Yesterday the world lost one of its greats. Probably the most talented boxer to ever live, certainly the most famous. He wasn’t nicknamed ‘The Greatest’ for nothing. An icon, a person who truly changed the way people looked at boxing; racism; war; religion. He spoke his mind and wasn’t afraid to take a chance.

A man who transcended the political landscape of the 60s and 70s, standing up for his rights and being oppressed because of his beliefs. More than that, in his later life as he struggled with Parkinson’s, he highlighted the dangers of this brutal sport. This would be a bout he couldn’t win, but he maintained his dignity and his status only grew during his 30 year struggle. Ali truly had a transformative role in society.

We can learn a lot from the man, but I’ve distilled this into 5 key points.

1. Preparation is key

“I hated every minute of training, but I said, ‘Don’t quit. Suffer now and live the rest of your life as a champion.”

Ali was a great natural talent but his success was built on the back of a hell of a lot of hard work. He started training at 12 in order to get revenge on a kid who’d stolen his bike, and 6 years later he was a Olympic gold medalist, light heavyweight champion.

He was quick, fast, agile, strong, powerful, and could take hit after hit and keep boxing. He was the best because he trained like the best. He trained 6 days a week. He’d start his day at 5:30am doing a 6 mile run in Army boots, in under 40 minutes. After stretching and a quick work out, he’d eat breakfast and then he’d train for another 3 hours. For dinner, Ali “always ate good: chicken, steaks, green beans, potatoes, vegetables, fruit, juice and water.”

“Before anything else, preparation is the key to success” (Alexander Graham Bell). Ali knew this, and that’s why he’d put the hard work in. If he’d not trained like he did, there is no way he’d have been a 3-time heavy-weight champion!

If the perfect opportunity was presented today, would you be ready? It’s better to always be ready and no opportunity arise than have one and not be ready. I see people in business who become complacent and start going through the motions. They stop preparing adequately for client meetings, to be different, offer something unique, stand out, to be insightful. They then wonder why their results aren’t what they were.

2. Take any setbacks on the chin

“Champions aren’t made in gyms. Champions are made from something they have deep inside them-a desire, a dream, a vision. They have to have the skill, and the will. But the will must be stronger than the skill.”

On October 30, 1974, Ali thought the then undefeated heavyweight champion George Foreman in Kinshasa, Zaire (now Democratic Republic of the Congo). Ali had been champion in 1967 but had been stripped of his title for refusing to serve in Vietnam on religious grounds. He’d been banned for 3 1/2 years which arguably would have been his prime.

He’d lost to Joe Frazier on points on his comeback for a world title, and had not been given another shot since. In 1974 Ali was 32 and Foreman 25. Foreman was undefeated over 40 fights, and had 37 knockouts. The fight is legendary and Ali used the now famous Rope-a-dope technique of leaning on the ropes and basically letting Foreman punch-out on body and arm shots. With Foreman tiring Ali through a 5 punch combination in the 8th that left Big George flat on the canvas and Ali back at the pinnacle of heavyweight boxing.

Ali had taken all the blows thrown by the governing bodies of boxing, the government and Big George, and he’d come out fighting! When we have setbacks, we can either let them knock us down, or like Ali when he received a big punch to the jaw, we can whisper to our opponent “is that all you’ve got, George?”

In life you will have many ups and downs, and the same for all companies and business. It’s how you learn and react to what’s happened before that will set you for the future. Be prepared to adapt, to change, to try something new to overcome your challenges. But if you get put on the canvas (like Ali was versus Henry Cooper), get up and get back in the fight.

3. Be courageous

“He who is not courageous enough to take risks will accomplish nothing in life.”

Ali stood up for what he believed and it cost him over 3 years at his physical peak. He could have gone against his sentiments but that would have meant compromising himself. Muhammed Ali was certainly not the type to give anything but 100%.

Courage is just as vital in business. Aristotle called courage the first virtue, and all good business leaders have deep courage. Courage to take bold, unpopular decisions. To break new ground, to make changes. In sales, courage is vital to be rejected and keep coming back for more. To be told no thank-you and then go to the next customer.

“People who become good leaders have a greater than average willingness to make bold moves, but they strengthen their chances of success-and avoid career suicide-through careful deliberation and preparation. Business courage is not so much a visionary leader’s inborn characteristic as a skill acquired through decision-making processes that improve with practice” ( HBR).

Courage can be learnt. The man who is afraid of heights can overcome this. It’s ok to be afraid, but courage is about not letting that fear stop you from doing what you need to do, or what you know is right.

4. Have Faith

“If my mind can conceive it, and my heart can believe it — then I can achieve it.”

Ali had both a strong Islamic faith, and also a faith in his own ability. He could never be described as a man lacking confidence. He was proud of his religion, of his beliefs, of his colour, of his background. Even when society was against him, he felt his conviction to his own beliefs would eventually be vindicated.

In business, we must believe in ourselves and what we are doing. Faith in one’s self, in your own convictions, in your knowledge and training brings about confidence and ability, and ensues that faith in others. If you don’t trust in yourself then it’s hard for others to have confidence in you.

5. Carpe Diem — Seize the day!

“Live everyday as if it were your last because someday you’re going to be right.”

Watch any footage of Ali in his prime and you’ll see a man who was enjoying what he was doing. Watch him banter in interviews, this was a man who loved what he did and was damn well going to enjoy his time doing it.

I’ve written before about your career being short, but it’s going to feel mighty long if you’re not doing something you enjoy. If you don’t like your job, you need to change it. Whether you want to make a difference, be happy, be successful, whatever, take the opportunities when you see them. Life isn’t about ‘what ifs’, it’s about ‘what you did’.

Muhammed Ali will be remembered as one of the great ones. But in your own way, in your own field, in your own circles, you can be too.