Learning Business From A Board Game

April 17, 2013, 2:04 pm Kochie's Business Builders Yahoo7

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Learning Business From A Board Game

Have you ever considered how much you learnt from all those long afternoons spent squabbling over a Monopoly board?

According to the world's leading expert in the game, it probably provided the basis for the business skills you swagger around with today.

Philip Orbanes has served as the chief judge of world Monopoly tournaments for more than 30 years and says the game teaches players a wealth of important investing principles.

“No matter who you play against in Monopoly you’re going to learn something that you can apply in real life,” Orbanes beamed in a recent interview with US News.

The author of the recently released Monopoly, Money and You says, among other things, it’s probably the greatest tool available for teaching children and adults negotiation skills.

“I think that Monopoly is the first and perhaps greatest means of learning how to negotiate for young people,” Orbanes says.

“If you want to come away with the better end of the deal you have to treat the person on the other side with respect and you have to be assertive. You have to make sure whatever you need is always in the back of your mind.”

“But the other person is going to have to be persuaded and that’s a skill you pick up very quickly in Monopoly if you want to win.”

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Orbanes points out that one of the beautiful things about picking up business investing basics on the board is that it’s financially risk free.

“I think monopoly is a terrific way to evaluate risk free of charge. Even if you lose you can sit back and say, what investment decisions did I make that caused me to lose?”

“Whereas in real life if you try to invest without being properly armed with information and you lose, that’s real money and that really hurts.”

But how relevant are these lessons?

As Orbanes explains, the board game and the business world are actually played out in a very similar framework. One based on rules.

“The real world runs by rules,” Orbanes says. “So if you learn to play monopoly by the rules you develop a discipline that keeps you centred when you start making real investment decisions.”

So what are the 3 most important lessons to take off the board?

“Cash management, diversification and knowing everything you possible can about an investment decision,” Orbanes says.

“And those qualities are all represented in spades in Monopoly.”

What did you take away from the game? Come and share your experience.