companies, such as Theranos, which were based on frauds that eventually led to their downfall. Being successful in your field takes a lot of perseverance and dedication, but taking shortcuts or cheating your way to the top can come back to hurt you in the end.
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Hi Prashant, It’s a great example that offers a compelling narrative of triumph, adversity, and ethical reflection. I really enjoyed reading it!
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Incredible story. Great resources linked in the comment. His journey is very motivating
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In the world of tennis, Novak Djokovic’s rise to dominance offers a compelling narrative on competence in sports. He has many qualities, which are very much needed in a person who wants to become an entrepreneur. I would like to especially focus on his never-say-die spirit.
He came back from being down three sets to one to beat Federer in the US Open semifinals. It was nothing short of amazing. In fact, Federer said after the match that he would never have hit that shot if he was match-point down. Yes, that’s what makes Novak unique. He does his best when things are tough, which is what a real champion does. (https://www.worldtennismagazine.com/archives/5718)
Similarly, when being an entrepreneur, it is important to give one’s best and to never give up when the situation gets tough.
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What an incredible story! His incredible journey in tennis indeed provides valuable insights into the essence of competence in sports, particularly emphasizing the indispensable quality of a never-say-die spirit.
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Interesting story, it teaches us an important lesson: never give up. This mindset is crucial in both sports and creating a business. When things get tough, like Djokovic, entrepreneurs need to stay resilient and give their best to succeed.
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What an interesting story! This story is not just about the never-dying fighting spirit of Novak Djokovic but also about the mental toughness of him. Under the pressure, he was still able to perform really well and against all odds!
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Title: Messi’s Triumph: A Tale of Perseverance
Story:
Lionel Messi, an icon in the world of football, experienced a challenging journey with the Argentine national team. Despite his unparalleled success at the club level, Messi faced criticism for not securing major titles with his national team. His journey was marked by near misses in crucial tournaments, leading to intense scrutiny and pressure.
Messi’s determination and passion for the game were evident when he decided to continue representing Argentina despite announcing his retirement after a heartbreaking loss in the Copa America. His story took a dramatic turn when he led Argentina to victory in the Copa America 2021, a triumph that was celebrated as much for its emotional resonance as for its sporting achievement.
This victory was a testament to Messi’s resilience and unwavering commitment. His journey with the national team, marred by setbacks and criticisms, culminated in a glorious achievement, mirroring the entrepreneurial spirit of facing challenges, adapting, and eventually succeeding against all odds.
https://en.as.com/soccer/lionel-messi-the-little-boy-who-became-the-greatest-in-history-n-2/
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Apart from the World Cup narratives, Messi and Ronaldo have virtually become the epitome of the highest level of football competition in an era. They mutually achieved greatness in the pursuit of various major awards, until the era of the two gradually came to a close. People gradually realize that, while they were striving for world supremacy, they had already become the number one in the hearts of countless individuals. This inspiration for humanity far exceeds the competition itself.
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When I think of competence, I think of the figures in sports. They are always confident and are in a different mindset I would argue, you can hear that from the statements they make. For example one of the greatest boxers of all times Conor McGregor ~
There’s no talent here, this is hard work. This is an obsession. Talent does not exist, we are all equals as human beings. You could be anyone if you put in the time. You will reach the top, and that’s that. I am not talented, I am obsessed.
Christiano Ronaldo ~
My biggest inspiration has always been myself; nobody puts bigger demands on me than me. I said I admired Figo and Rui Costa, but I never wanted to emulate anybody—I have just always focused on being the best me I can.
And there are numerous quotes from major figures in sports. What I find fascinating is how they isolate everything outside and just focus on what they can do. They are also often beaming with out of the world confidence in their ability and this mindset is what sets them up to catch the best opportunities that come their way.
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Hi Fathaah, you raise a great point.
The mindset of top athletes like Conor McGregor and Cristiano Ronaldo speaks volumes about competence. Their emphasis on hard work, self-inspiration, and unwavering confidence highlights a mentality that isolates distractions, focuses on personal growth, and seizes opportunities. It’s a mindset that goes beyond talent, emphasizing dedication and resilience as the driving forces behind their success.
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Absolutely agree with your perspective on the mindset of sports figures. The quotes from Conor McGregor and Cristiano Ronaldo highlight the importance of hard work, obsession, and self-belief in achieving competence and success. Focusing on personal improvement and being the best version of oneself is indeed a powerful mindset that transcends sports.
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Michael Phelps: Entrepreneurial Spirit in the Pool
Michael Phelps, a name that has left an indelible mark in Olympic history, is recognized as one of the greatest swimmers of all time. His success is attributed not just to his natural talent but also to his profound understanding and relentless pursuit of swimming as a sport. His achievements weren’t accidental; they were the result of meticulous refinement of his swimming techniques and strategic planning in competitions. This mirrors the business world, where successful entrepreneurs must possess deep professional knowledge and insightful understanding of their industry.
Phelps displayed in his races not only physical prowess but, more importantly, precise analysis of the competition and a deep understanding of his opponents. He crafted winning strategies by analyzing his rivals’ tactics and leveraging his own strengths. This capability, akin to strategic thinking and market insight in business, is crucial for entrepreneurs. It’s about more than just execution; it’s about devising strategies to conquer the market.
Phelps’s story teaches us about the importance of professional competence and a deep understanding of one’s field, whether in sports or business. His achievements were built not just on his physical attributes but on his extensive study and continuous practice of swimming. This deep understanding of one’s professional field and ongoing skill enhancement is key for every entrepreneur on their path to excellence. Just as Phelps demonstrated in the pool, entrepreneurs also need to exhibit the same level of professional competence and relentless pursuit of success in their respective fields.
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I fullheartedly agree with your explanation of how such a famous name like Michael Phelps becomes what it now is – talent may be one thing, but knowing your sport, knowing your strengths and weaknesses and working on them, as well as developing strategies that focus on these, it all works toward a greater goal. Same in entrepreneurship, you cannot conquer a market on hype or talent alone, you need as you say a certain level of professional competence to reach success.
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Phil Knight & Nike Track
“Victory belongs to the most tenacious.” This phrase, often heard on sports fields, also served as a mantra for Nike’s founder Phil Knight. His journey began on the track fields of the University of Oregon, where as a mediocre long-distance runner, he didn’t achieve significant accolades. However, it was during these seemingly ordinary days that he nurtured a revolutionary idea. He noticed that quality running shoes could significantly improve an athlete’s performance, an insight that laid the foundation for his future creation of Nike. Just like an athlete enhances their performance through continuous training and self-challenge, Knight developed his entrepreneurial spirit through a deep understanding of the athletic footwear market.
Knight’s journey was far from smooth. In the early days of founding Nike, he faced significant financial risks and intense market competition. This was akin to a long-distance runner persevering through a long and challenging race. Despite numerous obstacles, Knight never gave up. He believed in his vision and continued to drive product innovation and brand development. This persistence and resilience are key qualities in entrepreneurship. Just like an athlete achieves greater heights by constantly surpassing their limits, Knight tirelessly worked to transform Nike into a globally recognized sports brand.
Knight’s story teaches us that even when facing great challenges, one should not give up on their dreams and convictions. His experience reflects a profound entrepreneurial spirit: unyielding, innovative, and unafraid of challenges. Just as he transitioned from a long-distance runner to a successful businessman, everyone has the capacity to exceed their limits and achieve greater successes. Nike’s story is not just about sports shoes; it represents a relentless pursuit of excellence and the spirit of continuously challenging oneself to new heights.
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Story 1: The Diver’s Decision
In this story, we meet Emma, a seasoned high-diver known for her precision and consistency. As she prepares for the most significant dive of her career at the World Championships, the weather suddenly shifts, bringing strong winds and choppy waters. Faced with these adverse conditions, Emma recalls her mentor’s advice about adaptability and mental fortitude. She takes a moment to recalibrate her strategy, adjusting her approach to accommodate the gusty winds. Her dive, although different from her practice routines, is executed with remarkable agility and quick thinking, earning her top scores. This story illustrates how entrepreneurs must be prepared to pivot strategies swiftly in response to unforeseen challenges, emphasizing agility, resilience, and the competence to stay composed under pressure.
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Story 2 Sailing Against the Wind:
Lucas, an innovative sailor, participates in a prestigious ocean race. Unlike his competitors who follow the traditional and seemingly faster routes, Lucas opts for a less traveled, more challenging path. He relies on his unique understanding of ocean currents and weather patterns, skills honed through years of unconventional sailing experiences. His strategy, initially viewed as risky, pays off when he navigates through a shortcut, leveraging the wind to his advantage. Lucas’ triumph in the race serves as a metaphor for entrepreneurship, where innovation, risk-taking, and challenging the status quo can lead to remarkable success in competitive business environments.
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This story of Lucas, the innovative sailor, is quite intriguing and aligns wonderfully with the concepts discussed in the Competence chapter. It’s fascinating how it illustrates the importance of applying unique skills and knowledge in challenging situations. Lucas’s approach, utilizing his deep understanding of ocean currents and weather patterns, exemplifies how thinking outside the box and applying unconventional wisdom can lead to success. It’s a powerful metaphor for entrepreneurship, emphasizing that innovation and a willingness to take calculated risks can set one apart in competitive environments. This story not only highlights the value of specialized knowledge and competence but also encourages an entrepreneurial mindset that embraces challenges as opportunities for growth and differentiation. It’s a great reminder that sometimes the less traveled path, though risky, can lead to significant achievements.
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Micheal Jordan’s comeback in the late 1990s
After achieving massive success with the Chicago Bulls in the early 1990s, Michael Jordan shocked the sports world by retiring from professional basketball in 1993. During his absence, he pursued a brief career in baseball. However, in 1995, Jordan returned to the NBA with a deep sense of competence and determination.
In the 1995-1996 season, Jordan led the Chicago Bulls to a remarkable 72-10 regular-season record, which was an NBA record at that time. His return to the game showcased not only his exceptional skills but also his unwavering competence and competitiveness. Jordan’s work ethic, basketball IQ, and ability to perform at an elite level even after a hiatus highlighted his unparalleled competence in the sport.
His comeback story serves as a testament to the impact of competence, continuous improvement, and dedication in achieving excellence not only in sports, but this can be also in businesses.
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Jordan’s comeback was like a blast from the past, right? It’s crazy how he left, dabbled in baseball, and then came back to the Bulls like he never missed a beat. Shows what true competence and determination can do, whether you’re shooting hoops or tackling business challenges. It’s all about staying sharp and never giving up, just like MJ on the court.
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Oprah Winfrey was born into poverty in rural Mississippi in 1954. Her early years were marked by adversity, including a tumultuous family life and exposure to hardship. Despite facing challenges, Oprah showed an early passion for communication and storytelling. At the age of 19, she landed a local radio job and later became the first African-American female news anchor at Nashville’s WLAC-TV. However, Oprah’s breakthrough came when she moved to Chicago in the 1980s to host a struggling talk show called “People Are Talking.” Her exceptional ability to connect with people, empathize with their stories, and address relevant issues catapulted her to stardom. In 1986, she launched “The Oprah Winfrey Show,” which soon became the highest-rated talk show in television history.
Oprah’s show, characterized by its transformative and inspiring content, covered a wide range of topics, from personal development to social issues. She used her platform to initiate important conversations, often breaking new ground in mainstream media. Beyond her success in television, Oprah diversified her ventures. She founded Harpo Productions, a multimedia production company, and expanded into acting with notable roles in films like “The Color Purple.” Oprah’s influence extended to literature through her book club, where her endorsements could turn relatively unknown books into bestsellers.
Oprah’s story is not just about professional success but also about personal growth and resilience. Despite facing adversity and early setbacks, she transformed her life through hard work, perseverance, and an unwavering belief in her own potential. Her journey exemplifies the power of authenticity, empathy, and using one’s platform for positive change.In the world of entrepreneurship, Oprah Winfrey’s story serves as a testament to the impact of leveraging one’s unique strengths, connecting with an audience authentically, and creating a lasting legacy that goes beyond business achievements.
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Paralyzed Pregnant Woman Completes Half-Marathon
This story shows how determination is key to reach your goals, even with all the obstacles that you may encounter during the way.
The story:
In 2007, Claire Lomas was thrown from a horse and subsequently paralyzed from the chest down.
Over five days in September, she completed a half-marathon in England with the help of a “robotic exoskeleton,” according to Catherine Thorbecke of ABC News, and raised money for the Nicholls Spinal Injury Foundation in the process.
Lomas, who was also pregnant, told Thorbecke: “It is very hard work physically and mentally, especially with my injury, as I have no core strength and no feeling from the chest down. I can’t even feel the ground. Each slope, bump, hill is a huge obstacle.”
Lomas added, per Thorbecke: “When I take something on, I am desperate to give it my all and complete it.”
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