What Possibly Could Basketball Teach Entrepreneurs?

Entrepreneurs can learn business lessons from a variety of situations and basketball can offer a few pointers. Entrepreneurs are often faced with dealing with competitors. How do you compete effectively while retaining an advantage, but doing so within the confines of the law?

Basketball offers at least two competitive strategies that could be applied to business – setting a pick and boxing out.

To enable your teammate to take an open shot or go around an opposing player, it is acceptable to set up a legal pick and block the other team’s player. Entrepreneurs can do the same in business. Find ways to establish competitive advantage by setting up a pick – legal ways to block your competitors such as having proprietary technology, services, trademarks, or creating formidable barriers to entry.

Basketball players box out their opposing players to prevent them from getting a rebound. Are there ways that Entrepreneurs can do the same to their competitors? If you can find legal ways to box out your competitors from getting to your clients (superior customer services, value pricing, etc.) or markets (first to market, dominant market share, continuous innovation, etc.), Entrepreneurs could certainly win the game.

Learn from competitive sports to run your business.

Ravi Patel

www.patelCFOservices.com

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