Running a business is a tough task and surviving in the ruthless world of business is not for faint-hearted. Just one wrong step can ruin your months or years of hard work and preparation. Risk taking is an integral part of any business. A good entrepreneur knows the importance of time and money and how to utilize them as his resources to maximize his profits.
There is no shortcut to success in business, as well as in poker. Like poker, a businessman needs to wait for the right opportunity and take calculated risks without knowing the ultimate result of a project. You can earn theoretical knowledge about business from books but for the hard lessons, you have to enter in the field. Similarly, in poker, you need to play in the competitive environment of a real game table to understand the Dos and Don’ts of the game.
Here are 10 great business lessons you can learn from poker:
Experience Matters The Most
Like poker, an entrepreneur needs to make decisions based on incomplete information. Your experience plays an important role here and helps you identify the opportunities and understand people. Technology and skills cannot replace the importance of experience.
In poker and in business, you need to compete with opponents of different skill sets and experience. If you repeat your strategies every time you play, Your competitors can read your gameplay and devise a defence plan against you. So if you want to succeed, you need to become unpredictable and deceptive to surprise opponents and take control of the game.
Quitting doesn’t mean that you accepted your defeat
In poker, sometimes a player needs to fold his cards to save his remaining stakes and return with better preparation. Likewise in business, sometimes an entrepreneur needs to take a step back and leave the market to save himself from losses. Always consider quitting as an opportunity to reassess your strategies and come back with a better business plan.
A poker player needs to keep a dedicated bankroll to support his real stake cash games. A businessman has to select the best options to invest money to get maximum returns. It is important to be selective and always choose the best to put your hard earned money.
Discover the inner player inside you
No one is perfect. Poker teaches you the importance of developing yourself through consistently challenging your knowledge and skills. A poker player or businessmen, both need to continuously experiment with their game plan to stay on top in their respective fields. A businessman can learn from poker how to identify mistakes and how to eliminate them to improve your chances to win.
“Discipline is the key !” This is the basic principle of success in poker or business. Self-discipline is required to set a goal and work towards it with full determination. It is crucial to track your performance on regular basis to identify your limits and find out your areas of improvement.
Wait For The Right Opportunity
You have to wait for the right time to make the right move in poker as well as in business. Excitement and nervousness can lead you to take the wrong decision and ultimately lose the game. You cannot determine the next move of opponents, so you need to observe their playing pattern to collect information about the strength of their cards. A player must have patience and a keen eye to details to choose the best move from the available alternatives depending on table situation.
Expect the unexpected
Even if you have the best cards, you can still lose the game. On the other hand, you can win even if you have the weakest cards. Poker is an unpredictable game where winning depends on player’s skills, knowledge, and experience. In business, great investments and careful planning is not a guarantee to succeed. Poker teaches you to prepare yourself for unexpected turns and twists in business and always have a Plan “B” ready.
Bold Decisions make the game more interesting
Success and failure is a part of life. Poker teaches you the importance of taking risks and believing your intuition and experience. It is important to set small goals and push yourself to give your 100% in the game. If you fail, pick yourself up and continue trying until you successfully achieve your desired goals.