The economics of a professional sports team can be extremely complicated, but it takes more than cash flow to be a strong business owner. Anyone that has seen Wesley Edens on ESPN can quickly see what it takes to own an NBA team, and while everyone is pretty much aware that it takes a lot of money, the intangible factors behind ownership are just as important as having a huge bank account. Leadership, personality, willingness to compromise, and communication skills are just a few of the qualities that any sports team owner needs, and those skills are just as important in the finance and business industry. In short, top notch business people usually make great owners.
The quality of leadership sends ripple effects through an entire organization. The confidence the workforce receives from knowing their company is on the right track helps increase efficiency. Projecting confidence and using proper tools to evaluate market conditions are elements that often separate good leaders from great ones. In short, leading a group of people requires a special type of person, and helping everyone in a company feel secure is one of the most important jobs of the leader.
In the media friendly world that technology has produced, ownership needs to have a pretty impressive personality. Being the face of an organization requires a fair amount of camera time. Whether it is posing for photos with fans, giving interviews to television, or even making appearances to help out charitable organizations, a strong personality is a must for business owners, because they convey the overall tone of a brand.
Communication Skills
When it comes to owning a business, knowing how to get a point across is a major asset. Over-communicators tend to succeed because of the tendency to drive a point home regardless of repeating themselves. The same concept holds true for press inquiries, but finding a delicate balance of what stays inside the company and what can leave the company requires some sensitivity. Finding the right level of discretion makes a huge difference in what happens inside the company, because the employees know they will be treated fairly.
Willingness to Compromise
Just as in negotiating deals for new sports arenas, business owners have to realize that market developments are often not a one-way street. Often finding a plausible solution means uncovering some middle ground. Finding opportunity in adversity can be difficult, but being willing to meet in the middle when challenges present themselves is a trait that great owners realize early in their careers. Not everything will go completely in their favor, but using clever techniques and some negotiating skills can minimize or maximize a given set of circumstances so that everybody involved is a winner in some sense.
In short, leadership, personality, communication skills, and the willingness to compromise can take any business owner over the top of any industry. Owning a business of any size requires an attention to detail that others often lack, and while the result is more than obvious with a sports team, thanks to on-field success, the result is just as apparent in the business world with profits and loss. Using a combination of proven techniques yields a certain amount of success, but being willing innovate and tread into unfamiliar ground can make all the different in the world.