Entrepreneur Secrets – What we can learn from Arnold Palmer
October 3, 2016
By Jerry Bellune
The golfing legend left a legacy for all of us.
Palmer turned golf into a million-dollar business.
We can learn important lessons from his example.
It started as many things do, simply and quietly.
Few people made much money in 1960’s sports.
Sports is big business now. It wasn’t back then.
Palmer had a contract with Wilson sporting goods.
But he couldn’t live off early golf’s prize money.
At age 31, he knew an athletes’ days are numbered.
So he asked Wilson to cover a life insurance policy.
He wanted his wife and children to be protected.
It would cost $880. He would make Wilson millions.
Wilson said no. It didn’t insure its own executives.
And they didn’t believe he would walk away.
But when his contract expired, he went on his own.
It was a major gamble for Palmer but he did it.
He hired a lawyer to negotiate favorable deals.
He started the Arnold Palmer Golf Company.
He sold clubs, clothing, equipment and videos.
He pioneered many golf products and services.
He became the first modern golf entrepreneur.
Agent Mark McCormack worked with him.
They started IMG sports and entertainment.
He designed hundreds of golf courses.
He owned the surrounding real-estate developments.
He made money on golf product endorsements.
He became chairman of the Golf Channel.
His goal was always investment and ownership.
He went international, playing all over the world.
Plenty of PGA players wouldn’t compete overseas.
For Palmer, it opened new markets for his company.
And he spawned a generation of sports millionaires.
What he did was risky but it paid off.
What risks are you willing to take in business?
Which ones are most likely to make you a fortune?
Here’s a complimentary offer for you
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Others tell you to do things you shouldn’t.
Read “9 Myths That Can Break Your Business.”
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Next: A sports agent’s expensive mistake.
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©2016 The Bellune Company, Inc.
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