Yet, this does not belie the fact that starting one’s own business is a daunting undertaking. General uncertainty about the new venture, a lack of industry know-how, and limited business acumen all might serve as obstacles to making that jump.

For sports professionals, there is a real need to plan for a career after sport with the average career lifespan lasting just several years. In fact, according to a recent survey by Alibaba.com, more than two thirds of former professional sportspeople from the UK (69%) said they struggled to find a career after sport. However, at the same time, nearly three quarters (75%) of UK athletes believed they possessed the relevant skills for a business environment.

First, it’s all about the mindset. Sportsmen and women are among the most likely to be entrepreneurs, as they share a number of common traits. Motivation, mental strength, teamwork, discipline, and strong work ethic are essential traits in both fields. Understanding the commonalities should give former professional sportspeople the confidence to make that leap.

Then, you need to gather the knowledge relevant to the sector in which you want to evolve, and gain industry know-how. This can be achieved through establishing business mentors, joining existing or new professional networks, and reaching out to friends and families for support. Athletes, too, go through this same journey, having to build a network of specialists around them – from coaches and physiotherapists to doctors – to aid their athletic journey.

Tailored business programmes can act as pillars of support in this process. The Athlete365 Business Accelerator Programme, an International Olympic Committee-led initiative which Alibaba.com has joined and contributed its ecommerce expertise to, is a unique business incubator designed to empower current and former elite athletes from all backgrounds with the skills to build and manage their own businesses. Programmes such as these connect aspiring entrepreneurs with a vast network of mentors and provide them with the all-important business advice and industry fundamentals.

What’s more, in our increasingly digitised world, aspiring entrepreneurs must be alive to the importance of e-commerce, global trade, artificial intelligence and the array of opportunities these offer. The explosion of the technology in recent years has brought many benefits to product-based businesses – from the globalisation of commerce, automation of routine tasks to the streamlining of operations. More recently, and thanks to AI, it can also provide inspiration for new product launches, from supplier research to product realisation: this is what we're developing with Accio.com, an advanced search engine that uses natural language processing to enable entrepreneurs to intuitively discover products and suppliers that correspond to their business. The savings in terms of time and financial investment enable product concepts to be efficiently transformed into viable commercial projects. In the world of online sourcing, business owners are seizing this opportunity and are increasingly adopting AI through online marketplaces, meaning they don’t have to make a significant financial investment themselves.

Whilst changing career and starting one’s own business might feel like a gargantuan challenge, clear steps that can be taken to increase the chances of success. Everyone has the chance to perform to their highest level in their ‘second career life’ – it’s just a matter of finding the right mindset, tools, and network to make it happen.

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