Finance: 5 Economic Lessons From The Movie Moneyball

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A scene from Moneyball image from http://thevg.com.au/not-on-the-money/

Moneyball is a 2011 sports movie starring Brad Pitt. He plays the role of, Billy Beane, a General Manager of Oakland Athletics’ after his bad start as a major league baseball player for the New York Mets. His team is underfunded and his best players get poached by richer clubs. His makes Billy re-strategize everything to stay ahead of his richer competition. It is then that he notices a rather, unfit looking man working as an adviser for another baseball team. It turns out that the man is an economist with a degree from Yale. Billy then realizes that a team is made up of more than just the stars. Here are some economic lessons you can learn from the movie Moneyball.

1.      Seek Criticism

One of your biggest guiding tools is the criticism of others. People may applaud your efforts. However, it’s that one criticism that you should pay close attention to. That criticism means that you’re not reaching your full potential and someone else can see it. Instead of taking it as a negative, learn to grow from the criticism. Additionally, seek further clarity from the critique on what they meant. In Moneyball, Peter, the economist criticized Billy for picking baseball over college since he wasn’t an exceptionally good baseball player.

2.      Rejection Is Unavoidable

By putting yourself out there, you’re opening yourself up to both the good and the bad. There will be a lot of disappointments along the way and Billy was no stranger to them. From the beginning, he had high hopes of playing in major league baseball. However, these dreams were cut short by his poor performance. Additionally, his team wasn’t performing well in the league. Billy took it in stride and didn’t give up on his dream. Instead, he sought to outmanoeuvre the people who rejected him.

3.      Think Differently

If you think like everybody else, then you will be like everybody else. Unfortunately, we’re not all given the same opportunities. Many businesses work under unfair constraints, especially privately owned businesses. This makes it nearly impossible to compete with big corporates. However, by thinking differently, you have an advantage over them. Identify the loophole in your field then capitalize on it.

A scene from Moneyball image from http://thevg.com.au/not-on-the-money/

4.      Surround Yourself With The Right People

Your success relies on your team. You need a team with the same mindset as you and who are willing to put in the work to get it done. In Moneyball, Billy was the face of his team while Peter was the brains behind it. Each of them played a crucial role. However, Peter’s analytical expertise was the thing that Billy needed to take his team to the next level.

5.      Shake Things Up

When running a business, it’s easy to reach a stalemate. Stirring the pot once in a while prevents people from becoming complacent. Performance and chemistry go hand in hand when it comes to business. If you’re a business owner, you should move your employees around or give them new tasks whether or not their performance is lacking. This not only gives your employees a new found motivation but also helps them gain new skills.

Check out Entrepreneurial Lessons You Can Learn From KCB’s Lion’s Den

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