According to the vice-chairman of Leicester City Aiyawatt Srivaddhanaprabha, when he and his father, chairman Vichai Srivaddhanaprabha, bought Leicester City in 2010 for $57 million, they never imagined that Leicester City would one day be Premier League champions. In order to accomplish this win for Leicester City, many different strategies and elements were in play. Some of which a business might consider valuable and want to emulate.
- Avoid making changes, just because you can
Spending less time on things that don’t need to be “fixed” is a lesson every business owner should learn. Just because something can be changed doesn’t mean that it needs to be. Consider previous Foxes manager, Nigel Pearson for example.
According to Forbes, before he fell casualty to the 2015 scandal, “he had built a strong team that was progressing well and surviving relegation last season. Ranieri left many of the players and strategies in place, simply playing to his players’ strength. He listened to Steve Walsh, his joint assistant manager and head of recruitment, whom he had worked with before.”
Could Ranieri have changed things up just because he could? Yes. But he chose not to because he saw that making changes, for the sake of making changes, would not necessarily bring improvements.
- Avoid complacency
According to Forbes, Harry Reknapp, former player and Tottenham manager, shared that “Leicester City has had one of the lowest rates of ball possession and passing accuracy, proving that ball possession is not always the key to success.”
The tip businesses can take away here is avoiding complacency and being proactive. Despite Leicester City’s low rates, it has shown a tough, counter-attacking side. As we’ve seen, it’s obviously been working. As a business owner, never cease to question yourself and keep pushing forward.
- Rely on community
Despite Leicester being one of Britain’s most homogenous and multicultural cities, the club itself is small enough that fans feel close to their team. The club has done a great job of retaining a sense of intimacy with the community – something that should never be underestimated. Allowing your constituency to feel part of the bigger picture is something every business, large and small, should strive for.
When it comes to starting and running a business, there are things you should know from the start, and things you will learn as you go. When it comes to securing the right funding option for your startup, it is really important you do your research before you put your business plan into action. You might run into more obstacles than you anticipated. For example, if your business is considered to be a high risk business, banks will more than likely turn you away. In which case, you can turn to high risk loans from a high risk provider, like First American Merchant. In conclusion, as you chase your entrepreneurial ambitions, don’t forget to make sure you have a solid foundation.