I suppose because of the fact that they’re following business models that fall in line with the value they’re trying to create, business and entrepreneurship magazines don’t typically feature the stories of the likes of Floyd Mayweather in reference to people like him resembling the best of what a modern day entrepreneur looks like. A case study of the former undisputed boxer reveals that he was way more than just a sportsman, but is still one of the greatest entrepreneurs of our time.
The difference between being self-employed and being an entrepreneur (or business person) resides in how you use leverage. A self-employed person is still the one who has to put in the graft and essentially work for each dollar they get, but in the case of the retired boxer referred to as Floyd “Money” Mayweather, he demonstrated an astute use of both these paths.
Mayweather’s leverage-building days are those during which he was training as an up-and-comer, roping in his father as his trainer and basically taking over the entire institution that typically forms around a talented boxer. He retained ownership of his promotions as well as ownership of the broadcasting rights to his fights.
The best [marketing] ever?
Not short on confidence, Mayweather openly touted himself, the “product,” as THE BEST EVER. Many may not agree with him, some of whom might even have legitimate claim to that title, but either way, who profited out of those claims? It was Mayweather, wasn’t it? After all, the likes of Mike Tyson, who openly disputes Mayweather’s claims of being the best ever, in attendance, watching Mayweather fight.
Mayweather would never turn down any opportunity to stay relevant beyond the boxing arena, carrying his bag with a million dollars in it wherever he went and honouring invites to appear pretty much anywhere. Think MTV’s Ridiculousness show, some awards shows, etc. He was there getting his name out there.
Floyd Mayweather probably exposed something which pretty much happens in all business, which is the exploitation of talent by the rainmakers, shareholders, owners and perhaps even upper management. In the case of Mayweather he exploited his own talent, which he definitely had in abundance, having retired with a perfect record of 50-0.
When Floyd first “retired” it was with a 49-0 record, but then he saw the opportunity to exploit some residual value which he could leverage, when MMA fighter Connor McGregor helped hype up a match between them which would see Mayweather coming out of retirement to face him in the boxing arena. Earnings records were broken that night, most of which money went to none other than Mr. Money Mayweather himself.
Mayweather demonstrated his true entrepreneurial spirit when he officially retired, fully immersing himself in some of the entrepreneurial endeavours he had already starting setting into motion while he was still active as a boxer. When you have that kind of money available to you though, it’s much easier to diversify and further grow your wealth.