As I played the game RISK over the holiday, I thought about how it has endured for over forty years and the similarities between the game and economic development.
Reinvention - New editions of the game are linked to pop culture to stay relevant, such as Game of Thrones and Lord of the Rings. For businesses to succeed for generations they must update regularly. Many popular retail chains, for example, refresh their stores every 5 years.
Takes Time - Economic development, like RISK, is a long game. Short gains can be had, but best practices point to a long-view, instep with a community’s Plan of Conservation and Development (POCD). For example, thirty years ago when I lived in Buffalo, it was a dying steel town. Today, their economy is booming with a thriving waterfront harbor scene, bustling with tourists enjoying restaurants, canal and river tours, walking trails and nightlife. It has become an often-cited example of successful long-term planning and economic development.
Requires Strategy – To win you need to see the endgame and work backwards. You have better odds of getting where you want to go, if you know where you’re going. That takes careful strategy and cunning; anticipating your adversary’s next move, and considering alliances. Do not underestimate the fact that, in any development project, there will be forces working against you. You must learn to anticipate the obstacles you will face. You also cannot go it alone. Economic development is a team sport. Successful developers build relationships and learn how to work well with people.
Requires Resources – The first step in each round of the game is the replenishment of reinforcements. In any project, the developer must ascertain if they have enough resources to see them through the process until their development is profitable. In large investments, it may take years until they see a return. The general public often lack an understanding of the costs involved in developing a site; rather, they see only the prospective gains.
Risky Business – Entrepreneurism is not for the faint of heart. Wayne Gretsky, the famed hockey player, once said: “You miss 100% of the shots you never take.” To win the game, as in business, requires that you have skin in the game; that you get into the arena and do battle. Many do not fully understand the risks developers and entrepreneurs take when they buy or a lease a piece of land and embark on development. It is real money they are gambling with – often their own. You must put your chips on the table and take a leap of faith. Farooq Kathwari, Ethan Allen’s Chairman, President & CEO, used to say that he made a decision on when to move forward with an initiative: “when we are 70% ready. If you wait for 100%, you’ll never move.”
If you want to take some of the RISK out of economic development here in Southbury, visit the Economic Development office on the 3rd floor in Town Hall, or call (203) 262-0683.
Kevin Bielmeier
Economic Development Director
Town of Southbury
EcoDevDirector@southbury-ct.gov
(203) 262-0683
[This article first appeared in Southbury Neighbors magazine.]