Rolling with the Punches: 5 Business Lessons from George Foreman

George Foreman is undoubtedly one of boxing's most iconic names, with a list of achievements to rival any of the greats: an Olympic gold medal, two heavyweight world championships, iconic bouts with the likes of Muhammad Ali and Joe Frazier and becoming the oldest ever world champion at the age of 45.

Yet these successes didn't stop when he left the ring. Even before retiring, he lent his name to a new type of cooking equipment, turning what might otherwise have been yet another forgettable kitchen gadget into the iconic George Foreman Lean, Mean, Fat-Reducing Grilling Machine.

With over 150 million units sold, the name 'George Foreman' has now become a byword for kitchenware and entrepreneurship. In fact, it's no exaggeration to say there's now a whole generation of people who associate the George Foreman name with business success first and foremost, and would be surprised to learn he ever had a previous career.

So what can others learn from this success? The good news is Foreman has had a lot to say over the years about both boxing and business, and he's always happy to offer advice. Here are some of his top lessons.

1. You can't succeed without taking risks

Every time you throw a big punch, you're leaving yourself exposed to the counter. But people who stay behind their defenses are never going to be victorious, and that's as true in business as it is in the ring. Foreman is quoted as saying the world is full of people who play it safe, yet who could be so much more if they were willing to take a few risks. They may not always come off, but better to try and fail than never know what might have been.

2. Be a winner, not a whiner

Every sportsperson or business professional will suffer setbacks along the way, and it's how you respond to them that counts. If Foreman had stayed down on the canvas after his infamous knockout to Ali in the Rumble in the Jungle, he'd never have secured his comeback, or have the rights to his name eventually valued at $138 million.

3. Lead from the front

Boxing may be an individual sport, but business isn't. And Foreman knows that it's not enough to be good - you have to be an inspirational leader. And this starts by valuing the contributions of your team, knowing when to delegate to other winners and when to hold them accountable.

4. Have the right people in your corner

Having the right people isn't just about finding other talented employees. Just as a boxer needs a trainer, an entrepreneur needs someone there who can ask the right questions of you and is prepared to tell you when you're doing something wrong - especially when the pressure's on.

5. Keep your eyes forward

Foreman could have settled down into a quiet retirement after his boxing career, but instead, he kept on going in business. He's always trying something new and looking to keep up with the latest innovations. Whether it's embracing new technology or taking a chance on a new market, innovation - just like a boxing bout - requires you to always keep your eyes facing forward and focused on what's in front of you.