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It isn’t unusual for businesses to borrow ideas from other sectors when it comes to implementing strategy.
There are other activities, too, however, that can help business owners and strategists to hone their skills. Games are one such activity. If you’re a business owner or manager, here are three classic games that have something to offer to real-world scenarios.
Acquire is useful for teaching solid investment strategy and traits, such as patience and timing. It also helps to teach you about managing your money, such as what to invest in and when you should do it. Application of these strategies and traits, of course, aren’t limited to buying company stocks, but can apply to any decision that requires investment.
The game also offers inside information. How you use that information determines your fate. In real life, of course, business constantly challenges you to distinguish between useless and irrelevant information, as well as choosing the right time to use it for maximum effect.
The great thing about Acquire is that you’re learning about investing without risking any of your own money. Monopoly is, of course, another game that provides such an opportunity.
Games such as online slots also typically offer this feature. Any player would be wise to practice before committing real cash to a game. Slots can also teach you how to manage your money, following such principles as sticking to your budget and not chasing losses.
This game is a lesson in planning ahead. You’re forced to think through all of the options available to you, in order to make your way through the maze. Just one move can significantly alter the course of the game and your chances of winning, so you need to think very carefully before each move.
This game teaches you to have more than one plan in mind, just in case Plan A goes wrong. As its randomly assembled, the game is subject to change at any given moment. This will help you learn to stay on guard and make last minute adjustments when you need to, a scenario that often presents itself in business.
Here, we look at one of the most popular strategy games of any game. The concept of doubling down is based on the idea of backing yourself when it appears that you have a good chance of winning. It started in the game of blackjack, but has since become more or a broadly used term, relating to taking risks.
In blackjack, the opportunity to double down occurs when you’re dealt a hard pair, from 8’s though to Aces. You can decide whether to increase your bet by up to 100%, so long as you understand that you can only be dealt one additional card. You may sometimes find yourself in a similar situation when it comes to knowing whether to invest in an opportunity or not.
Just like blackjack, it’s a case of ensuring that you have access to the right advice and statistics, and knowing when to apply the concept. In blackjack, you can use a Double Down variables chart. In business, you will need to find or create an equivalent resource for your sector, and ideally, situation.
These examples may, on the outside, appear more like fun and games. However, they also provide numerous relevant and useful learning opportunities that just may help when similar scenarios present themselves.