Basketball is one of the most famous sports in America, and fans gather in their thousands when the NBA league is on. When people are not obsessing about Stephen Curry’s innovative shots, they are drooling over Lebron James’ paycheck or Michal Jordan’s stardom.
Everyone loves success, and NBA teams are some of the most successful in the country. According to Sportico, the average NBA team is worth $2.6 billion, and some—like the Knicks—are valued at $6.12 billion.
But do you know you can learn a thing or two about entrepreneurship from basketball? We have compiled a list of five business lessons you can learn from basketball:
Your Business Matters No Matter its Size
Not everyone scores like Stephen Curry and not everyone is popular like Michael Jordan, but they play their part anyway. Small business owners may sometimes feel pressured to be like their more established competitors.
This mentality puts unnecessary pressure on them as they overstretch their capability in order to keep up with competitors. Wise business owners appreciate their market value, regardless of their business’ size, and stay focused on their vision.
Teamwork Builds a Business
A basketball team has 12 players, and there are five players on the court at any given moment during a game. The other seven substitute the five if one of them needs to rest or sustains an injury. For the team to win, it takes a team effort.
Similarly, success in business comes when your team collaborates and everyone does their best. Teamwork is vital to a company’s success—customer relations, product developers, sales representatives, and other departments must all collaborate.
Know Your Competitors
In basketball, good defense prevents the other team from scoring. Great defense requires understanding their strategies. In business, you need to learn your competitor’s strengths and weaknesses to put up a good defense.
Learn what they are doing better than you to attract more customers. Don’t emulate them, do better. Identify gaps in their strategies or product development and seize the opportunity to outdo them.
Coaching and Mentorship Are Important
Basketball players have to train to keep fit and enhance their skills. That’s why NBA teams hire top coaches to keep players in their best form. As a business owner, you should offer training and mentorship programs to your team.
Hire expert business coaches and mentors from time to time to engage your employees professionally. Your employees will feel more motivated to work on their goals and on your company’s vision. They will be more productive.
Loan Center, a company that issues some of the best car title loans, says it has hired business coaches in the past to help boost its productivity. Hiring a business coach requires money, but it pays off.
There Will Be Bad Days But Don’t Quit
Basketball teams have it rough sometimes and may perform poorly even with excellent training. But persistence keeps these teams going. After a few losses, a team that failed in the past may win a tournament.
In business, you will have bad days and good days. You may lose a prominent client or have to deal with an ungovernable customer, but that should not make you close your doors. Keep pushing, and soon, you will get back on your feet.