For Subscribers

Winning Hand A poker pro's tips on playing your cards right in business

By Steve Cooper

Opinions expressed by Entrepreneur contributors are their own.

Former real estate developer Barry Shulman, 59, took a gamble by coming out of retirement to purchase Card Playermagazine--and it paid off big. Now a championship poker player as well as publisher and owner of Card Player, Card Player Press and CardPlayer.com, Shulman offers his inside tips for improving your poker game and, consequently, your entrepreneurial game:

1. Read looks and gestures. Are players leaning forward? Are they acting quickly? Poker helps you read nonverbal cues--crucial when you're deciding whether to press for that extra percent.

2. Know your limits. The mental stuff separates the good from the best. If you run into 50/50 circumstances six consecutive times and lose all six, are you capable of maintaining self-control?

3. Understand risk/reward scenarios. If you have a 1 in13 chance of hitting an inside straight, the question is not, Can you make the straight? but, What's the upside? Make sure the reward is worth it.

4. Improve number-related skills. When the flop comes, you should know if your hand has an 80 percent or a 20 percent chance of winning.

5. Learn effective bluffing. Pretending you have something you don't often backfires. The same applies in business, so be prepared to deliver the goods.

6. Consider slow-playing techniques. Slow playing is when you have a good hand and play it as if you don't. You might achieve a greater return if you don't show the strength of your hand.

7. Grasp the risk of ruin. If your business is worth $1million, and there's an opportunity costing $1 million with are turn of only $2 million, it's not worth the risk. If it fails, the game's over.

Want to be an Entrepreneur Leadership Network contributor? Apply now to join.

Business News

Amazon Tells Thousands of Employees to Relocate or Resign

Amazon says the move to bring teams together will make them more "effective."

Business Ideas

70 Small Business Ideas to Start in 2025

We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2025.

Devices

This $180 Chromebook Offers Flexibility and Performance for On-the-Go Entrepreneurs

This Chromebook is designed for entrepreneurs who need power and portability, and now it's 45% off.

Business Solutions

Tackle Decision Fatigue With This CEO-Worthy AI Tool

Let AI help you make some decisions with SkillWee, an app designed with entrepreneurs in mind.

Marketing

How to Handle Negative Feedback and Turn Bad Reviews Into Great News For Your Business

Bad reviews can undermine your brand and hurt your revenue. Learn how to turn things around and transform harmful feedback into a bottom-line boost for your business.

Business News

'Largest Data Breach in History': Apple, Google, and Meta Passwords Reportedly Among 16 Billion Stolen in Massive Hack

"Massive datasets" have been emerging every few weeks, according to a new report.