Entrepreneurial Lessons from Playing Monopoly

entrepreneurship monopolyWhile Monopoly is a fun pastime, it is a lot more than a game. You can learn great lessons about personal finance and business too!

 

Always Invest for the Future

In the beginning, it is tempting to hoard your cash and build a stock pile every time you pass go. However, building up a big cash stockpile is very short-sighted.

If you buy a lot of properties early, you are posing yourself for long-term cash flow. When I play Monopoly, I will spend every dollar I have to buy every property I land on if possible, even if that means mortgaging properties.

Sure, that can lead to a pain point if you end up owing and having to mortgage, but as your cash starts to come in from owning properties all over the board, you can start paying back the mortgages, building houses and hotels, and turn the tables on your competition.

 

Be Prepared for the Unexpected

While you are building your empire, you have to be ready for anything to happen. A chance card may give you free parking or send you to a property owned by your opponent. A bank may make an error in your favor, or you will have to foot a tax bill.

While I keep my cash stash low when building my portfolio of properties, I always know my limits and where to get cash in a hurry. I always have a plan for the unexpected payment or landing on an opponent property.

 

You Can’t Always Trust Your Friends

Just like in business, Monopoly is about winning, not friendship. Anyone who enjoys an occasional game of Risk knows that friendships and alliances can change quickly if the balance of power changes. The same happens in Monopoly.

In a recent game at my local pub, my friends laughed at me as I spent every dollar and mortgaged nearly every property to buy more, and they both offered me plenty of deals to snatch up properties I owned to build a new monopoly.

I kept my properties close, as was the plan, and my friends quickly changed their tune and started trading with each other to try to knock me out when they saw my houses and hotels start appearing on the board.

How quickly friendships can change when it is no longer convenient or beneficial. The same can happen with industry peers and vendors in real world business.

 

Don’t Forget to Have Fun

Remember that Monopoly is a game. The real reason to play is to have fun. Don’t forget to apply some of that logic to your business.

You are in business to make money, but you are also in business for yourself. You can enjoy the freedom of being your own boss, creating your own schedule, and directing your own future. Don’t forget to enjoy the great opportunity you have as an entrepreneur.

Did you play monopoly when you were younger (or even now)?  Can you take away any other lessons?

About Eric Rosenberg

Eric is a finance blogger at Narrow Bridge Finance and a serial entrepreneur. He runs a media company, flash mob company, and DJ business from his hometown in Denver, Colorado. You can read more about his finance background and connect with him around the web.

Trackbacks

  1. […] @ writes Entrepreneurial Lessons from Playing Monopoly – While Monopoly is a fun pastime, it is a lot more than a game. You can learn great lessons […]

Speak Your Mind

*

This site uses Akismet to reduce spam. Learn how your comment data is processed.