Grab your FREE copy of the 60 Low & No Cost PR & Marketing Strategies eBook*



*By submitting your email, you will receive the eBook & also sign-up for Carol’s newsletter
Business Unplugged™
This blog features Carol Roth's tough love on business and entrepreneurship, as well as insights from Carol's community of contributors.

What Your Business Can Learn from Playing Madden Football on Xbox

Written By: Carol Roth | Comments Off on What Your Business Can Learn from Playing Madden Football on Xbox
The best plays are sometimes the ones that you don’t make

Yes, you can learn business lessons from video games- hooray! During a recent game of Madden on Xbox, after the virtual version of Peyton Manning threw the ball to the sidelines, instead of risking an interception in a well-covered formation, Chris Collinsworth’s voice boomed out, “Sometimes, the best plays are the ones you don’t make”.

This also rings true in business. Sometimes, walking away from a potential opportunity is the MOST valuable thing that you can do.

Bad Decisions Can Create Serious Damage

Bringing on a bad partner, hiring a rogue employee whom your gut (or your background check) told you was trouble, or dumping money into an expensive project with suspect odds of success can all wreak havoc on your business.

Just like it is better for a quarterback to throw away the ball than to give up an interception, sometimes doing nothing is more favorable than making a really bad decision. Give yourself enough time to make decisions, do your homework and create appropriate risk and reward tradeoffs, so that any decision gone awry does not become a fatal error.

Opportunity Cost

How many times have you been tempted to chase every last client, offer discounted services or work with a customer that had proven to be difficult, litigious, a time sink and/or a bad payer? By doing that, there is an opportunity cost- real the value that you give up by using your time for the task at hand. Opportunity costs could mean lost revenue or even lost free time.

Saying “yes” to projects, tasks or customers has a real tradeoff cost involved with it. If you take on a customer that requires extra handholding that you are not getting paid for, that extra time could be used for something else. Sometimes, it is wise not to “make the play” and hold the ball until a better opportunity comes along.

What plays have you not made in business that turned out to your advantage? Please share your stories.

Article written by
Carol Roth is a national media personality, ‘recovering’ investment banker, investor, speaker and author of the New York Times bestselling book, The Entrepreneur Equation. She is a judge on the Mark Burnett (Shark Tank, The Voice, Survivor, The Apprentice) produced technology competition series, America's Greatest Makers, airing on TBS and Host of Microsoft's Office Small Business Academy show. Previously, Carol was the host and co-producer of The Noon Show, a current events talk show on WGN Radio, one of the top stations in the country, and a contributor to CNBC, as well as a frequent guest on Fox News, CNN, Fox Business and other stations. Carol's multimedia commentary covers business and the economy, current events, politics and pop culture topics. Carol has helped her clients complete more than $2 billion in capital raising and M&A transactions. She is a Top 100 Small Business Influencer (2011-2015) and has her own action figure. Twitter: @CarolJSRoth