7 Things Poker Teaches You About Business
Poker and business have far more in common than you may think. Not only do they both require strategy and patience to be successful, but there are a lot of interchangeable skills and personality traits you need to make the best of both.
Whether you play poker online, spend your nights at a table, or have never played the game at all, here are 9 things poker can teach you that make you better at business.
Process, Not Result
The first thing you need to realize is that being successful in business or at the poker table is all about how you get there, not if you get there. If you don’t lay the proper groundwork, you will never be successful.
Focus on the journey, not the destination, and you are far less likely to make any mistakes, and you are more likely to set up a business that not only achieves a positive result but can sustain it too.
Competitors
The cards you are dealt don’t matter if you are able to read and bluff your opponents; you can win a hand even if you have nothing. This is because being able to read opponents and beat them to the punch is a huge part of business and success.
Not only should you aim to be innovative yourself and be the first to do something, but you must also play off what your competitors are doing right. If they have a fantastic marketing campaign, don’t try to think of something new; adapt it for your business and one-up them.
Folding Your Aces
There will be times when you think you have the best hand, but the deck doesn’t play ball. Having a pair of Aces means nothing if your opponent gets a full house on the flop; this applies to business in more ways than you think.
You may have an idea that you think is the next best thing, but you don’t have the money, people, or resources to make it happen. Don’t get hung up and waste time and money trying to make it happen; instead, let it go and focus on what you can do.
Risk
To be successful, you will need to take a risk or two sometimes. The most crucial aspect of risk is knowing whether or not it is worth it, and are you able to recover if it doesn’t work out? Risk doesn’t have to be all or nothing either; sometimes, it may just be going out of your comfort zone.
Risk always requires analysis; whether big or small, you must always know what you are risking, what you could lose, and how much of it is in your control, therefore giving you a better chance of making it work.
Logic, Not Emotion
There is no place for emotion in either poker or business decisions. Emotion, more often than not, leads to people being impulsive. This is especially true after you suffer a significant loss and are looking for ways to recover.
This is one of the worst states of mind to be in when making critical decisions, and learning to be more logical and leaving your emotions at the door will allow you to make better decisions.
Predict Failure
Always be aware that failure could be around any corner. It doesn’t matter how much of a sure thing something seems; it can always fall apart. This is why you must always have a contingency plan in place, a backup for any potential failure.
This also adds a layer of confidence when making decisions, as you know that if it doesn’t quite go to plan, you can either fix it and move on or recover quickly.
Long-Term Success
A big mistake people often make is chasing short-term wins and not looking at the bigger picture. There is no point in winning big today if you don’t win again for a few months. Aim for small but consistent wins; these will guarantee success over time.
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