Business Lessons from the 29th Olympiad

Even if you’re not a sports fan, it’s been hard to avoid NBC’s unprecedented coverage of the 29th Olympics in China. Despite the fact that many skeptics wondered if NBC was crazy to air 3,600 hours of television and webcast coverage of the Olympics, the Peacock Network has struck gold. Nielsen’s ratings for these Olympics have far exceeded the viewership for the previous Summer Olympics in Greece, and their numbers are second only to this year’s Super Bowl. These Olympic Games have not been disappointing for a variety of reasons; there are only two here.

First, the Beijing Olympics remind us of the value of competition. Although a few select events have been easily won by a dominant individual or team (see Usain Bolt in the men’s 100 meter sprint), the victor has often been unknown until the closing seconds of most events. Arguably the most enduring image of these Olympics is Michael Phelps, winner of eight gold medals in Beijing, celebrating with his teammates as the US men’s swim team emerged from seemingly certain defeat to overcome France on the wall in the men’s 4 x 100. freestyle relay. In short, the competition gives its participants the ability to definitively measure one’s performance.

Second, the Beijing Olympics remind us of the value of cooperation. Name any other event that exists today where 202 nations come together and follow the same set of rules for two weeks. you can’t. As Baron Pierre de Coubertin, the French enthusiast who helped revive the modern Olympic Games, said in 1896, “The most important thing in the Olympic Games is not to win, but to participate” (Uschan, 2000, p. 8). Indeed, each Olympiad provides a snapshot of what can be achieved when nations choose to agree, rather than disagree. (As a reminder, these events occurred in the context of the Russian invasion of Georgia.) In short, cooperation is the basis of progress.

Competition and cooperation: two reasons why these Olympic Games have attracted an unprecedented audience and two powerful tools for any CEO or manager focused on increasing company production and profits in these challenging economic times.

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