Poker is one of a handful of strategy-based games with valuable lessons that can be extrapolated into everyday life. The skills needed to become a successful poker player are not lost on other facets of our lives, notably business.
At the risk of stating the obvious, it comes as no surprise that discipline, dedication, and determination are sacrosanct in the pursuit of success. As a poker player, you will invariably come up against a wide range of opponents.
Some of them are fish; others are sharks. Your goal is to employ a mix of tactics and strategies to outsmart them at every turn.
It’s a battle royale; a war of attrition against your opponents, all the while playing a calculated game to gain the upper edge. Eventually, you’re going to win the pot!
There are 4 amazing poker skills that can help you grow your business – let’s take a look!
It’s not easy staying on point; not when you’re in the middle of a bad beat and your bankroll is looking anemic. As a disciplined poker player, you know that you have to stay the course, play hands worth playing, and manage your bankroll like a boss.
Poker, like any betting game, is inherently risky. You are investing in yourself to succeed against unknown quantities at the table.
Your ability to maintain strict discipline, particularly when you’re being outmuscled by your opponents who are eager to shove all-in, to try and bully you out of the pot.
Poker pros know that you’ve got to fold many more hands than you hold – that’s the nature of the game. Fight that rush of blood to the head, and let the hotshots burn through their cash, while you preserve your bankroll and strike when it’s hot.
Lesson: Do your homework before you rush into a potentially fatal business decision. You are the lifeblood of your business, so stay focused. Don’t show too much to your opponents, because they will use it against you. Plan ahead. Timing is everything!
Capital is your lifeblood in poker. Without it, you have no skin in the game. In business, you need cash flow to manage day-to-day activities and to guard against eventualities.
Bankroll management is arguably the single most important element of your poker game. Bust your bankroll and you might as well pack up and go home. In business, your ability to manage your budget will mean the difference between success or failure.
For example, poker players know to limit their bets per hand to a certain percentage of their overall bankroll. Some players stick at 2%, others at 5%, but no more.
When you risk too much on one play, you’re putting yourself squarely in the crosshairs. Rather fold a weak hand and live to play another day than put all your eggs in one basket.
Lesson: Your business relies on a steady and uninterrupted supply of cash to maintain daily operations. You need that to keep the lights on. Cash flow is everything in business – protect your business with a carefully planned budget.
Patience and Perseverance
Poker players understand better than most the merits of playing to your strengths. The majority of opening hands dealt with players are poor. It takes a special kind of person to persevere through mediocrity and capitalize on opportunities when they arise.
That’s precisely what experienced poker players do. They are experts at biding their time, watching the state of the game on the poker felt, and striking when the iron is hot.
It’s not easy to persevere through a bad beat, but it’s necessary. In a sense, playing poker is a business. You’re investing in every hand that you play, hoping that the ROI will be worth the risk. The more calculated your plays, the better the outcome.
Lesson: Many successful businesses have tasted failure. It’s not failure that defines the business, it’s the business’ ability to withstand the knocks and emerge victoriously.
Be patient and persevere, even when the chips are stacked against you. A carefully-plotted strategic plan is your pathway to success.
Take a Chance
Poker is a game of imperfect information, much like a business and real life. You only know what cards you are holding, and the community cards in the center of the table.
Everything else is smoke and mirrors. Yet, despite this the poker enthusiast is prepared to take a chance on himself/herself and make that play. Your ability to read the situation will help you in poker, but this is a skill that is learned over time.
Lesson: There are no guarantees when you invest capital in new business. However, if you conduct due diligence and make smart decisions, your potential for success grows. You have to take a chance if you believe