Monopoly is a classic real estate trading board game, it was invented in the US and introduced in 1933 by Charles Darrow. The game has entertained families and friends for decades, it offers a lot of financial wisdom and lessons that can be applied to the real world of entrepreneurship. 

Monopoly is more than just a game. It is a source of timeless wisdom that can help you achieve your entrepreneurial, financial and personal goals. You can enjoy the benefits of smart decision-making, strategic planning, and effective negotiation. 

Here are eight valuable lessons that Monopoly teaches us that not only help you increase your chances of winning your Entrepreneur adventure but also increase your chances of better understanding prudent financial and success principles.

2. Always be patient & Practice discipline

Success in a Monopoly game requires a disciplined approach to decision-making. Players must resist the urge to spend all their money on every available property and instead focus on a well-thought-out strategy. Understanding the details on what assets that have a high yield for the return on investment of the opportunities builds a foundation for larger opportunities and will give you the time to wait out the competition until you’re ready to win. 

This lesson applies to life as well. Practise discipline in spending, saving, and investing contributes to the long-term financial health of the business. It involves making informed choices that align with your goals, rather than failing to resist pressure to impulsive decisions. 

3. Always Keep Some Cash On Hand  

Cashflow is the most important lesson in both the game and the entrepreneur world. To win in a Monopoly game you have to be the last player left to have the most money. So if you aimlessly move around the Monopoly board buying up everything in sight, when the time comes to pay your financial obligations, you are likely to run out of cash. No cash means you have to start selling off the assets you acquired at a deep discount to what you paid for them. In the game, you are allowed to mortgage them at a discount. Once this process happens, unless you get lucky, it’s only a matter of time before you go bankrupt.

The most important thing for new entrepreneurs is to understand the importance of practicality when it comes to money. The “entrepreneurs” who start businesses and at launch, don’t realize the importance of generating money and how to manage profits. Instead of focusing on the present financial needs and building an actual company, they are too busy thinking about how much money they’ll be making four years from now. It’s a complete lack of practicality.

Cash is oxygen. The same principle applies to real-world entrepreneurs, without cash, you had to “sell off” what you owned at steep discounts. 

How much money do you have to stay afloat and for how long? 

Do you have one year’s worth of rent and overhead? 

First-time entrepreneurs always make this mistake. You have to make sure your actions can respond to the bleeding of cash that occurs before you even turn a profit If you do not have a funded business and haven’t raised venture capital (or any other capital). You only have six months’ worth of money to make your business goal come true. While you can dream up every perfect scenario that will allow you to achieve your dream, being an “entrepreneur,” the realization hits that nothing goes perfectly and you run out of cash. 

4. Diversify Investment – Don’t Put All Your Eggs in One Basket.