Having a Poke at Business
Many seasoned online poker players have realised that the same qualities that catapulted them to success on the ice can equally be applied to the worlds of business and entrepreneurship. As a result, modern pro poker players have developed their own brands, leveraging their reputation in the poker community to pursue financially profitable and personally rewarding ventures.
It’s not uncommon for those who spend a lot of time at the poker tables to be effective negotiators. So let’s look at the poker talents that can help you become a successful business owner.
- Money Management – Because poker is all about money, efficient money management should be a top goal for each poker player. However, there are many instances where greed or a few lucky victories might throw players off their game and get them to make poor decisions. Beginners, for example, may be tempted to go all-in as a bluff, raise without a realistic chance of winning, or play a terrible hand.
- Decision Making – In poker, there is a notion known as Expected Value (EV). You may calculate your chances of winning using math. Then, based on the size of the pot and how much you have to put in, you may determine whether you are ahead or behind. Using this information, you can make better, more informed decisions on whether to call and stake more money or fold and walk away. In business, the same concept applies. When to wager more money on an idea or when to fold and walk away since the EV isn’t there. One of the main reasons most startups fail is that they don’t know what your EV is.
- Logical Thinking – It’s all about understanding the fundamentals, so pick yourself up and try again if you fail the first time. Making well-informed decisions will make you a winner in the long run. Making hasty decisions may lead you to the top, but they aren’t going to keep you there. Chance will never win out over logic.
- Probability Management – Poker is, in many respects, about probability management. You must know what makes your hand special and when it is OK to fold your cards. High-level poker players understand the relationship between risk and reward. The top players frequently make educated decisions depending on what they have in their hands–and what they expect other players to have. In business, the same is true. Of course, you may not always have perfect control over what happens in your business. Still, you must be able to analyse circumstances and chances to determine when it makes sense to keep playing and when it is better to move on to the next one.
- Analysing Competitors – Every business owner should conduct market research regularly. It’s critical to understand your consumers and, more crucially, how your competitors are satisfying their demands if you want to stay ahead of the curve and avoid being left behind. It allows you to position yourself so that you can survive if the market takes an unforeseen turn. In poker, players will look for a tell from another player, indicating that they either have the better hand or are bluffing to get out of a poor scenario.
Poker is a popular card game played by millions of people worldwide. Its universal appeal originates from the fact that it is simple to learn, immensely social, and requires a lifetime of dedication to perfect. There are obvious connections between poker and commercial success worth considering in these challenging economic times. Winning at poker and business requires identifying where you have a competitive advantage, calculating your odds, and trusting your gut.