I strongly believe in the idea that we can learn from even the most trivial of things and a little pondering over small matters can lead to great understandings and moments of epiphany. There is one such thing which in my opinion is great and one can infer great things from it, and that is Monopoly – The game.
Everyone of has played one or several versions of monopoly at one point or another in our life. It is one of the great family games for passing time and enjoying quality time with family members. However, if viewed from a different angle, monopoly actually has some attributes that can be applied on a successful entrepreneur. In other words, there are some things that monopoly and successful entrepreneurs have in common. I’ll discuss them briefly in the lines below.
Take Risks Early:
In monopoly, in order to own the most property in the set before the game ends the player buy property early and takes risk earlier. This is the same thing, which successful entrepreneurs do, they realize the situation of the market, and when it comes to investing or jumping in the market, they do it when the niche is fresh and new. Thus, thus monopoly approach of successful entrepreneurs benefits them greatly in the long run.
Negotiation Skills Are Important:
The other important tactic required to play Monopoly is negotiation. There comes a time in Monopoly where in order to move forward and lead the game, you have to negotiate a trade with the other players. There are times when the players are not willing to part from their wealth, therefore, at that point of time the player has to come with convincing arguments and maneuver the resources in such a way that an attractive deal is offered to the other players which persuades them in finalizing the trade. This is the same thing, which entrepreneurs do when it comes to either convincing the capitalists or clients regarding their business. Thus, by using their negotiating skills successful entrepreneurs persuade others into joining hands with them.
In Monopoly, the more diversified your property is, the more chances and sources of revenue with little chances of failing in case some investment does not pay out. Similarly, all the successful entrepreneurs diversify. They don’t stick with a single idea and give their all to it, rather they diversify and find potential in other areas as well, which helps them stay safe and avoid the sudden uncertainty that is always there when one keeps all the eggs in one basket.
Money In Backup Is Necessary:
In Monopoly, in order to survive all the penalties, the jail trips, the taxes and other uncertain popups, the player has to have money in the backup. It is the same strategy adopted by all the successful entrepreneurs. No matter how good an opportunity seems for an all out investment, or how little revenue they are generating from the business, the entrepreneurs always keep money in the backup to deal with any uncertain or unwanted situation.
The one thing that the player of Monopoly has to be expert of in order to be successful in the game understands of ROI. The player must know the kind of investment he is making and the kind of return that is expected of the investment. Thus, it is the return on the investment that makes the whole game run. Similarly, the successful entrepreneurs are also good at understanding ROI, and every investment they make shows their skillfulness pertaining to the concept of ROI.
Now it’s Your Turn!
Have you been a Monopoly player? What do you think are the strengths of the game? How does it relate with entrepreneurship? What have you learned from Monopoly or any other game? Please share your thoughts in the comments section below.