THIS August, all eyes will be on Athens and the 2004 Olympic Games, but what can business-owners learn from the world's top athletes, asks Michael Proudfoot a director at the Kendal office of Lonsdale & Partners, Chartered Accountants?

In his latest article for Business Gazette, he offers four tips for success: 1 Respond to a challenge With five gold medals in five consecutive Games a span of 20 years rower Sir Steven Redgrave can claim to be the greatest Olympian of all. He met the challenges of injury, ever-younger competition and even diabetes, and emerged victorious.

Olympic tip: Be prepared to embrace change, and see challenges as opportunities to improve your business.

2 Be ready to take calculated risks At the 1988 Olympics in Seoul, reigning 3m springboard diving champion Greg Louganis violently struck his head on the board. The accident looked set to rule him out of the competition, but soon after, with head stitched and bandaged, he executed his best dive and went on to win gold. He later said: "You don't win gold medals by playing it safe."

Olympic tip: Winning businesses are prepared to take calculated risks, refusing to let the fear of possible failure overshadow the prospect of success.

3 Success breeds success For the 1992 Olympics in Barcelona, the United States put together the famous Dream Team' basketball squad, composed entirely of living legends of the game. Their matches began with opponents taking photographs of their idols, and ended in huge margins of victory. The USA was able to assemble such a squad because the players were attracted to the prestige of being part of a great, invincible team.

Olympic tip: In business, high-quality people like working for high-quality companies. Ask yourself: Why would a highly qualified person work for us?

4 Seek feedback Even the best Olympians employ coaches to provide constructive criticism and to help them adapt, improve and correct errors. Seek feedback from people who will tell you the truth, not just make you feel good.

Olympic tip: Seek feedback from all the key people involved in your business: staff, customers, shareholders and suppliers and act upon it.