Lessons From Fantasy Football

January 19, 2016 Scott Sanders
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I have always been a huge football fan, but I primarily follow college football. I watch the NFL, but I don’t follow it as closely as college. This year I had the opportunity to be in an NFL fantasy league (just for fun). I wanted to do my best so I put some effort into it. I learned several lessons during the course of the season that could be applicable to you or your business:

  1. Preparation is crucial – Before the draft I had to come up with a plan. I researched the players in the draft and I ranked the players that I thought would do the best so that when we had the draft I could get the best players possible. If you don’t have a plan in business your results will be far lower than if you have a plan and execute it.
  1. You have to adjust to changing conditions – The way that the draft unfolds changes your strategy. If all the good quarterbacks are being drafted, you need to draft one before they are all gone. In business you have to adapt to market conditions or you will soon be out of business.
  1. You must deal with adversity – You can draft what you think will be the best team, but sometimes your players play poorly or they get injured. You can stand pat and suffer or you can make changes to improve your team. I thought that I would have the best group of running backs in the league, but they were all injured or ineffective. In business and in life adversity will inevitably come. Those who deal with it the best will succeed.
  1. Diversify – Don’t put all your eggs in one basket. You don’t need to have a bunch of players from the same team on your fantasy team. I had two receivers and a running back from the same team on my fantasy team. When their quarterback was injured their numbers went down dramatically. And the quarterback was not even on my team. In the same way, you don’t want to put all your investments in the same type of investment. You also don’t want to have most of your revenue coming from one customer.
  1. Look for opportunities – If some of the free agents are consistently outperforming the players on your team, add them to your team. In business always be looking for new opportunities. If you operate your business the way you always have, you will be left behind in a changing world.
  1. Don’t take a week off – I am not saying to never take a vacation, but you need to constantly monitor your fantasy team as well as your business so that you can improve and grow. Some seasons of your business are different than others. The head coach can’t take a week off during football season. I can’t take a week off during tax season.
  1. Research – You need to study and watch games in order to find areas of improvement. In your business and in your life you need to constantly be learning.
  1. Enjoy life – You need to have fun and enjoy life.

 

What did you think of these lessons? Do you see any others?