I came of age in the late '60s and '70s and was fortunate enough to grow up in the prime of Muhammad Ali's boxing career. He was an amazing athlete, but more to the point, he is an incredible human being. Simply put, he was, is and always will be my hero. There are several aspects of his life and personality that directly translate to business lessons from which we can all learn. Let me show you what I mean.

Believe in yourself

I believe that the key driver of Ali's athletic success was his indomitable spirit and his unceasing belief in himself. When he first fought Sonnly Liston in 1964, Liston was overwhelmingly favored to win the fight. Ali (then Cassius Clay) believed in himsef so much he purchased a bus with "Liston Must Go in Eight" emblazoned on the side. Shortly after the taking the fight, Ali drove the bus to Liston's home at 3 AM and screamed, "Come on out of there. I'm gonna whip you now." The psychological warfare continued, culminating with Ali being forcibly restrained at the weigh-in. He worked himself into such a frenzy at the weigh-in that his heart rate was registered at 120, twice his normal heart rate. Guess what happened - against all odds, Ali knocked Liston out in the eighth round, exactly as predicted.

As Ali's career progressed, he had such a great belief in himself that it was accepted by his opponents. Many of them lost the fight before the bell for the first round rang. His indomitable spirit would not let him be defeated.

The business lesson is simple: believe in yourself. There will always be naysayers rooting for you to fail. Knowing that you can accomplish what you set out to achieve is half the battle. Don't take anything for granted, but believe that you will succeed.

Never compromise your principles

At the pinnacle of his career, Ali made a stand on principle. In 1967, at the height of the Viet Nam war, Ali stated that he would refuse to serve in the United States Army and declared himself a conscientious objector: "War is against the teaching of the Holy Qu'ran. I'm not trying to dodge the draft. We are not supposed to take part in no wars unless declared by Allah or the Messenger." He ended up being tried and convicted for failing to report for induction.

His stand on principle did not come without cost. At the height of his boxing career, Ali was stripped of his license and world championship. Many Americans despised him and labelled him a traitor. At the end of the saga, his case was heard before the Supreme Court in 1971 and his conviction was overturned. He lost 4 years from the prime of his boxing career. He came back to box and had success, but never attained the stellar success of his pre-conviction career.

The business lesson here is to not compromise your principles. This is probably what makes me admire Ali the most. While I don't agree with his position, I have enormous respect for the courage and integrity he displayed by standing by what he thought was right, regardless of the cost. If someone in your professional sphere asks you to do something you think is wrong, don't do it - period. It may not be easy to do, but in the end you will be justified.

Have a sense of humor

Ali was not someone who had much formal education. In fact, he was originally declared ineligible for the draft in 1964 because of his poor spelling and writing abilities. Yet nobody who ever heard him speak (see video above) doubted that Ali had a razor-sharp mind. He displayed his intelligence with his sense of humor. More importantly, he made himself likable with his sense of humour. His interplay with Howard Cosell was legendary (and hilariously funny.) Many people that were not inclined to like him grew to love him because of his sense of humor.

Business Lesson - learn to laugh at yourself and the situations you face. That doesn't mean you don't take things seriously. It puts people at ease and makes tough situations easier to deal with. Like Ali, showing a sense of humor that is not mean-spirited will make people like you. People do business with people that they like.

Be humble

Ali sacrificed his boxing career in favor of making a stand based on religious belief. Despite being a proud and insanely charismatic man, he humbled himself to a greater power. He has spent the majority of his life after boxing serving his God. He is incredibly charitable, both with his time and money, yet does it quietly and confidentially. Sadly, he suffers from Parkinsons Disease and has remained mostly out of the public eye.

Business Lesson - serve a purpose higher than yourself. Whether it's your family, your religion, a charity or a cause, be humble and serve this cause before you serve yourself. We have too many narcissists in the world. By serving a purpose higher than yourself, you will be rewarded in ways that you can't imagine.

Muhammad Ali is my hero - what I've written above will tell you why. While I'm a huge fan of his athletic achievements, the way he conducts himself as a man makes him my hero. We all could benefit by taking a page from his book and conducting ourselves honorably both personally and professionally.