Everything I Know About Business I Learned From Monopoly: Successful Executives Reveal Strategic Lessons From The World's Greatest Board Game [Hardcover]

Alan Axelrod (Author)

Book Description

Publication Date: October 9, 2002

Everyone has his or her own strategy about how to win at the MONOPOLY game--bank lots of cash, invest prudently in real estate, or take plenty of chances and hope for a windfall from the Community Chest. The reality is that many entrepreneurs had their first real estate and finance experience while playing the world's most popular board game, and many formulate lifelong business philosophies as they learn to balance skill, luck, competition, and social interaction. In this authoritative, thought-provoking book, America's top executives and entrepreneurs--including the likes of Michael Dell, Carly Fiorina, and Jeff Bezos--reflect on the lessons they learned from rolling the die in the fantasy game of self-made wealth and power. Their insights are both practical and entertaining, and they also prove the enduring popularity of the MONOPOLY game.

Editorial Reviews

From Publishers Weekly

Money-minded readers who gaze longingly at their Monopoly boards' Broadway and Park Place properties will undoubtedly chuckle over Axelrod's irreverent entrepreneur's guide. The author (Elizabeth I, CEO) here playfully examines how to apply the game's strategies to real-life business situations. After an introductory historical chapter-Monopoly debuted during the Depression and has since sold about 200 million sets-Axelrod covers game strategies and how they can be applied in real life. His advice is generally sound, and at times comically simple ("Cheating and other unethical conduct are not sustainable... You can win a game or two by cheating, but unless you devote yourself to it, you cannot win consistently"). In discussing salary, Axelrod writes, "Successful business people understand salary much the way that good players of Monopoly understand `Go.' Salary is about subsistence and survival. To get beyond this basic level in business, you need to get beyond mere salary. You need to put money at risk." In some ways, the game is a perfect example of how the business world works. For instance, the best Monopoly games are dynamic, with players putting up properties for auction, just as in real life. Cards that mimic the game's own are sprinkled throughout the text, carrying the sentiments of famous business leaders. While it's a bit of a stretch at times, the book is still fun and an ideal gift for the gaming entrepreneur.
Copyright 2002 Reed Business Information, Inc.

From Library Journal

In this readable and thought-provoking book, Axelrod (Elizabeth I, CEO) draws fruitful parallels between this best-selling board game, which was introduced during the Depression, and the real world of earning money. In Monopoly, everyone starts off with the same amount of money, and the winner emerges through a combination of chance, luck, and skill. Axelrod emphasizes that skill comes into play when making purchase decisions and taking risks. He details various game strategies and shows how they relate to the real world. For instance, salary is a means of subsistence, but to gain real wealth, some money must also be invested, something the game teaches via property purchases, mortgaging, and occasional windfalls such as landing on Free Parking. Adding to the appeal of this pleasant and often humorous book, Axelrod uses Monopoly cards to highlight successful business people (Jack Welch, Bill Gates, Mary Kay Ash). He also critiques the game to show how ruthless it can be: after all, the object is to bankrupt all of your opponents. A good choice for ages 14 and up who use public, school, and academic libraries.
Steven J. Mayover, formerly with Free Lib. of Philadelphia
Copyright 2002 Reed Business Information, Inc.

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Product Details

• Hardcover: 256 pages
• Publisher: Running Press (October 9, 2002)
• Language: English
• ISBN-10: 0762413271
• ISBN-13: 978-0762413270
• Product Dimensions: 9.2 x 6.4 x 0.7 inches
• Shipping Weight: 1.1 pounds
• Average Customer Review: 3.2 out of 5 stars  See all reviews (12 customer reviews)
• Amazon Best Sellers Rank: #1,367,343 in Books (See Top 100 in Books)

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Most Helpful Customer Reviews

7 of 7 people found the following review helpful:

4.0 out of 5 stars Book Summary, February 6, 2004

By 

Justin Belkin (NY United States) - See all my reviews
(REAL NAME)   

This review is from: Everything I Know About Business I Learned From Monopoly: Successful Executives Reveal Strategic Lessons From The World's Greatest Board Game (Hardcover)

After buying the rights from creator Charles Darrow, Parker Brothers introduced the board game Monopoly® in 1935. It soon became an American icon of capitalism in its most competitive form. Popular estimates claim that nearly 1 billion people have played the game. Ironically, the game flourished during a time when the Great Depression still held its sway on the American psyche. Author Alan Axelrod attributes this odd phenomenon to the cathartic affect the game had on people. Still, many attribute its success more to its ability to mirror real life. Monopoly as a metaphor for business serves as the impetuous for this book.

Axelrod fills his book generously with quotes from leaders of industry. While the board game differs considerably from real life in some substantive areas, such as starting out on a level playing field, the game compensates for these few exceptions by creating a playing environment that relies more on skill and attitude. The author emphasizes this important lesson, "...our own fates are in large part decided by our actions and not completely by our starting points" (28). The book primarily aims to distill the practical lessons learned from playing the game, but at the same time teaches you many of the skills needed to become a better game player.

The chief contribution Monopoly® makes to the business world is to expound the point that passing "GO" and collecting a $200 income will not win the game. A winning strategy necessitates aggressive play in analyzing, buying, selling, and trading properties. Axelrod believes that players must be bifocal, keeping an eye on both strategy and tactics, "To be sure, the business of business is making money, but it is also managing and manipulating money" (63). An important component in accumulating properties includes the willingness to leverage your buying power by taking on debt and mortgaging auxiliary properties.

Player psychology also figures in prominently. By better understanding yourself and your opponents you can make better decisions. Successful deals require both players to feel that they gained something from the trade. When negotiating Axelrod reminds us what is most important to keep in mind, "The rookie salesman makes the mistake of selling price rather than value" (99). To improve your own playing build a healthy tolerance for taking calculated risks. Eliminate chance from the equation by "doing the math" and basing decisions on facts.

Finally, the better players build on their investing and psychological advantages by exploiting market conditions, such as economic scarcity. The natural shortage of houses and hotels in the game teaches us that it pays to take advantage of market inefficiencies. This extends to finding deals by picking up properties at auction. Vigilance and preparation rule the day.

8 of 9 people found the following review helpful:

3.0 out of 5 stars Monopoly as a Business Simulation, May 3, 2003

By 

J. Straub (Cleveland Heights, OH United States) - See all my reviews
(REAL NAME)   

This review is from: Everything I Know About Business I Learned From Monopoly: Successful Executives Reveal Strategic Lessons From The World's Greatest Board Game (Hardcover)

In the "real world" it is quite difficult to accurately assess all of the conditions that lead to a venture's success or failure. There are myriad reasons why the information needed to do so is simply not available which range from disclosure restrictions for a continuing business to fear of suit by the principals of a failed business. As such, it is, as a rule, quite difficult to completely analyze the success or failure of a real enterprise - though many have tried.

In Everything I Know About Business I Learned From Monopoly, Axelrod tries to impart business wisdom through a mechanism that can be completely analyzed, the game of Monopoly. As such, he provides insightful commentary on how the game and the "real world" are both similar and different. He illustrates, for example, how in business watching for industry or customer-base changes is similar to watching for the change of game phases in Monopoly, and how both are critical to the decisions that you make to ensure continued prosperity.

Over all, the book is very specific on Monopoly-playing suggestions (mentioning the probabilities attached to rolling dice and landing on properties many times) and somewhat vague on the specifics of applying these principals in business. This is to be expected, though, as the book is clearly about analyzing the game and applying the lessons learned to the business world. Within that context, it does its job quite well.

This book is basically a simulation and, like any simulation, its value is determined by the reader's ability to apply its lessons to reality. At the very least, you will get to read a variety of interesting quotations by industry-leaders; for the more attentive and imaginative readers, the game of Monopoly will provide a whole new mechanism for testing strategies for business in general.

7 of 8 people found the following review helpful:

3.0 out of 5 stars Go Directly to GO! and read this book on your way., December 27, 2002

By 

tom williams (Schaumburg, IL United States) - See all my reviews

This review is from: Everything I Know About Business I Learned From Monopoly: Successful Executives Reveal Strategic Lessons From The World's Greatest Board Game (Hardcover)

This book will make you want to start up a game of Monopoly, or if you're feeling a bit ambitious, you'll want to start up a new company. I guess that's part of the appeal of this book. If you love Monopoly, arguably the most popular board game in American history, then you'll enjoy this book. If you are a successful businessman, or have ever aspired to be an entreprenuer, then this is the book for you.
I admit it, I'm a Monopoly afficionado. For that reason, the cover of this book caught my eye. After reading only a couple pages, I knew I had to sit down and finish this book.

The author uses basic strategies used in the board game Monopoly to relate to tried-and-true strategies used in the business world. He divides these strategies into separate lessons. There is a lot of information in here about the game of Monopoly that I for one did not know, including a brief history behind the making of the game, the odds of landing on certain properties, and various strategies that come into play during the course of the game.
The author pretty much covers everything there is to know about Monopoly. In that sense, it's a very broad subject and at times I did find myself wondering how this information relates to what the author really knows about business. That doesn't matter though. I really enjoy this book and I highly recommend it.
Some people would argue that the best part of this book is the various quotes and anecdotes from numerous business leaders, CEOs, and executives from around the world. These snippets of what makes business and the game of Monopoly similar are what make this book a worth-while read.

My grading scale is a little tough. I do not give five stars to a book unless it's a classic.