Why the Most Valuable Parts of a Business Are the Intangibles
Why the Most Valuable Parts of a Business Are the Intangibles

Why the Most Valuable Parts of a Business Are the Intangibles

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Intangibles in Business Build a Solid Foundation in Adversity

The 1980 U.S. Olympic hockey team beat the Soviet Union against seemingly impossible odds. Jim Craig stopped 36 of 39 shots in one of the greatest upsets in sports history. Success in business isn’t about looking perfect on paper. It’s about being the right fit when it”s time to deliver. The early-rate deadline for the 2025 Inc. Power Partner Awards is Friday, June 27, at 11:59 p.m. PT. Apply now! The opinions expressed here by Inc.com columnists are their own, not those of Inc. The next time you doubt yourself or your numbers, remember this: The most valuable part of your business might be the part that no one else can see. And that’S the kid you want in the net!

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One of my favorite lines in any sports movie comes from Miracle on Ice , the story of the 1980 U.S. Olympic hockey team. Coach Herb Brooks was brought in to lead a group of young, mostly unknown college players against seemingly impossible odds. He was charged with beating the Soviet Union, a powerhouse that dominated Olympic hockey for nearly two decades. The Soviets weren’t just good; they were machines: disciplined , fast, precise. Nobody gave the Americans a chance. Yet Brooks wasn’t looking to assemble a team of the best individual players. He wanted the right ones. For his team to succeed, Brooks needed players with intangibles like character, resilience , and belief. The name on the front of the jersey (USA) had to matter more than the name on the back of it (the player’s last name). In an exhibition game leading up to the Olympics, Jim Craig, Brooks’s controversial choice for starting goalie, failed to block 10 goals. Craig’s confidence was shaken. When Brooks suggested he might replace him as goalie, Craig was defiant and emotional. He pushed back hard, referencing a psychological test Brooks had required players to take (a test Craig famously refused after losing his mother shortly before Olympic tryouts). Most people on the selection committee saw Craig’s poor performance and his refusal as red flags and signs of instability. In defending his skills and confidence to coach Brooks, Craig shouted, “You want me to take the test? I’ll take the test!” Brooks, without missing a beat, delivered the unforgettable line: “I want to see that kid in the net who wouldn’t take the test.” That moment still gives me chills. It speaks to the truth about character under pressure. Brooks didn’t want Craig to prove himself by conforming or fitting into the right mold. He wanted the authentic Jim Craig, a fearless, focused hockey player who had already faced life’s toughest tests. A young man whose determination couldn’t be measured by a psychological assessment —an invaluable intangible. Brooks’s instincts were right. In the semifinal game against the Soviet Union, known as the “Miracle on Ice,” Jim Craig stopped 36 of 39 shots in one of the greatest upsets in sports history. His efforts helped the U.S. defeat the Soviets 4-3. A few days later, the U.S men’s team beat Finland 4-2 to win the gold medal. What are the lessons or takeaways from coach Herb Brooks, Jim Craig, and the 1980 men’s hockey team? As business owners and entrepreneurs, we often measure metrics such as revenue, market share, and growth rates. Those numbers matter, but they alone won’t bring us long-term success. Leaders must also recognize the importance of intangible assets in our business, especially when confronting larger-than-life obstacles: Maybe your business doesn’t look the best on paper. Maybe you’ve made unconventional choices or taken risks other people wouldn’t. Good. You’re probably building your business platform on a solid foundation that will withstand adversity and other obstacles. Success in business isn’t about looking perfect on paper. It’s about being the right fit when it’s time to deliver. The next time you doubt yourself or your numbers, remember this: The most valuable part of your business might be the part that no one else can see. And that’s the kid you want in the net! The opinions expressed here by Inc.com columnists are their own, not those of Inc.com. The early-rate deadline for the 2025 Inc. Power Partner Awards is Friday, June 27, at 11:59 p.m. PT. Apply now .
Source: Inc.com | View original article

Source: https://www.inc.com/brian-moran/why-the-most-valuable-parts-of-business-are-the-intangibles/91197929

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