It’s been said that you have to be of sound analytical mind and able to assess new situations as they arise to be successful and play on real money poker sites . Well, the same is true in the world of business.
We look at some of the attributes that any aspiring entrepreneur can learn from poker players.
Research is Paramount to Success
No business simply sets up shop on day one. It takes a lot of effort to get to the trading start point. While outward facing is the first step, there’s been a lot of research put into getting to that marker. Knowing where to place your business (if it is a tangible store), how to market it, how to brand it, what to stock and offer, etc. All of these details require research and prior planning for the business venture to be a success.
The best poker players do this efficiently at the table and even before sitting down to play. They look at the other players on their table and scope out how they play, their style, and their chip count. If they know their exact opposition, it’s not uncommon for them to research their prior poker career to better understand the game they’re likely to employ. A poker player who doesn’t observe and research the other players will end up like a failed business, bankrupt.
Rushing Almost Never Works
While nobody wants their enthusiasm or zeal to be quashed, there is a lot to be said for taking time over key business decisions. Rushing to a completion date might seem like a necessity, but in reality, customers can sense if something isn’t the best quality, it’ll appear rushed. If budding entrepreneurs want to emulate the cash piles of the best poker players, they shouldn’t rush in.
No player at the table declares All-In on the first hand. Even if you have a Royal Flush, going All-In so early will spook everyone else out and lead to multiple folds and maybe even an empty table. Similarly, if you rush over your business ideas and execution, the market could react negatively. Take time to hone your product and market it correctly.
No Risk, No Reward
While you shouldn’t put yourself in a world of financial hurt or jeopardy, in business, you’ve got to take risks. You can’t do what everyone else is already doing. If everyone else is selling hot dogs in downtown Chicago, does the town need another diner selling the same food? The market could be crying out for a new alternative. Sure, it’s a risk to introduce South Sudanese street food, but playing it safe very rarely pays off in the long term. Unless you’re going to franchise McDonald’s, everyone loves them, right?
Poker players are rewarded by taking risks. While they can lose all their chips, passive play is never rewarded. You have to put yourself out there to win in poker. Business should be looked at as the same.
Risk management is also a great tool picked up during games of poker. While the fields of business and poker hands might not be a direct correlation, the execution of playing out a few rounds can teach valuable lessons on how to manage upcoming risk strategies.
Adapting to New Business Situations and Opportunities
Poker is not a static game. When the community cards are revealed, the whole landscape of the game could change as your hand’s strength either dips or soars with the new cards. How poker players react to this is very similar to the trials and tribulations of business owners. Playing poker can teach resilience to stick with projects while also prompting the headiness to go for gold when new opportunities arise.
This can also help potential business owners with their decision-making processes, as they have to react promptly to the new cards with calculated and informed decisions. Again, this is similar to what they could have to deal with in the business world.
Financial Asset Management
Firstly, please don’t bet on the company’s money. That would be one way to give you severe heart palpitations as the future of your company relies on the river. However, playing poker with some of your cash can teach entrepreneurs the value of money, when to invest, and when to withdraw. Don’t spend too much money on this; however, maybe use a free poker site or, better yet, take accounting classes!