Business Skills to Learn From Poker
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Playing poker can be seen as just entertainment or pastime by most people however, professional poker players are earning a living from the game of skills, leading an independent lifestyle and building a secure financial future. The game of skills is a way to recline and unwind after a hard day making big decisions, however, there are many similarities between playing poker and running a business. Entrepreneurs of small to medium enterprises can learn a lot from playing poker, whether in a casino or through an online platform.
Modern poker pros employed skills that propelled their career, to business and entrepreneurship. Many have built their own brands, owned a good reputation within the poker community to pursue plans which are both financially lucrative and personally fulfilling. So, here are nine skills listed below not only to help poker players to overcome the situations but for all to grow professionally, to improve their business skills and to take the business venture to the next level.
1. It starts inside your head
Poker is a mind-sport and so is business. It is all about the moves you make, the strategy you take, and who you decide to play against. Your mental conditioning must be top-notch and you must be prepared to take on any challenge. Unless your mind is in the right place, your game will not.
2. Being process-oriented, not result-oriented
Captain Picard from Star trek said that "It is possible to commit no mistakes and still lose." You can play a hand of poker perfectly and not come out on top, just like you can do everything right with your company/business and still not hit the goals you were after. But this problem is short-term. It's all about getting your fundamentals right and if you don't succeed, try again. In the long run, making the right decisions is what will make you a winner. Reckless decisions might help you rise, but they won't keep you on top. Sensibility will always conquer luck.
3. Reading your competitors
At the poker table anticipating the affinity of your competitors toward risks will help you decide the best moves to make. Additionally, knowing their strengths and weaknesses will take you a long way and help counter them effectively. Similarly in business, you need to do your due diligence to understand your competition, and only then can you stay one step ahead of them.
4. Factor in every scenario
Poker is unpredictable, and so is business. When making a move, you need to factor in every possible eventuality, most importantly the worst case, and then act accordingly.
5. Folding your aces
Aces are the best possible hole cards you can get in poker, but as the game goes on, you may realise you don't have the best hand overall because of the cards that open. Similarly, you might have the best product in the market, but unless conditions are conducive, it might not reach the heights it merits. It's important to not get disheartened and understand that these things happen.
6. The pressure is for cookers
When the stakes are high is when you can win the biggest. Not letting the pressure get to you is the name of the game.
7. Bankroll Management is key
If your total bankroll is 1 LAC, you don't go play a High-Roller tournament with a 75k buy-in. It is important to be financially sensible.
8. Never chase losses
When you lose three hands in a low, you might be tempted to play just because you want to recover your loss or reputation. This line of thinking will impede judgment and might turn out to be harmful. Make every move at its own merit and never because of earlier results.
9. Most importantly, you must do it responsibly
Being cognizant of your own capabilities is of utmost importance, both in poker and in business. What are the stakes you choose to play at? How much do you invest? How much time do you put into it? One of the most important things to remember is also that an excess of everything is bad, and the minute you feel that the quality of your personal, professional or family life is being affected by your decisions, it is time to take a step back and ask yourself what you should change.