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74% of business leaders say the number of decisions they make every day has increased 10x over the last three years, making strong decision-making one of the most important skills. James Canty III, a pro chess player, content creator and entrepreneur, shared his view on how learning chess can help succeed in business, in the interview with it.com Domains.
We’ve spoken to James off the back of 2024 Web Summit in Lisbon, where he hosted a live stream of the unique chess game between Hans Niemann and an AI-supported international team. A world-renowned chess player and FIDE Master, James is truly a jack of many trades, combining his expertise is chess with a passion for content creation and streaming, running Canty Merch, his own online merchandise store, and even boxing.
To explore the ways that learning chess can boost strategic thinking and decision making under pressure, as well as the benefits of having a wide array of business interests, we’ve asked James to share his expertise and learnings with other entrepreneurs.
it.com Domains: It’s often said that the parallels between chess and business are undeniable, with both being strategic games. How has your experience as a chess player influenced your approach to entrepreneurship and decision-making?
James Canty III: By practicing to think ahead. As an entrepreneur, you need to take risks, strategize, be tenacious, focus, have discipline, and concentrate. All the same traits and characteristics you need to be a great chess player.
I believe that chess players have a competitive edge in everything. We are always using our brains at a high level. The biggest skill you can work on as a chess player is the skill of calculation, or seeing things ahead of time before they happen, calculating your next move on the board, or in life. I have learned how to be a patient entrepreneur, but also ultra aggressive when the opportunity presents itself.
Source: Unsplash
it.com Domains: Could you share an example where your chess training helped you identify an opportunity and make a critical business decision?
JC: When it comes to focusing and learning, I can absorb information faster than one normally would, and I study everything. For instance, I trade futures in the foreign exchange market. I learned how to successfully do this by devouring the material from courses, coaches, and teachers online by taking notes, studying, practicing, trading with live money. This approach – work hard, test your skills, analyze, and repeat – I learned from chess!
it.com Domains: For aspiring entrepreneurs, why would you recommend learning chess? What specific skills could they expect to gain?
JC: Chess is a mind game, a game of thinking, it requires full board awareness too and teaches that every action has a reaction. Learning chess will help you think ahead more, which is never a bad thing for growing a business.
it.com Domains: So, you’re saying that in chess, every move has a consequence. How do you think this principle can be used for developing a strategic thinking?
JC: Importantly, there is a flip side – every move can also have a benefit! There is a saying: ‘make your next move a chess move.’ While you take a calculated risk when making a move in chess or in business, the most important thing is to learn from each move. Keep asking yourself what lessons have you learned from a move, before making the next one.
it.com Domains: What lessons from chess can help handling high-pressure situations?
JC: One of my favorite tips is to stay calm in any situation. Some of the greatest athletes, forex traders, and chess players have the most cool, calm and collected approaches under serious pressure. Learning to stay calm to be able to focus and execute is key.
Another key thing is patience. In chess, games can last 5-6 hours, and often you can see a player blunder or lose in the 5th hour of play. Maintaining patience throughout the game is hard, but worth it. I also love boxing, so while sparring or training, having the patience to wait for your chance to strike or counter is high level IQ boxing. Same in business – you need patience to wait for an opportunity. Don’t be hasty, but don’t drag your feet either!
it.com Domains: What advice would you give to entrepreneurs about risk-taking, a key component in both chess and business?
JC: There will never ever be a perfect time to start. Stop waiting, get out there, and do it. The only way to fail is to quit, or even not try.
it.com Domains: How did your chess skills help you run a successful online merchandise store?
JC: Having an online store, I need to keep things fresh, creative, and constantly think of my customers. In chess, I need to constantly be thinking of my opponents’ moves, and try to strategize around them with your own plans and ideas as well. Thus, skills developed when mastering the game directly translate to success online.
it.com Domains: And do you balance the creative side of entrepreneurship with the structured, strategic mindset required in chess?
JC: I had to figure out the back end of business: merch sales, average order value, email marketing, what sells the most, who buys the most, what promotions can I do within a profitable margin? While some of those aspects are where you can execute your creative side, understanding you’re running a business evokes a more structured and logical side.
it.com Domains: What challenges have you faced popularising the chessboard on Twitch, and how have you overcome them?
JC: The only real challenge I faced were haters. I have been streaming for six years now, and I learned to be patient and kind to the haters, changing my perspective to use them as motivation. If you learn how to channel their energy, they will help push you to your goal. When I am done working for the day, I remember a couple of guys talking about how I can’t do something that they never did themselves, and then I work another hour just for them. So when I hit the goal of GM, I thank God first, then the haters second, and my followers third.
it.com Domains: Twitch content creation requires engaging with an audience while focusing on a game. How has this experience helped you enhance your skillset?
JC: Learning how to multitask at the highest level! I am playing a game that lasts 1 min (called hyperbullet), while chatting, controlling the music, and scanning for alerts, with two screens and lights and camera in my face. This experience has also helped my social life, as I am able to bring the best out of people in conversation.
it.com Domains: How do you use your content platform to promote your other merchandise and entrepreneurial ventures?
JC: My favorite is a “drip check” – we spend 5-10 minutes browsing the merch site, and I make sure we go to items that have photos of people who already have merch. This creates the “Jones effect”, where people want merch more because they see others from chat wearing the merch as models on the website. While streaming, I have a merch “timer” that pops up in chat automatically every 10 minutes or so.
it.com Domains: We talked about a merch store, stock trading and content streaming – and you also mentioned you’re a boxing enthusiast! How has pursuing amateur boxing complemented your chess and entrepreneurial journey?
JC: I love boxing, NEVER going pro! Boxing is the best conditioning and workout I have ever had in my life. I spar, I condition, and lift heavy. I have always been in the gym, then I picked up boxing and my fitness went to a new level, it excited me. With boxing, I have more stamina than I ever had. The mind and body have a special connection, and I find that I am the best version of myself when I am able to box, lift weights, and work on chess.
it.com Domains: Boxing, chess, and business might seem worlds apart, yet they all require discipline. How do you think discipline ties these passions together?
JC: Great question – for all three, you need to work hard, train your skills, and have incredible discipline. That is the secret sauce in all areas of life.
it.com Domains: Finally, having so many multifaceted interests yourself, how important do you think it is for entrepreneurs to cultivate diverse hobbies and ventures?
JC: Cultivating diverse skills and hobbies helps staying a student. Your biggest breakthrough could be from the Friday night bingo class where you networked with someone who changes your life, or you learned something from a setup of the class to launch your next business. Look at everything as a learning experience, win, lose, or draw.
Get inspired by successful entrepreneurs! Visit it.com Domains blog and follow us on social media.
Continue reading at the it.com Domains blog...
We’ve spoken to James off the back of 2024 Web Summit in Lisbon, where he hosted a live stream of the unique chess game between Hans Niemann and an AI-supported international team. A world-renowned chess player and FIDE Master, James is truly a jack of many trades, combining his expertise is chess with a passion for content creation and streaming, running Canty Merch, his own online merchandise store, and even boxing.
To explore the ways that learning chess can boost strategic thinking and decision making under pressure, as well as the benefits of having a wide array of business interests, we’ve asked James to share his expertise and learnings with other entrepreneurs.
Game of Business
it.com Domains: It’s often said that the parallels between chess and business are undeniable, with both being strategic games. How has your experience as a chess player influenced your approach to entrepreneurship and decision-making?
James Canty III: By practicing to think ahead. As an entrepreneur, you need to take risks, strategize, be tenacious, focus, have discipline, and concentrate. All the same traits and characteristics you need to be a great chess player.
I believe that chess players have a competitive edge in everything. We are always using our brains at a high level. The biggest skill you can work on as a chess player is the skill of calculation, or seeing things ahead of time before they happen, calculating your next move on the board, or in life. I have learned how to be a patient entrepreneur, but also ultra aggressive when the opportunity presents itself.
Source: Unsplash
it.com Domains: Could you share an example where your chess training helped you identify an opportunity and make a critical business decision?
JC: When it comes to focusing and learning, I can absorb information faster than one normally would, and I study everything. For instance, I trade futures in the foreign exchange market. I learned how to successfully do this by devouring the material from courses, coaches, and teachers online by taking notes, studying, practicing, trading with live money. This approach – work hard, test your skills, analyze, and repeat – I learned from chess!
it.com Domains: For aspiring entrepreneurs, why would you recommend learning chess? What specific skills could they expect to gain?
JC: Chess is a mind game, a game of thinking, it requires full board awareness too and teaches that every action has a reaction. Learning chess will help you think ahead more, which is never a bad thing for growing a business.
it.com Domains: So, you’re saying that in chess, every move has a consequence. How do you think this principle can be used for developing a strategic thinking?
JC: Importantly, there is a flip side – every move can also have a benefit! There is a saying: ‘make your next move a chess move.’ While you take a calculated risk when making a move in chess or in business, the most important thing is to learn from each move. Keep asking yourself what lessons have you learned from a move, before making the next one.
it.com Domains: What lessons from chess can help handling high-pressure situations?
JC: One of my favorite tips is to stay calm in any situation. Some of the greatest athletes, forex traders, and chess players have the most cool, calm and collected approaches under serious pressure. Learning to stay calm to be able to focus and execute is key.
Another key thing is patience. In chess, games can last 5-6 hours, and often you can see a player blunder or lose in the 5th hour of play. Maintaining patience throughout the game is hard, but worth it. I also love boxing, so while sparring or training, having the patience to wait for your chance to strike or counter is high level IQ boxing. Same in business – you need patience to wait for an opportunity. Don’t be hasty, but don’t drag your feet either!
it.com Domains: What advice would you give to entrepreneurs about risk-taking, a key component in both chess and business?
JC: There will never ever be a perfect time to start. Stop waiting, get out there, and do it. The only way to fail is to quit, or even not try.
From Board to Brand
it.com Domains: How did your chess skills help you run a successful online merchandise store?
JC: Having an online store, I need to keep things fresh, creative, and constantly think of my customers. In chess, I need to constantly be thinking of my opponents’ moves, and try to strategize around them with your own plans and ideas as well. Thus, skills developed when mastering the game directly translate to success online.
it.com Domains: And do you balance the creative side of entrepreneurship with the structured, strategic mindset required in chess?
JC: I had to figure out the back end of business: merch sales, average order value, email marketing, what sells the most, who buys the most, what promotions can I do within a profitable margin? While some of those aspects are where you can execute your creative side, understanding you’re running a business evokes a more structured and logical side.
it.com Domains: What challenges have you faced popularising the chessboard on Twitch, and how have you overcome them?
JC: The only real challenge I faced were haters. I have been streaming for six years now, and I learned to be patient and kind to the haters, changing my perspective to use them as motivation. If you learn how to channel their energy, they will help push you to your goal. When I am done working for the day, I remember a couple of guys talking about how I can’t do something that they never did themselves, and then I work another hour just for them. So when I hit the goal of GM, I thank God first, then the haters second, and my followers third.
it.com Domains: Twitch content creation requires engaging with an audience while focusing on a game. How has this experience helped you enhance your skillset?
JC: Learning how to multitask at the highest level! I am playing a game that lasts 1 min (called hyperbullet), while chatting, controlling the music, and scanning for alerts, with two screens and lights and camera in my face. This experience has also helped my social life, as I am able to bring the best out of people in conversation.
it.com Domains: How do you use your content platform to promote your other merchandise and entrepreneurial ventures?
JC: My favorite is a “drip check” – we spend 5-10 minutes browsing the merch site, and I make sure we go to items that have photos of people who already have merch. This creates the “Jones effect”, where people want merch more because they see others from chat wearing the merch as models on the website. While streaming, I have a merch “timer” that pops up in chat automatically every 10 minutes or so.
it.com Domains: We talked about a merch store, stock trading and content streaming – and you also mentioned you’re a boxing enthusiast! How has pursuing amateur boxing complemented your chess and entrepreneurial journey?
JC: I love boxing, NEVER going pro! Boxing is the best conditioning and workout I have ever had in my life. I spar, I condition, and lift heavy. I have always been in the gym, then I picked up boxing and my fitness went to a new level, it excited me. With boxing, I have more stamina than I ever had. The mind and body have a special connection, and I find that I am the best version of myself when I am able to box, lift weights, and work on chess.
it.com Domains: Boxing, chess, and business might seem worlds apart, yet they all require discipline. How do you think discipline ties these passions together?
JC: Great question – for all three, you need to work hard, train your skills, and have incredible discipline. That is the secret sauce in all areas of life.
it.com Domains: Finally, having so many multifaceted interests yourself, how important do you think it is for entrepreneurs to cultivate diverse hobbies and ventures?
JC: Cultivating diverse skills and hobbies helps staying a student. Your biggest breakthrough could be from the Friday night bingo class where you networked with someone who changes your life, or you learned something from a setup of the class to launch your next business. Look at everything as a learning experience, win, lose, or draw.
Get inspired by successful entrepreneurs! Visit it.com Domains blog and follow us on social media.
Continue reading at the it.com Domains blog...
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