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The board game, Chess, has been around for centuries. Back then chess dictated how wars went and how kingdoms were created but these days it’s a game that anyone can play at home, work and in competitions dedicated to the board game.

Chess is a very strategic game and that has made it very appealing to business leaders and entrepreneurs. The way chess is designed and played offers very useful insights into the game of business. We’ve done some research and identified 5 business strategies you can learn from the game of chess, according to several business leaders across the world.

Check them out:

  • Looking ahead: Being able to forecast and make educated guesses about the future, the moves your competitors will make and trends in the market your business plays in, is critical for the success of any business – big or small. The greatest chess players have always been able to see several moves ahead.
  • The value of sacrifice: Sometimes, in chess, you have to sacrifice a certain piece to gain the upper hand or win the game outrightly. In fact, there is hardly any game of chess that doesn’t involve some type of sacrifice. In the world of business, this is also important. For example, you may need to sacrifice your personal enjoyment for certain investments in your business (hiring more people, for example) because you’ll probably gain more from that in the long run.
  • Being honorable: In chess competitions, there is something called a “touch move”. This means that once you touch a piece, you have to move it and once you move it, you can’t take that move back. When people play chess with friends or in informal settings, this rule is usually relaxed. However, in competitions it is enforced strictly. There have been quarrels at chess tournaments because one player made a move that the officials didn’t catch. Usually this player is able to get away with it if there are no witnesses and as such, become known as being dishonorable players and this destroys their credibility. This is also what happens in business when you cheat your customers with false or exaggerated claims; word eventually gets around and your reputation will be hard to salvage.
  • Patience is key: Chess is all about being patient and evaluating your moves carefully. Players need time to place their pieces in the proper position before they can attack effectively; a premature attack will backfire. This is very similar in business where you must patiently stop yourself from making rash moves until everything is in place. You must conduct market research and feasibility studies first before risking your capital on any business.
  • Anticipating your competitors moves: When making a move in chess, you must anticipate the probable responses from your opponent because they are planning to defeat you – just like you are planning to defeat them. In the real world, your competitors would react to your moves so you must be prepared for the counter attack.

You may not play chess actively, or even heard of it. But the strategies that you can learn from it are invaluable in business. Luckily, you don’t have to go through the stress of learning to play the game yourself because we have done that for you. Apply these strategies in your business or side hustle and know that you are on the path to success!

As always when you win, we win. To the moon!