Entrepreneurs Can Learn from the Gaming Industry

Gaming Startups: What Entrepreneurs Can Learn from the Gaming Industry

Gaming Startups: What Entrepreneurs Can Learn from the Gaming Industry

By

RSS
Follow by Email
Facebook
Twitter

Our experts’ surveys of the Australian audience prove that most people have a rather negative attitude to gaming, perceiving it as a bad habit. But everything has positive aspects; such hobbies can be a good start for future entrepreneurs.

What Entrepreneurs Can Learn from the Gaming Industry?

Having experience in gaming will make it easier for you to find your own company or simply start an entrepreneurial activity as a self-employed person.

Applying Game Psychology in Business

Game Psychology in Business

Suppose you know all the nuances of entrepreneurship, but you are a poor judge of people and do not consider yourself stress-resistant. Then gaming can be useful to you. This industry is closely based on psychological tricks, self-discipline training, and emotional control. Our team has compiled a list of key elements of game psychology:

1. The feeling of winning

If you feel a surge of emotion, it will stimulate you to continue doing your job with even greater intensity and dedication. It is important to apply a similar approach to your business without expecting a quick result.

2. Unpredictability and expectation

Gaming charms with its unpredictability. Once you get used to living in this paradigm, you will find dealing with stress and sudden environmental changes much easier.

3. Progressive rewards

Investing all of yourself in long-term goals will yield results many times greater than expected; go long towards your goal without losing motivation.

4. Sense of urgency

Many gaming platforms encourage users to do the same by introducing deadlines for activating bonuses, participating in tournaments, etc.

As you can see, many gaming principles apply to running a business. Just learn the right lessons from each of your games. Successful people differ from the rest of the world in that they can conclude, turning every life situation into a tool for self-improvement.

Monetization Models Borrowed from Gaming

Monetization Models Borrowed from Gaming

To start your own business, comprehend what monetization models there are. They can be traced back to the example of gaming:

 

Monetization Model Description Examples
Freemium Offers basic services for free, with optional premium features available for a fee Mobile apps and streaming services like Spotify
Subscription Charges users regularly (monthly, yearly) for continuous access to services or content Netflix and Amazon Prime
In-App Purchases Allows users to buy additional features, content, or virtual goods within an app Mobile games and educational platforms
Advertising Generates revenue by displaying ads to users Free apps and websites like Facebook, Google
Pay-Per-Use Users pay for each time they use a service or product Cloud services like AWS, pay-per-view content
Affiliate Marketing Earns revenue by promoting third-party products and earning a commission on sales Blogs and review sites, influencer marketing
Crowdfunding Funds raised from the public to support a project or business Kickstarter and Indiegogo
Licensing Charges for the right to use intellectual property, software, or content Software companies and franchises
Sponsorship Businesses pay to have their brand associated with content, events, or influencers YouTube channels and podcasts
Transaction Fees Charges a fee for processing transactions between buyers and sellers eBay and PayPal
Data Monetization Generates revenue by selling user data or insights derived from data analysis Data brokers and analytics firms
White Labeling Selling products or services to other companies who rebrand them as their own White-label software and retail products
Marketplace Commissions Charges a percentage fee on transactions made through a platform Amazon and Etsy
Donation-Based Relies on voluntary donations from users to support the business or cause Wikipedia and Patreon
Product Bundling Sells multiple products or services together at a discounted rate Software suites and  cable TV packages
Freemium with Ad-Support Offers free access to basic services with ads, with an option to remove ads by upgrading Spotify Free and YouTube with ads

 

Principle of Customer Attraction and Retention

Principle of Customer Attraction and Retention

The purpose of a business is to provide services to a specific audience with the prospect of scaling up. Therefore, each client is very important to the entrepreneur. Gaming platforms are a great example of attracting new users; bonuses and loyalty programs are used for this purpose.

In any fast payout casino, you will find generous bonus offers in addition to online pokies and instant withdrawal. Rewards hook even those who have not considered a gaming career, so you should think of similar gifts in your business scheme. Customers should also understand that long-term use of your product will benefit them due to the analogy of a loyalty program.

Risk Management: Lessons from the Gaming Industry

Gaming always involves unpredictability and huge risks, which is true in business. Learning to cope with the inner excitement of uncertainty will make it much easier to start an entrepreneurial activity. The only difference is that people in business strive to reduce the risks and do not go about them, while fans of gaming are ready to revel in this stressful state of the body.

Our team of experts calls for balance and inner calm, learning to manage risks, taking as an example the owners of large companies like Google, Amazon, Microsoft, and others.

Author Profile

Dinesh Kumar VM
As a passionate blogger, I write about SEO, Digital Marketing, WordPress, Web Hosting, and Business-related topics. I share my experiences and insights in different niches through my blogs, helping others navigate and succeed in the digital world.