Six Important Business Lessons from the Poker Tables

Think of popular card games and poker will be right up there. The straightforward rules mean anyone can play if they learn the strength of different hands and how the betting works. Mastering the game, however, is a different story. The many variables make poker highly strategic and transform it not just into a game of chance, but into one skill as well. The challenge of choosing the right strategy and adapting it in line with what’s going on at the table is part of the entertainment.

Funny as it may sound, poker can teach aspiring entrepreneurs or anyone already out there running a business a lot. How? Below is a discussion of this and of some of the lessons poker strategy can teach you about business.

The Business of Poker

Playing poker is a lot like running a business. Of course, you can’t plan a game of poker, but you can devise strategies to increase your chances of success. Both business and poker entail a lot of decision-making and risk management, and when you place a bet, you’re making an investment in a potential outcome, confident it will happen. Poker also teaches several skills that will serve you well in business. For those who play poker online, here are some of the things that poker strategies will teach you about business:

1. Control your emotions

In poker and in business, you’ve got to think long term. When things go against you, stay in control of your emotions so that they don’t cloud your thinking. Overconfidence, fear and frustration can all trick you into making hasty decisions that harm you in the longer term.

In poker you will not win every game. In business, you’re going to experience setbacks. No matter which domain you’re in, accept this fact. Think long term and see losses or setbacks as an opportunity for growth and improvement.

2. Manage your assets well

In poker, you’ve got a set amount of chips, and you have to manage them well. How you allocate these will affect how successful you are at the table. If you’re reckless with your betting, you can lose all your chips and other players can take advantage of these woes. If you don’t manage your business assets well, you can harm the financial stability of the company.

3. Be adaptable

In business and in poker, being adaptable is crucial. At the poker table, you must adapt your strategy based on changing circumstances at the table. In business, you must respond to unforeseen challenges, advances in technology and market changes. Poker players often discuss specific hands and look for feedback on how they could improve. Business leaders can do the same for their companies.

4. Patience is key

Patience is key in poker. You must wait for the right opportunities and avoid rushing into anything or changing your strategy too hastily. The game teaches anyone who leads a business to be patient and remain disciplined as they work towards their goals. The good things come to those who wait!

5. Take calculated risks

You must be willing to take risks in poker. That doesn’t mean ploughing your entire bankroll into a single bet or other reckless forms of play. It’s a rather more measured approach that involves considering possible outcomes and deciding based on the information available. You should be aware of how the outcomes will affect your situation and what you can do in each scenario.

This is much the same in business. Leaders must weigh up the risk against the rewards and then decide whether to go ahead. The ability to take calculated risks distinguishes successful business leaders from the rest. Their foresight and confidence to proceed is what sees their businesses grow and become more profitable.

6. Information is critical

In poker, players don’t have all the information available they need to make the best decisions. All they have are the cards in front of them. They then base their decision on these and what’s happening at the table, whether it’s the cards being laid down or the behavior of their opponents.

In business, you’re going to have to be comfortable with decisions when you don’t have all the information necessary and aren’t certain of the outcome. That could be entering a new market or launching a new product. Poker players hone this skill, one which is beyond value for success not just in poker but also in business.

Poker players cultivate skills that are just as valuable in business. Anyone running a business can learn a lot from the game. Other lessons you can learn from poker include not betting all your bankroll on one outcome. Betting everything on the success of a new product would be hugely risky in business, so always leave money in reserve so you can continue working on other projects.

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