Though this article fails to provide much insight other than providing the critical statistic, it is interesting to think about why 20% of NFL players become entrepreneurs after their playing days. To me, it is not only a product of a large amount of money they get paid; it is also due to some of the contacts that they make through their endorsement deals.
An interesting question, and there is probably no single answer. Many have lots of money to invest; some may not have finished college (left for the professional draft?) and few other traditional career options.
In addition to having the capital available to make investments, NFL players, and many other well-paid athletes also have a lifestyle to maintain. The lifestyle expenses of an athlete with a million dollar contract does not instantly dissipate upon retirement or during free agent status. Entrepreneur and business ventures can potentially help that athlete maintain the quality of life they’ve grown accustomed to. Further, unlike most entrepreneur who have an initial struggle to maintain capital, athletes like you’ve mentioned have large amounts of cash and also relationships pertinent to launching a successful business venture.
Kobe Bryant makes great points on this topic on CNBC. You can watch here: https://www.youtube.com/watch?v=YG0KKlkgCLQ
Interesting article! I too think that a lot of their impetus for entrepreneurship stems from having a sizable amount of cash-on-hand post playing career. I also think that pro-football players, and professional athletes more broadly, are exceptionally competitive.
Their contacts certainly have a lot to do with their relationship to entrepreneurial activities. Many of them have lifelong relationships with the people who maintained their business affairs during their playing days, even to the point of continuing their business relationship long after their careers are done. They also have greater access to information and individuals that the general public (or the average entrepreneur) allowing them to make better educated decisions about how to effectively invest their money. Many players lay the groundwork for post-career entrepreneurial and investment opportunities while they are actively pursuing their athletic careers. It would seem to be a natural transition for many of them. Davante’s point about having the necessary capital allows them to bypass a significant hurdle that can derail many people looking to start their own business endeavor.