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I have been trawling through articles online and reading as far back as 12 years ago about the links between golf and business deals.
Playing golf with business associates is a longstanding practice. Mingling business with fun, however, can be tricky. “Golf reveals your character, your personality,” says Hugues Lechanoine. Run your business like a pro with the industry's leading tee sheet. Lightspeed is the most powerful cloud-based tee sheet and golf course management software on the market. Do it all from one system—and do it more efficiently than ever. Simplify and streamline your scheduling with a. For years, many in corporate America have claimed that the golf course is 'where business gets done.' Donald Trump once said, 'I have done many deals on the golf course.' (Occasionally, though, 18.
I am yet to find a study/recent publication to find out if there are still deals being finalised after 18 holes, still personality tests being undertaken and whether golf is still playing an important role in the business world either in the building of relationships between colleagues and the development of teams or in the accumulation of potential new business ventures or closing a current deal.
An article by Cheryl Conner on forbes.com back in Jan 2013 highlights the stories of a few key business owners who have been successful using a round of golf to close a deal.
Although in many cases these deal makers are in it for “The Long Game” and the emphasis is more about building relationships and investing time in people to facilitate a future deal, for example;
Networking expert, George Souri, owner of UltraPawn and “dealmaker extraordinaire,” notes that he has closed hundreds of deals through golfing, though not necessarily while playing golf. According to George and other experts, “You should use your time on the course to develop the relationship, not to sell a deal. Being overly eager to ‘talk shop’ will likely annoy your partner, or worse, affect his focus and game. A day of bad play is not going to help your chances for closing a deal.”
“Remember that more often than not, people make investments in people. A round of golf is a great time to demonstrate you are a smart, competent, and likeable person. If you are a thoughtful golfer who engages in good conversation on the course, you will increase your chances for closing a deal.”
(Source Cheryl Conner - Forbes)
Personality testing
Many of the articles and blog posts I encountered point to a notion that the golf course environment is a perfect place to dissect someones personality - seek out their strengths and weaknesses and to observe their manner and potential professional conduct on the golf course there fore relating to how they conduct themselves off the course. The game providing all sorts of challenges and pressures offering each person the chance to see how their potential client conducts themselves in situations that may be parallel in business. Being a golfer I have seen the calmest of individuals have a melt down on the course so I'm not sure how valid this point is although I can see the potential in the idea and statistics confirm as such.
In a New York times article dating back to 1993 a study of executives and Links in golf and business found
Nearly half the 401 executives surveyed agreed to the statement that 'the way a person plays golf is very similar to how he or she conducts business affairs.”
Forty-seven percent believed the practices in golf usually paralleled those in business, and more than a third of those who admitted to cheating at golf -- secretly moving a ball to get a better lie (41 percent) or not counting a missed tap-in (19 percent) -- also admitted to cheating at least once in business.
The study, 'Golf and the Business Executive,' prepared by Research and Forecasts Inc., a New York-based research firm, examined the relationship between golf and business because statistics show a quarter of the nearly 25 million golfers in the United States are executives, Hyatt said.
In this study Cody Plott - at the time Vice president of sales at Hyatt and an avid golfer considers that “In a short period of time, you can find out more about the integrity and focus of an individual than in any kind of interview setting.
Almost all the executives surveyed (93 percent) said playing golf with a business associate was a good way to establish a closer relationship. More than a third said some of their biggest deals were made on a golf course.
The study, which had a margin of error of 4 percent, also made these findings:
*Executives who liked challenges in the board room also liked challenges on the golf course. Sixty-eight percent said they preferred a difficult course to an easy course.
*Golf distracted from business. More than half (55 percent) of those surveyed admitted calling in sick or leaving early to play golf.
Source (New York Times COMPANY NEWS: Study of Executives and Links; In Golf and Business, Similar Strokes Seen - VERONICA BYRD)
So I’m keen to know if this is still the case........?
Since the one study in particular back in 1993 the world has since developed phenomenally and the way we do business has significantly changed - or has it? Social media has taken over the way many of us deal with our business interactions, seeking new sales leads, developing relationships. Companies are conducting interviews and board meetings via Skype and other online resources and many of us are working more and golfing less.
I would be interested to see how many of you feel the golf course is still a great place to do business - build relationships - understand personalities?
Thanks for reading.
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Being a relaxed sport, golf is great for relationship building. It presents wonderful life lessons like tenacity, constant learning, honesty and achievement orientation. All these can be tapped to generate sound business acumen.
Golf is said to be a game that is played with a small ball that has to go into a small hole with the help of equipments that are most ill-designed for the purpose. Business is no different. There are no perfect solutions. You are supposed to do something that seems impossible. You know that you do not have the proper resources, capital and talented team, but you have to do it. So, you find a way.
Jatin Ahuja, President, Big Boy Toyz, and an avid golfer while being asked about the similarities between golf and business, said, “My teeing time helps me unite my senses, accumulate my strength and strategise while keeping my eyes on the hole.”
Both golf and business are all about having a strong mental game, and the discipline is synonymous to both. Golf is a unique sport since you are your own umpire and referee. Vaibhav Dayal, Co-founder and Managing Director, V Resorts, says, “In golf, a player keeps his own score, and there is no second eye to monitor moves. It is played with an immense level of integrity and personal honesty.”
Lessons Spread Across Course
Golf provides a high level of challenge, instant feedback on one’s performance, and an opportunity for course correction, so you can give it another renewed shot. “Golf shows you that there is no perfect strategy, and all you can do is giving it your best shot. Then, you assess the result, figure out what you need to do to improve the execution and then take another shot at greater success,” says Saurabh Saklani, Co-founder and Director, inme.
Golf And Business Deals Promotions
By far, the biggest lesson that can be taken out from golf is that of tenacity. “You can improve, you can always turnaround a potential disaster into sweet success, but you need to stay focused, committed and ready to change – all valuable business lessons,” adds Saklani.
While all sports present their own learning moments, Golf, by its very nature, provides a sustained learning experience with regular ebbs and flows. Playing two good holes of golf (read: two good quarters of business performance) is often followed by two terrible holes, where people start questioning their skills and abilities. In other words, someone who excels at golf would probably possess an innate desire to learn and re-learn.
The idea that despite your best efforts, the result is not always in your control is a humbling thought and immediately makes one open to both honest introspection and respect others’ views and ideas to build learning, which is essential for building new businesses. Golf teaches one to shed baggage, re-think, re-invigorate, re-strategise and execute with a hope of success.
Networking Possibilities
Saklani gives due respect to his sport love for acting aide in his business revenue generation. One of his first big clients for his corporate business was a French bank that was setting up its operations in India. The India operation was headed by someone with whom he had developed a close association while playing golf in France. “We had already established a level of trust and understanding, which helped us in securing the contract,” says Saklani.
He also recounts having recruited some of the top talents of his firm from golf courses. From a corporate standpoint, we all know that golf is not merely a leisure sport; it is an informal set-up where business gets done. Keeping this in mind, an entrepreneur should invest his time on a golf course to network and develop relationships rather than selling his brand or closing a deal. It is important to note that in business people make investments in people, so use the game of golf to demonstrate your skill and competency that will ultimately lead to associations. Finding the balance between treating golf as business and leisure is where one can find success.
Being overly eager to talk shop can annoy your associate and affect the focus on his game. One needs to be thoughtful and engage in meaningful conversation to increase the chances of taking golf course associations to the boardroom. “Golf is ideal for networking because it allows room for interaction between shots and the whole experience of walking together for a few hours on the course adds to an automatic sense of camaraderie,” adds Sakhlani.
On similar lines, Yashish Dahiya, CEO, Policybazaar.com, recollects having long conversations with the heads of brands in insurance to discuss the feasibility of a concept that he wanted to bring in to his enterprise. “The semi-formal set-up of a golf course allows me to interact about several opportunities at length. Also, professionals and businessmen alike are more open with the opinions and reviews in this setup in comparison to a boardroom, which can be of great value to any entrepreneurial venture,” says Dahiya.
Having a fairly contrarian view on this, Suchit Bachalli, VP and Co-founder, Unilog Content Solutions, believes that networking can happen at an exhibition, conference or even a bar. Why should anyone pick golf for the sole purpose of business networking? “I will not appreciate if someone at the golf course came up to me and wanted business out of me. I do not think spending money over a golf membership for the sole expectation that it will give you access to a network is the right motivation towards playing the sport,” says Bachalli.
What others don’t offer
Golf is considered the best form of corporate entertainment because it gives you tremendous networking opportunities. Golf as a sport can be played by anyone. There is no bar to age. So you can be a young entrepreneur in your twenties and connect with an investor in his mid fifties over a game of golf. “Finally, in golf, you only spend a small portion of a four-hour game actually hitting the ball, so there is plenty of time to talk business. This is not there in sports like football, cricket, badminton and swimming,” adds Dahiya.
Golf Deals Phoenix
Golf is precisely the only sport which includes lots of patience, focus, abstract thinking and a good shot. Other sports usually do not give time to discuss and share ideas whereas golf gives you space and comfort without any kind of disturbance. “What better ambience than Golf course and F&B area to discuss the plan of action while being in action already,” believes Ahuja.
Playing On a Light Pocket
Contrary to the usual view of golf being an elite, expensive sport; most clubs offer special deals to play on the greens. The golf clubs on weekdays charge nominal fees for the game. Entrepreneurs no longer need to shy away from the game for the fear of shelling big bucks. Golf club memberships are not mandatory to play the sport and enjoy benefits from potential positive outcomes.
Golf And Business Deals Black Friday
Banks, these days offer credit cards through which you can play golf for free. On questioning golf club managers on the rise and fall of golf club memberships and its reflection on the nation’s economy, almost all were one in their responses. For them, luxury, addiction and passion are not dependent on nation’s economy. People play the sport for their own strong reasons and not for any ulterior motive. The benefits, however, are generally rewarding and act like bonus points that lead to positive coincidences.
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Golf is considered to be a fun way of doing business with its peaceful set-up and soothing landscape since a number of businesses happen out of mutual understanding between parties and not by PowerPoint presentations.