Ever wondered why on earth is Game of Thrones, the highest illegally downloaded show ever? Well, of course because it is insanely addictive and intriguingly different. But did you know that you could even infer a lot of very valuable lessons on managing a business from it?
Market Research is indispensable for success
Take the example of disabled Bran Stark. Disadvantaged as though he may be, his latent talent of getting into the minds of others is the boon which keeps him alive till the end. Similarly, when you are starting up and your means are limited, it is important to know the customer demands, so that your products or services neither face a supply glut nor a crisis.
Building a stellar and multi-skilled team
Daenerys Targaryen’s is the ideal start-up model. From a feeble and timid teenager, struck in a loveless arranged marriage, not only does she grow to conquer the hearts of her Khalassar but also buys a team of slaves, trains them to fight, provides them emotional and political security, listens to their woes and emerges as a mother figure to them, only with the strength of 3 dragons. She is also humble and open to advice from lowly people such as Daario. It is equally important for a start-up entrepreneur to provide professional security and bonuses to his staff and have a multi-skilled team with a diverse background on board. He must also be ready to address the grievances of his staff, with effective human resource mechanism.
Be adaptable to challenges
Markets are essentially volatile. The start-ups especially face challenges in accommodating the growth map. However, the key to survival is staying put and never stopping to build your skills- just like Arya Stark’s determination, despite being alone, orphaned and in countless hostile circumstances.
Gauge your budget beforehand
The Baratheons were rich, but King Robert wasted a lot of wealth on lavish parties and other extravaganza causing a lot of debts to the kingdom. It was Tywin Lannister who saved the day, through its effortless budget calculations. Your father may not be a Tywin, so learn to curb futile expenditure from the outset and plan to make things work within whatever you have procured. If all else fails always have a 5-year business plan ready, in case you need a loan like Stannis Baratheon.
Forming the Right Partnerships
Remember how Jon Snow aligned with the Wildings and Stannis Baratheon to face the White Walkers? When it comes to tough situations, do not shy away from forging suitable partnerships.
Analyse your risks
Quite noble a man by Game of Thrones standards Eddard Stark faced his fate because he did not know the aptitude of his enemies and chose to trust the wrong people like Petyr Baelish. Thus, it is very important for a start up entrepreneur to know the strengths and weaknesses of your competitors.
Networking is the Key
Speaking of Petyr Baelish, extremely insignificant in his possessions of a few brothels; it is his networking skills that made him the master of court intrigues. No matter what your resources, it is your skill set that sets you apart as a start-up entrepreneur.
The importance of Research and Development
Lord Varys is neither a royalty nor did he inherit his title, but his power is his knowledge. Thus constant updating of your research and development logistics is your key to persistence in a volatile market like India while starting up. When stuck in a tough situation; always have a backup plan like Tyrion Lannister’s usage of Bronn during Combats. This same psychology can be adapted by start-ups.
Build a strong PR mechanism
Think what accrued the twice widowed Margaery Tyrell to the throne as the lawful queen? It is her master use of her strength that is the element of sympathy in the hearts and minds of the subjects. And how did she score it? Well, through her increased interactions with the war orphans and war widows, backed up by aids was her strategy. Effective communication and public relations thus indeed is a powerful tool in your arsenal, to know your customers and convey yourself while new in a business.
It doesn’t get any better than this if you can mix pleasure with a bit of business.