The trouble with being a schoolteacher or a surgeon is you can only serve so many people at once. In this article, I’ll reveal how athletes do business in a way that’s completely different from doctors, teachers and other high-importance professionals, and how you, too, can get paid like an athlete. But the truth is, the difference in income has nothing to do with society’s priorities and everything to do with the way pro athletes run their business. There’s a common myth that the difference in pay is a result of the skewed priorities of our culture as a whole. The only chance a nurse has to make serious money is to figure out how to distribute some of their value to millions of patients simultaneously at a compelling cost and then to monetise it.Ĭreating value and figuring out how to get it to the market is just one component in figuring out how to run a successful business.Do you ever wonder why professional athletes get paid so much more than people in most other professions, even when those professions are vital to society’s basic functions? By contrast a nurse can only deliver value, albeit much more value, to small numbers of people at any one time. In essence a sports personality has the means to distribute their value to millions of people at low cost. This means promoters can pack stadiums, TV stations can draw record viewings (and sell advertising against that) and of course sponsors will pay handsomely to be associated with a sports star. Thanks to mass media, sports personalities can build huge followings of loyal and dedicated fans. The other side of this explanation is demand. If you look at the biographies of many of these people, there was far more to their success than just luck and the ability to throw punches or lob a ball through a hoop. These people are exceptional and getting to where they got to is extremely hard. The bottom line is that a great many more people have the ability to be nurses than to be a Floyd Mayweather or a James Harden. It’s because top sports players are very scarce compared to the huge demand for their services from fans, promoters and sponsors. Indeed, a survey in the UK back in 2010 found that most respondents thought football (soccer) players earned too much – but still believed they deserved to make far more than a nurse or any other profession for that matter.īut from an economic perspective it is totally fair.Īnd there’s a very simple explanation why top athletes earn so much more and it’s one that people of a socialist leaning find very difficult to comprehend: You could make all kinds of moral arguments about this – maybe even question society’s values. Number 100 on the list, basketball player James Harden made a more modest $18.8 million – but you could still hire a heck of a lot of nurses and even quite a few doctors for that.Įven moderately successful athletes can make far more money than nurses. The Forbes list of the world’s 100 highest paid athletes sees boxer Floyd Mayweather weigh in with earnings of $300 million last year. Understanding why that’s the case provides a valuable insight as to why some entrepreneurs become so successful. Yet a senior nurse in the UK earns around £35,000 a year ($55,000).īut this pales in comparison to what sports personalities can make. They may not get the kudos and pay of doctors – but ultimately they’re the ones who make sure patients are cared for, take their pills, get their injections and get better. In most developed countries, nurses will play a crucial role in our lives from cradle to grave and many times in between. Many people are still alive thanks to the care of a good nurse.
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