For college hoops fans, it’s the most wonderful time of the year but for businesses, maybe not so much. Global outplacement firm Challenger, Gray & Christmas, Inc. estimates that $134 million in wages are wasted during just the first two days of the NCAA basketball tournament. But the good news is that there are some valuable business-related lessons to be learned from the tourney. An article from Young Entrepreneur, “What Your Business Can Learn From March Madness,” describes a few.

1. Underdogs win. Every year, the tournament is highlighted by some major upsets, and this year is definitely no exception. For smaller businesses facing off against bigger competitors, this can provide great inspiration and a reminder that maximum effort typically ends with good results, no matter what the odds.
2. Working together works. Every team in the tournament has talent, but the teams who are most successful are the ones with the right chemistry. The same principle applies in business.
3. Fun matters. The tournament is a good reminder that taking some time to relax and enjoy life is important and will likely boost morale enough to benefit productivity and efficiency in the end.
4. Some moments really matter. Once you’re in the tournament, the past doesn’t mean anything. It’s a blank slate and anyone has the opportunity to be the champ. The lesson for companies and employees is to look past prior setbacks and focus on your goals for the future.

Click here to read the article from Young Entrepreneur.