5 Business lessons from The Money Fight

You either hated it, loved it, or momentarily became obsessed with it. However, there’s no denying that Mayweather vs McGregor was an entertaining spectacle that captivated the world over, and turned many ordinary, peace-loving individuals into hardcore, blood-thirsty fight fans—even if just for 30 minutes. What can the flyweights and heavyweights in the business world learn from The Money Fight, before the fatigue slowly sets in or they get knocked out by the competition? Let’s go five rounds:

Round 1 – Take calculated risks

Just like Conor McGregor did—it’s important for business owners and managers alike to take calculated risks once in a while. These risks don’t necessarily mean you have to step into some form of business boxing ring and carry out a corporate slug fest, but you do need to momentarily step outside of your comfort zone and stick your toe onto an unknown, blank canvass.

Business owners and managers often get stuck into a monotonous routine that sees them live every day exactly the same, and while these routines aren’t necessarily harmful—they are against any sort of progression or advancement. This means that the business or team may become stagnant over time and the roots of non-development grow a little too deep for discomfort. And the more comfort and complacency sets in, the bigger the chance that a competitor is going to zoom passed—while your business is seemingly parked in the tow-away zone. This is why it’s important that you come out swinging in round two.

Round 2 – Try something new

There’s an old adage that’s often alluded to in the business world—first coined by world-famous wise guy, Albert Einstein—which loosely translates into the following: If you keep trying the same thing, you’re going to keep getting the same result. When was the last time you and your company truly tried something new? And no, I don’t mean buying a different type of coffee for the wreck-room or using black pens instead of blue, I mean looking at a problem or customer pain-point from a completely different perspective. In other words, changing a rusty, creaky strategy or approach and remodeling it completely.

It’s easy to get stuck into a corner while repeating the same tactics or strategies, while hoping something miraculously flips and you get a different result. Here’s the problem though; if you kept getting hit all over the place in one round and then stick to the same strategy in the next, you’re eventually going to get knocked out. And it doesn’t have to be world-shattering blows to the head that leads to the stoppage—it’s often the accumulation of the same shots that eventually takes the legs out from underneath you. Which is why in order to take risks or try something new, you have to get off the ropes and ensure that you’re always moving forward.

Round 3 – Always move forward

Let’s face it, if Floyd Mayweather simply sat back against the ropes and kept absorbing those heavy bombs from Conor McGregor—he would have eventually crumbled. This is why it was so important for him to change things up in the later rounds, and ensure that he was the one that was always moving forward.

There are few things worse for a business than stagnation. This is the result of the company dwelling on old, outdated processes, or getting stuck in bare-knuckled strategies and business models that were inherited from the dark ages. It’s important for every business, even antique shops, to move forward with the times and keep up with the ever-changing marketplace. Because if there’s anything guaranteed in business, it’s that the hits are going to keep coming. And it’s up to the business owner or manager to decide whether they’re going to keep absorbing them and hope for the best, or keep moving forward and adapt to the situation.

Round 4 – Believe in yourself and your ability

In the press conferences and encounters between Mayweather and McGregor in the run up to The Money Fight, only confidence and self-esteem outweighed the richness on display. This is because each fighter absolutely and undoubtedly believed in themselves and their ability. And why not? They weren’t World Champions and among the most revered individuals in their respective sports by chance. This immense belief in themselves and their ability wasn’t new either. It had been with them since the start of their careers.

In the same way Mayweather and McGregor used this self-belief and confidence to deflect each other’s mental assaults, it’s important for business owners and managers to ensure that they too are aware of what the business can achieve—while acknowledging its strengths and victories. By reaffirming this belief in yourself and your business, you’re able to confidently stand up to the next flurry of blows that are undoubtedly approaching. As long as you remember to keep your hands up, your chin down, and you put in the work.

Round 5 – Put in the hard work

I’d get into the ring with Mayweather or McGregor and get knocked around for $100 million! If you didn’t say this or hear it from one of your friends in the lead up to the fight, you’re in a minority half the size of those who haven’t watched an episode of Game of Thrones. Now, I’m not denying that the people who said this wouldn’t get into the ring and take a beating for that amount of money, but would they put in the work and make the sacrifices necessary to get to that point?

Behind every successful business or idea is a mountain of determination—covered by clouds of sacrifice—and then snow-capped with hours of hard work. Too many business owners and managers get stuck at the base of the mountain and get lost staring at the summit of success, without even thinking about the stormy clouds of sacrifice or cold, hard hours of hard work that lay ahead. The fact will always remain though, if you’re not willing to put in the hard work, you shouldn’t expect the lavish reward. It’s important that you’re prepared to put in the hard work and that you have a full scope of what’s expected of you as a business owner or manager before you set out to conquer your goals. This means planning ahead and realizing the size of the task at hand. Remember; a goal without a solid plan is just a wish. And wishing for success is just as good as dreaming about it.

While The Money Fight certainly had its critics and many detractors, there’s no doubt that it was one of the greatest, most anticipated sporting events of the decade. And from a business perspective, it was an event that had the inkling of an enormous trade deal that had been tensely negotiated between two power countries. Whatever your view on the spectacle that took place, there were some valuable lessons for business owners and managers to take away from it—especially if you can appreciate the magnitude and reach it had across the globe. The only question that remains is; will you take these lessons and ensure that it’s your hand raised after the final bell, or are you going to let the fatigue slowly set in and get knocked out by the competition?