What Chess taught me about Business

Chess and business may seem like an odd couple, but it’s amazing what lessons can be learnt from this centuries-old game, played by millions around the world. As an entrepreneur and amateur player, I reflected on how chess has positively influenced my approach in business, and perhaps given me a subtle edge.

Always have a plan – but be prepared to change it

Serious chess players always have a plan – their moves aren’t random and reactive, rather part of a calculated scheme to elicit advantage over a series of moves. But invariably, even with the best of plans, the opponent does something unexpected and you need to change tack, without getting frazzled.  When I launched my first startup, Matchboard, I drew up a business plan which was carefully thought through, but had I stuck to every element of it with an iron rod, the business would not have thrived – startups need to pivot, to be nimble and flexible in the face of market movements.  Today’s business world moves faster than ever, and if you can’t make good judgement calls on the fly, success may be elusive. Chess may be a good place to hone these skills!

Analyse when you lose

One of the best techniques chess coaches use is analysing games that you lose, and looking at how you could have done better with each move to avoid defeat (in over-the-board chess, the players write down each move). The same applies in business – don’t just cry over spilt milk with a lost deal, rather analyse where you went wrong and how you can avoid repeating the same mistakes in future.

Make every move count

In tournament chess, once you touch a piece, you have to move it. And if you make one wrong move against a good player, you may seal your fate. Chess teaches you to think exhaustively about the consequences of your actions.  As business people, we need to anticipate obstacles, and stand in our clients’ or competitors’ shoes before acting. We need to think through the ramifications of our decisions to achieve the desired outcomes, because every move counts.

Stay calm under pressure

Chess tournaments are not a place to lose your temper – in fact you are likely to get automatically disqualified if you cause commotion or disturbance to other players!  Leave your emotional outbursts at home, and in business as in chess, stay cool, calm and collected, even in the face of seemingly insurmountable problems.

Take calculated risks

Entrepreneurs are risk-takers by nature, but they take calculated risks. When I started my business, I thought of the “sacrifice” technique in chess – where you give up material (in my case a bigger mortgage!) in order to gain a positional advantage and ultimately end up much better off. In other business settings, we might risk offering a short pilot of a service or technology for free because we can calculate the high value of the potential sale thereafter. 

Manage your time

Chess tournaments range from 10 minutes (lightning chess) to several hours, and chess clocks are used to allocate each player the same amount of time. Run out of time on your clock and you lose the game. I recall a situation where a competitor responded to an open government tender and the courier carrying the tender response arrived 10 minutes after the submission deadline. Hundreds of manpower hours went into the tender, but it was all for nothing – and there were no second chances. A chess clock at first may be annoying but it absolutely trains the mind to plan the use of time and have an intense awareness of deadlines.

Be aware of threats

My Dad, an international chess master, always taught me to be on the look-out for checks, forks and pins. Sounds painful, and it is if you miss them! In business, this translates through to a constant state of alertness of where the next threat may come from. Have your eyes and ears to the market so you know when a competitor from overseas is entering your territory, or when a bricks-and-mortar company is launching an online offering in your niche. Be cautious of people who may be trying to steal your IP or copy your product - but never let this caution subsume your main focus on growth!

Just because you’re a minority doesn’t mean you can’t win

I was the only girl in the school chess team, but that didn’t bother me. In fact I think sometimes being the shortest person and only female playing may have led my opponents to underestimate me and they were caught off guard!   Being a minority or underdog can be turned to strategic advantage in so many situations in life and in business. Just because you’re the only one – of your gender, race or religion – there is no need to feel disadvantaged. Embrace your “difference” and you’ll feel empowered to succeed.

Finally, I’ll leave you guessing the inspiration for the name of my business, Matchboard!  How has chess inspired you in business?