5 Business Lessons We Can Learn From The Oscars


On the 28th February, all eyes will be on the film industry as the Oscars Academy Awards arrives for its 88th year. From a personal perspective, most of us love to see actors and actresses dress up, walk the red carpet, and receive awards for their accomplishments. Although, from a business perspective, the Oscars provide some valuable lessons for a successful enterprise.

Understand Your Competition

Academy Award nominees will rarely go into the ceremony without knowing anything about their fellow nominees, especially if they are nominated in the same category. They also understand crucial details such as what type of outfit they will wear and how they perform in front of the camera. Similarly, you should develop strategies to get ahead of the game by gaining an understanding of your competition. Also, identify your own business’s limitations to help you get the right resources to counter this shortfall.

Emphasis on Teamwork

The glammed up celebrities you see on the red carpet undoubtedly look amazing, but what you don’t see is the entire team who have helped make this happen. They have teams consisting of a manager, stylist, public relations specialist, and even a personal assistant. This teaches you that teamwork is an important ingredient for success in business. Not all tasks should fall upon your shoulders so perhaps delegating some of them to co-workers with the right skills might be beneficial.

Empower Your Employees

Giving the opportunity for actors to co-create their own characters can make a huge difference within a film. In other words, this allows them to explore another dimension of their characters, which could make the film come to life and captivate the audience. Similarly, in the business world, employees should get to see that their role in the workplace is valued. Giving your employees the chance to express their own ideas to move the company forward or to even improve their own performance will motivate them to execute their duties effectively.

Start Planning Early

Planning for big projects will lead to success if you visualise your expectations and plan early! The project could be a conference you are planning to host or supplies you need to order for the organisation. Either way, it is important to note down your goals and objective for the project in order to guide you towards successful completion. This would be similar to the Oscars where arrangements for the event are planned months in advance such as ticketing, seating arrangements as well as the programme of activities.

Emulate Successful Entrepreneurs

Just like the celebrities you see gracing the Academy Awards, you can become an actor or actress – from a business perspective – and behave like the business leader you want to become. It involves looking at what your role model in business has done to achieve success before reflecting these strategies in your enterprise. The person you emulate could be your competitor.

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