Someone said that whether you are running a business or you are playing poker; the money measures your success. Whether you are starting as a poker player or you are an astute punter, there are lessons you can learn for it, that could go a long way helping you in your business. Whether you are playing online poker, here are something that applies in both situations and will boost your business when effectively used.
- Calculating risks
Business and poker entail measuring potential gain and loss to be in a position to know when to take the chance. When gaming, quick maths, instincts and assessments are required, just like in business. The all-in decision is always interesting as it represents your ultimate risk which is losing everything. A smart player takes the all in risk when the odds are in their favour. Entrepreneurs likewise should take all in risk when the odd is in their favour; otherwise, it will only be an adrenalin rush that ends in piling loses.
- Know when to push
When you are gaming, it is all about knowing when to push rather than ‘when to hold and fold them.’ Most of the time a wise gamble spends most of the time folding, and when you have a good hand, the difference between making a profit or a loss is knowing when to push. In a business setting where you have a competitive advantage the aspect of pushing time applies here too. When starting a new company, everyone knows that they have a great product. However, they should first focus on building the right sales structure. This can take a while; however, once they get the right formula, this is the right time for them to push the product.
- Act like a pro
When playing poker, you need to learn how to be composed and stay humble so that your competitors don’t get a read on you. As a rule of thumbs, poker players play the man, not the cards. They are good at reading actions, gestures, tone, and much more things. When you get excited and start showing emotions, you become vulnerable on the table. While this is not the case with online poker, paramount is that you should learn to harness disappointment and the excitement in business.
In business, use this strategy to create and create the right perception to your team. Don’t be afraid of looking arrogant but rather remind your employees to remember the company’s ultimate goal. Scream with joy, deep down when you win a small battle, but on the outside create an impression like you have been there before. Get your team to believe that you are not even close and that they still have a lot to do. It is not wrong to occasionally celebrate, however, before reaching your ultimate goal, stay humble.
- There is skill, and there is gambling
It takes one zero skills to guess a roulette number when playing online poker. However, this is not a game of chance. One out of thousands of players will take the day, but the odds of taking your startup to the next level are not a joke. Not all startups grow to established businesses.