With less than a month before the Oscars, actors, actresses, filmmakers and fans have a lot to look forward to. For example, all eyes will be on the ‘Best Picture’ award to see which movie takes the top honour. Actors and actresses nominated for various awards will be anticipating with baited breath to see if they emerge victorious. From a business perspective, the Oscars provide some valuable lessons for a successful enterprise.
#1 Understand Your Competition
Every Academy Award nominee knows important details about their fellow nominees, such as, who is nominated in the same category as them. They also understand crucial details including knowing which competitors to do best on camera, the perfect dresses for their body type as well as their stylists. In the same way, you should understand your competition to help you develop strategies to get ahead of others. Also, identify your own business’s limitations to help you get the right resources to counter this shortfall.
#2 Emphasis on Teamwork
The celebrities who attend the Academy Awards always need a lot of help before they can step out onto the red carpet looking all glittery and stunning. Behind this drop-dead gorgeous look – as well as overall success – is a team consisting of a manager, stylist, public relations specialist as well as a personal assistant. This teaches you that teamwork is an important ingredient for success in business. Not all tasks should fall upon your shoulders rather you should delegate some of them to co-workers with the right skills.
#3 Empower Your Employees
In an interview with Kyle Eschenroeder, former Oscar nominee Mark Medoff stresses the need to give actors the freedom to co-create their own characters. This entails allowing them to explore another dimension of their characters, which could make the film come to life and captivate the audience. Similarly, today’s business world demands that employees should get to see that their role in the workplace is valued. As the boss, give them the chance to express their own ideas on how to move the company forward or improve their performance. This gives employees the motivation to execute their duties effectively.
#4 Start Planning Early
If you have a big project coming up, you ought to visualize your expectations and start planning early for it. The project could be a conference you are planning to stage or supplies you are procuring for the organization. Either way, it is important to note down your goals and objective for the project to guide you in its successful completion. This would be akin to the Oscars where arrangements for the event are made months in advance, such as, ticketing, seating arrangements as well as the preparing the programme of activities.
#5 Emulate Successful Entrepreneurs
Just like the celebrities that grace the Academy Awards, you can become an actor or actress – from a business perspective – and behave like the business guru you want to become. It involves looking at what your role model in business has done to achieve success before incorporating the same strategies in your enterprise. The person you emulate could even be your competitor.
Sometimes, the solutions to what ails our enterprise lie outside the business world. Expanding your horizons of thinking will enable you learn valuable business lessons, which would otherwise be invisible to you. This year’s Academy Awards will be held on 22 February 2015; keep your eyes glued to the event for insights that might uplift your business.