- Be prepared to succeed: Phelps showed why it was important to get comfortable with being uncomfortable. Thus, preparation for all possible contingencies is an important part of a leader’s training. That way, nothing that happened during a swimming event would cause him to freak out or leave his comfort zone. In short, set a goal, figure out what you need to do to achieve it and then pursue it with everything you have.
- Never give up: Phelps experienced many setbacks during the prime of his life, including the wrist fracture before the Beijing Olympics. But he fought back every time. Consider this: At the height of his career, a single photo, taken from a cell phone, showing him smoking marijuana at a college party sent his life into a tailspin. He was ridiculed, lost major contracts, was suspended by USA Swimming and was so depressed that he couldn’t even get out of bed. But he did what only champions did: he accepted his mistake, made amends and then went on to recapture the magic. In his public engagements, Phelps has talked about the importance of fiercely protecting one’s brand reputation as it could take years and years to build a strong brand. But about 60 seconds of bad judgement can make you lose everything.
- Set clear goals: Phelps did, as he found it helped to put his goals down on paper and to frequently look them over, especially after a tough day. While earlier he used to think about the next race or the next practice, now he tracks long-term goals — five, 10 and even 20 years from now. It’s vital for a leader to adjust his thinking to think that far ahead.
- Raise the bar after every success: Writing down your goals and reminding yourself about them is not enough. You will have to set audacious goals as an 8-year-old Phelps did. As Phelps said at the HT Summit, he was not chasing medals, he was chasing times. He knew the times of all his competitors, he knew his competitors better than they knew themselves. He knew the times he needed to get, so that no one could touch him — ever. That means he never compared himself with anyone else and always tried to beat his past performance.
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