Golf and business are similar in a lot of ways, according to both business people and professional players.
Both require a lot of discipline. "Strategy and patience, they go hand in hand in both cases," says Tiger Woods when asked about connections between the two. "It's a question of when to be aggressive, when not to be aggressive, when to be conservative, and that's done through experience."
The game's main benefit in business is to those whose jobs require social bonding with clients and customers. It can be used as a draw to get people to attend conferences or seminars where companies are showcasing products or services. Charity golf tournaments, which double as business networking events, are aimed at getting people to open their pocketbooks to worthy causes. Golf can also serve as a reward or incentive for employees.
"As a place to actually get something done, the golf course is horrendous. The office, a breakfast meeting or a lunch are much more effective for that," says Jon Judge, the CEO of Paychex in Rochester, NY. "But as a place to build and sustain a relationship, and develop the kind of personal trust that really can sometimes move business along faster later, golf can be terrific."
Executives are putting more thought into how to play and whom to play with. Business foursomes are now more diverse, with 20-something women and middle managers joining in. The fastest-growing segment of the Executive Women's Golf Association, a nonprofit group that teaches the game to businesswomen, is women in middle management, who account for about 40% of the members.
"I don't think I've ever made the ask for $25 million on the ninth green or anything like that--that would be pretty gauche," says Donna Shalala, a longtime golfer who was in the Clinton cabinet and is now president of the University of Miami. "But I have certainly developed relationships on the course that have led to raising a lot of money for the university."
The lack of aggressive dealmaking on the course parallels an aversion at prestigious clubs to doing any sort of commerce on the premises. Of course, it's accepted that members will occasionally bring guests to play golf for commercial reasons, but any actual discussion of business on the grounds is normally not done. Ms. Shalala says golf is as much a part of her job as presenting diplomas. She has used golf to get to know job candidates, and she frequently plays with trustees, who invite along potential donors to the university.
Source: The Wall Street Journal, May 26, 2007