3 Winning Tips That Entrepreneurs Can Learn From Michael Jordan’s Game Play

There’s no argument Michael Jordan’s days on the court puts him as one of the most skilled athletes in the world. Many fans will affirm that Jordan is the best basketball player of all time, playing the game with a rare efficiency that little to no other will come close to ever comparing with. From the moment that Jordan stepped onto the NBA court, he always excelled and dominated the sport of Basketball like few athletes ever have or will. Jordan is credited with having turned the Chicago Bulls into a dynasty. Many claim that he was always great at electrifying crowds with his skill, energy, professionalism, and style. Today Jordan is easily still one of the most recognizable athletes in the world, which isn't a bad accomplishment for a man who was once cut from his own high-school basketball team.

Jordan’s success off court has been recognized as equally as successful, both for his successful entrepreneurial endeavors and ownership of the Charlotte Hornets, as well as his Nike brand partnership and other endorsements. 

So what can entrepreneurs learn and embrace from this All-Star MVP player and most-marketed sports figure? Here are 3 valuable tips that entrepreneurs can apply to “winning like Mike:”

Play to Win

Michael Jordan’s winning achievements are undeniable. Of all the players in history, he is number three all time in points scored, he's had fourteen All-Star Game appearances, and more. He's achieved a myriad of different titles and impressive awards, including six NBA Finals Most Valuable Player Awards, and that isn't all. His skills, determination, and passion is what many say kept him going and helped him to achieve the highest accomplishments possible within the game of basketball and life. Jordan made the sacrifices that were required in order to help push his team toward success and the finish line.

Jordan’s attitude was not to settle for anything less than being the best. It was this winning mindset that helped him to achieve the highest accomplishments possible not only within the game of basketball but in everything that he chose to do in his life.

Develop your business “game” and play to win. Get to really know and understand your market, consumers and competitors. Differentiate your business in a way that stands out against the competition, attracts consumers and gets people talking about your business – both online and offline. Nurture your loyal consumers, ask for their feedback and learn from their feedback to keep your products and services relevant. By being connected and attuned to your consumer, you’ll know how to keep a winning plan in place to scale and continue to drive your success.

Learn From The Failed Shots

For all the shots that Jordan made he missed many, including game winning shots. Did this deter his determination? No. Jordan embraced his failures, learned from them and turned them into his success. He never deterred from playing to win.

As an entrepreneur and business owner, you will have knocks and challenges and strong competition to contend with. You’ll even have outright failures that might leave you feeling deflated and even second-guessing your motivation to continue moving your business forward.

If success is not growing at the rate you expect or want, or you are experiencing a decline in business, do not define yourself with failure. Evaluate what is not working in your business model, learn what you can do differently and keep going. A failed shot does not mean that you are out of the game!

Lead and Inspire

Jordan led The Chicago Bulls to six NBA Championship wins. He did it not through focusing on his solo talent, but by recognizing the power of teamwork.

If you want your business to grow, you cannot rely on your talent alone. It takes a team of talented professionals each with their own individual skills working congruently toward your winning vision. The ability to lead and inspire your team through example and action is critical.  This way every one on the team will know exactly what they can do to make their mark on making success happen.

Making Sense of and Using Big Data

Businesses are collecting more data as well as having access to unprecedented amounts of data from other sources. This has led to technological revolutions such as data warehousing and big data tools and technologies. This data holds useful information and patterns that can help businesses and firms to achieve their goals and improve their operations.

However, making sense of all this data and using it meaningfully can be a challenge given its sheer volume. To leverage this data, firms are increasingly turning to various models to meet various objectives like optimization and prediction. The insight that can be drawn from these models, as well as business-related benefits, is what is driving more and more firms to seek ways of making sense and using the available data.

Motivation for leveraging big data and large datasets

Depending on the firm’s objectives, large datasets and big data can be used to meet various objectives. One company may be interested in streamlining and increasing the efficiency of the supply chain. A manufacturing firm can use demand optimization in manufacturing for increased sales and profits. A retail chain may be seeking ways to optimize the use of shelf space to maximize profits. There are as many uses of big data and large datasets as there are good ideas on how to leverage them.

Various technologies, methodologies and approaches are being used in order to leverage big data including the following:

• Conventional Business Intelligence (BI) tools and technologies

• Integrated business planning (IBP)

• Predictive analysis

• Prescriptive analysis

• Demand optimization

Conventional Business Intelligence tools use the data available to firms to examine data and determine what has happened in the past, also known as descriptive analytics. Some of the technologies used are data mining and data aggregation.

Predictive analysis attempt to predict future scenarios to determine what could happen based on models and available data. Some of the techniques used are forecast techniques and statistical math models.

Prescriptive analysis provides management with actionable information on what should be done under various scenarios. Some of the technologies used are simulations and optimization. Applications include scheduling, planning and demand optimization.

Integrated Business Planning (IBP) aligns strategic plans with operation plans harmonizing strategy and execution. IBP seeks to connect planning functions in all departments of a firm to more efficiently align strategy and operations with financial performance.

Understanding Demand Optimization

Demand optimization seeks to utilize the available resources and processes to maximize sales volumes, revenue and profits. Some of the applications of demand optimization are determining optimal solutions for:

• Meeting market share objectives

• Meeting inventory goals

• Achieving gross margin targets

• Achieving desired sales

• Demand optimization in manufacturing

Demand optimization is being applied in more fields and industries. Like most high tech and highly competitive industries, manufacturing firms have been quick to adopt the technique for increased competitive advantage.

Manufacturing firms face complex supply and demand issues involving numerous variables. These variables impact on the products as well as the business as they affect quality, profitability and yields. Some of the supply side variables management has to take into consideration include:

• Production capability and capacity constraints

• Availability of inputs and raw materials

• Multiple production and assembly sites

Demand variables that affect decision making and business outcomes for manufacturing firms are:

• Sales projections

• Promotions and marketing

• Historical orders

• In-house orders

• Contract obligations

By leveraging IBP, analytics and demand optimization, businesses not only increase profitability but also serve customers better. This is result of creating better synergy between various departments like production, marketing, sales and distribution to meet organizational objectives.