Looking at the Parallels of Sports and Business with JM Global
on October 27, 2018
Authors and analysts are always trying to draw correlations between the world of business and other realms like entertainment, science, and sports. Indeed, the process of owning and operating a business comes with many challenges that can also be found elsewhere in life. One could literally write a book on the similarities between sports and business, but much of the comparison has been condensed into this brief sit-down with Jose Martin, founder of JM Global.
“Practice is a key component that is absolutely necessary in both sports and business. Unfortunately, practicing in business can come in the form of actual failures and shortcomings, but you learn from them nonetheless. The use of strategy is another major parallel, as companies need to have a game plan just like a sports team does,” said Jose Martin. “At JM Global, we also have a strong competitive drive and a desire to be the best in our field, which is another theme that is commonly seen in sporting leagues,” he continued.
There is certainly a strong similarity between an industry and a league, as the companies are much like teams who are competing to rise to the top of the ranks. In sports, you win trophies, while in business you win revenue and corporate reputation, but in both cases, a victory comes with clout and bragging rights.
“Salary determination is another factor that is seen in both sports and business, as the more talented players and employees command higher salaries. Whether you’re an athlete or an agent, the amount you’re able to earn is directly related to your performance in the field, and that’s a universal concept in the corporate realm, not just one that we follow at JM Global,” said Jose Martin.
Obviously, experience is an attribute that is useful in both sports and business, as it tends to reduce the number of mistakes made while leading to better performance as a player or an employee comes into their prime and becomes more familiar with their role in the game or job. “At JM Global, we equip our employees with the best training and support, just as a coaching staff would strive to prep their team during the offseason with specialized plays and exercises,” said Jose Martin.
While there are many other similarities between sports and business, those mentioned above – practice, strategy, preparation, and performance-based decision-making – are the main parallels that entrepreneurs should understand and utilize.