Video gaming is one of those things that people either love or hate. For those who hate it, gaming is a waste of time. It is often viewed as a massive distraction from the realities of daily life. For those who love it, however, gaming offers a whole host of benefits that go beyond simply being entertaining.
For entrepreneurs, playing games can actually be of immense value.
What sets apart the top 10% of successful business owners from their less-successful peers? Confidence and strength of character. Irrespective of the challenges they’ve had to face along the way, the one thing that all successful entrepreneurs have in common is perseverance.
These are the exact skills that playing video games can develop. Even the best gamers in the world have had to deal with losing their virtual lives. This means they often have to start games from the beginning again. But, the more they preserve the further they get with the level. Thus, making progress with each and every attempt – even when they make mistakes.
Failure is one of those things that is just a fact of entrepreneurial life. If you’ve had a charming run so far, odds are that you will end up failing at something along the way. So, developing a mindset that accepts failure for what it is, can encourage growth and ensure that you’ll keep persevering.
Another interesting thing about video games is that they teach players to develop a progress-oriented mindset. Every game in existence gets more difficult the more it goes on. From tougher bosses to increasingly complex tasks. The challenges get greater every time. It’s the same in business; the more goals you hit and growth targets you reach, the more difficult it becomes to perform better.
Another aspect of business success is competitive advantage. This is also known as establishing a position to give you an edge over your competitors. There are certain types of games that can develop the critical skills that you need to find, establish and enhance the competitive advantage of your venture.
Mindsports like poker and chess, for example, will flex your mental muscle. They help to ramp up your critical thinking skills.
The game of poker is often compared to the stock market. There's a reason why so many former pro poker players have been successful on Wall Street - and vice versa. An integral part of poker strategy is knowing when to fold, or, as Kenny Rogers says “you’ve gotta know when to hold ‘em, when to fold ‘em”.
Knowing when to fold is also a key skill necessary for effective business investments and decision-making. Contrary to some assumptions, folding is not for ‘quitters.’ Instead, it is a smart choice that sometimes needs to be made during a business’s life cycle.
Long-established as a brain training gaming, chess requires an accumulation of strategy, visualization, and knowledge in every move. Chess players are renowned for taking a methodical approach to decision-making. Anticipating not just the move they are about to make but how that will then impact future moves. They’re not just one or two steps ahead, they visualize the full chessboard. Thus, anticipate all the possibilities there are of winning.
Does that sound familiar? The same strategic thinking is a core component of business management. You don’t have to be Garry Kasparov to reap the benefits of applying chess strategy to the way you run your business, either. Simply developing an approach to risk management will help you evaluate the steps that are worth taking when it comes to business development.
In stark contrast to the console games of the 1980s and 90s, modern video games are often team affairs. These can foster leadership skills development in participants.
According to research conducted by two academics from the St Petersburg University of Cinema and Television in 2017, digital games have the potential to support leadership development even in non-habitual gamers.
Of the 50 student gamers and non-gamers who participated in the study, 89% developed increased organizational skills. Additionally, 75% displayed higher levels of self-control and 68% demonstrated strong personal leadership and tenacity of purpose. Further still, 89% of the participants displayed exceptional group management skills. Another 67% were able to find creative approaches to problem-solving.