IPL, world’s most extravagant sporting event has lessons in management applicable to all. Love it or hate it, yet you can’t ignore this 2 month long cricket extravaganza. High adrenaline and unpredictable, the IPL is a gambler’s paradise and every cricket lovers darling sport.
As Ahmedabad’s top Integrated Management Institute, LJIMBA has prepared a list of 7 lessons in management from the IPL. Every successful model teaches many things, these lessons are for students, entrepreneurs and management professionals alike.
#1. Behind every successful venture is a strong team — Success of winning teams is attributed to the strength of the team on the whole. Start players do not always take the team to victory, it is teamwork that achieves victory.
Taking the example of Amul in the corporate sector, this corporate society is amongst India’s most trusted FMCG brand.
Great teams bring the best outcomes.
#2. Founders can be shown the door — What’s common between Steve Jobs and Lalit Modi? Both founders were kicked out of the ventures they started. While Steve Jobs returned and refine Apple, Modi getting us second chance is highly doubtful.
#3. Take one step at a time — The best example of this is the CSK captain MS Dhoni. He spends all his time focusing on improving the team instead of making big promises.
Correlating this to Steve Jobs style of launching a new Apple product. Never do they disclose the product specs, the launch surprises the competitors.
Choose the right time to launch your product and never give out all the trade secrets. Competitors are always waiting to issues clones of successful products and business models.
#4. Learn to Adopt Change — Some of the best IPL players (Shane Warne, Saurav Ganguli and Adam Gilchrist) have retired and made way for the Gen X cricketers.
Every individual has a prime age, after which he has to step down and make way for the other players.
Even Bill Gates stepped down as the CEO and paved way to let Steve Ballmer lead Microsoft Corporation.
#5. Spot the leaders — How often do we see the best partnership being forged in the last overs? Remember the 215 run partnership between Kohli and de Villiers in IPL 2015?
Learn to identify the key performers in your team and give them responsibilities to lead the team forward. Every company needs these performers, identify them, mould them and bring them forward.
#6. Greed brings misery — Former Indian bowler S Sreesanth got caught in match fixing at the peak of his career.
Former McKinsey Managing Director, Mr. Rajat Gupta was at the pinnacle of his career when he was caught in an insider trading case.
More of the story: If you cheat, escaping punishment is unlikely.
#7. Build a trust worthy brand — Many IPL teams are accused of their involvement in spot fixing. But did they rectify their brand image? Apparently after such accusations people forget them and the matter cools down.
What makes Tata India’s most trusted brand? They’ve been consistently building an image of trust among their customers. A few years ago, when an issue was detected in Nano, they recalled thousands of cars.
Whatever endeavor you choose as a profession, build a trust worthy brand. Afterall, trust builds the base for every successful brand.