Entrepreneurs can learn a lot from high-performance competitors like Alex Bilodeau. The Olympic skiing champion has proven himself every day, both on and off the slopes.

After winning a gold medal in freestyle skiing at Vancouver's 2010 Olympics, Alex returned in 2014 to defend his title in Sochi. This makes him the only Canadian to ever successfully defend a gold medal in a freestyle Olympic skiing event.

While honing his skiing skills, Alex also studied to be a Chartered Professional Accountant (CPA). Since retiring as an Olympian in 2014, he has built a successful career as an investment professional working in the venture capital space, so he’s familiar with helping businesses succeed. 

Here are some career tips from Alex and how you can apply them to running your own business.

Evolve your passion over time

Unlike some Olympic champions, Alex didn't begin his skiing career with an eye on competing internationally. "I fell in love with the sport simply because it was fun," he says. "It was something I did on the weekends, and eventually, I wanted to compete and see what was next."

It wasn't until later that Alex realized he might have a shot at the Olympic podium. The same is true for many entrepreneurs, he explains. While some start a business based on timing and a clearly defined goal, others begin with a passion that might be little more than a hobby. "It's something that will grow on them," he says.

Just as Alex rose gradually from weekend skier to the pinnacle of his sport, you can evolve your business as an entrepreneur. You can begin slowly, exploring a passion and developing it as a business idea over time. This lets you hone your skills and learn from your mistakes, creating a robust platform for your venture as it matures.

Approach opportunities with gratitude

When an idea forms around your passion, you have an opportunity to develop it into something more. But all too often, a lack of confidence stops people from taking this next step and transforming a business idea into a tangible business. How many potential Olympians missed the podium because they didn't strike out for success?

"You miss 100% of the shots you don't take," Alex says. "So, if you're passionate about something, why not give it a shot?"

If we're blessed with an opportunity to try, we owe it to ourselves to take it. Alex understands this from personal experience. His brother has cerebral palsy, which denies him many of the opportunities Alex had. "He is my daily inspiration," Alex says, adding that he always strives for success with a sense of gratitude. "Out of respect for him, I feel compelled to pursue my dreams and goals."

Take risks, but be smart about it

The willingness to seize an opportunity and take a risk is what Alex respects most about entrepreneurs. Those risks are ever-present. Successful athletes and entrepreneurs alike learn how to manage them. Passion should burn brightly in entrepreneurship, just as it does in sports — but it should be a controlled flame, Alex notes. That will help you to avoid being one of the almost one in three new businesses that Statistics Canada says doesn't make it past year five.

Helping entrepreneurs manage risk is one of the most important parts of his job. One of the biggest risks is transitioning to your new venture. After all, going all in and taking the plunge to follow your passion without a safety net is a dangerous option.

Alex had to manage his own transition from skiing to a career in finance, balancing his CPA studies while training for the Sochi event. That meant he had to sacrifice some classes so he could continue to pursue both goals.

In the same way, entrepreneurs can focus on another opportunity while building their business on the side. "Making a gradual transition can be a test to see if it's a good idea before you dive in fully," Alex advises.

"If you have an idea you think could be appealing, don't leave everything on the table and just go for it," he says. "Test it first, and then go for it — but at least try.”

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>> Episode 2: Alex Bilodeau explains how you know it's time to start your own business>>