Undefeated welterweight world champion Floyd Mayweather Jnr met mixed martial arts world champion Conor McGregor in Las Vegas for the bout titled “The Money Fight”. The fight surpassed the all-time pay-per-view record with 6 500 000 buys. Mayweather reportedly earned more than R4 billion from the fight and McGregor took home R1.3 billion. The winner stuck to his game while McGregor went into an area where his investment in time, training and practice were only 30% relevant.
Aurik’s CEO, Pavlo Phitidis says the fight between Floyd Mayweather and Conor McGregor has a number of lessons for small business owners. Let’s take a look at this exciting showdown and what we as entrepreneurs can take away from this.
The fight was a contest between two opponents with two very different skill sets. On the one hand, Mayweather is an experienced fighter with a lot of the necessary skills, resources and knowhow in the boxing ring. On the other hand, although McGregor has diverse martial arts skills he has limited experience in this particular arena. Both fighters came to the ring with a passion and desire to succeed but in the end only one came out on top. Often, business owners wanting to grow and in doing so, take on new challenges have to make sure they are in the best position for success. Do you feel like you are ready for this fight? We take a look at the tactics of both fighters and how they apply to business owners:
Play to Your Strengths
Mayweather: All Mayweather has ever done is box. Making him proficient and a purist in the sport.
McGregor: McGregor, came to the ring with his own set of unique diversified knowledge but he was at a disadvantage because he didn’t have extensive knowledge of the boxing ring.
Your Business: Play to your strength, if you have an idea that needs you to work outside your strengths, you may fall short. If the idea is outside of your industry, how can you assess risk? You don’t know what you don’t know! These skills, industry insights and relationships are your ‘asset stack’ and they sum up all the elements you need to take you from where you are to where you want to be…
Practice What You Know
Mayweather: Mayweather, is a long-time boxer with proficient skills showing that practice has perfected his action.
McGregor: McGregor’s MMA history and titles afforded him the opportunity to get in the game but not the time to acquire specific boxing skills.
Your Business: Whilst you need to be cross trained across all areas of your business as an entrepreneur, stick to the sector or industry you are in. Think of it this way. If you have a pump and Valve business, be cross trained in the marketing, selling, delivery, people and money aspects of your business but practice only in pumps and valves. This practice is what will make you expert in the industry and that means improved chances of winning.
Have the Knowledge You Need
Mayweather: The rules of boxing and MMA are vastly different, and Mayweather could use this to his advantage. They are far more extensive than boxing rules.
McGregor: Because he was unfamiliar with the rules, the odds were completely stacked against McGregor.
Your Business: Your expertise may be cage fighting and you need to acquire a different set of skills and get to know different rules. If you don't understand the rules of the game and the levers that drive economic change in your business you will be caught short.
Plan for Success
Mayweather: Mayweather plans his fight like an act, taking a pounding for 3-4 rounds. This draws you in and proving him with the opportunity to take the knock-out.
McGregor: McGregor, not familiar with the sport could not use his normal act to drive the winning result.
YourBusiness: Business owners too have to pace themselves and act according to a larger plan. There are business systems that will inform your overall goals and like Mayweather develop your competitive advantage by having an overall strategy.
Mayweather: Mayweather was able to lean on his natural skill and ability and to see the fight out with his knowledge of the game.
McGregor: McGregor was not able to compete successfully as his skill set, resources and knowhow weren’t suited for the boxing ring.
Your Business: Play to your strengths and your success will breed further success, just like Mayweather. This will allow you to build momentum and go from strength to strength and make your business a success.
You can’t be all things to all people. If you specialise you become very familiar with the industry it will become very easy to have different conversations with customers. Gaining more insight and becoming a trusted advisor in your area of specialisation. This opens real opportunity for your business to provide real solutions to real problems. Your clients will share more, you will provide a better solution to your problem and you will clearly see where your next level of growth is coming from. You need to be patient and grow your knowledge and skills over time. It takes a huge amount of time to create ‘muscle memory’ or the business understanding to really add value to your customers.
For the full insights from Pavlo listen to the full radio podcast here.
At Aurik we want you to take the step to next level growth and that new business step you have been yearning for. If you are ready to pick up your fight, play to your strengths and leverage your industry rulebook why not chat to us about your business growth.