We often hear poker being compared with business and for good reason. Both the fields have a lot in common which can be applied interchangeably. Here’s a look at basic poker lessons you can apply as an entrepreneur.
Learning the Basics
This one goes without saying, no matter your profession. There are certain basic building blocks that you must acquaint yourself during the initial stages. Unfortunately, there are no shortcuts or a quick guides to reach the strategic and profit making bit, without getting your fundamentals right. Take time to understand how the game is played, whether you are potential business man or poker player, because unless you understand how the game is played, you can’t have a winning formula.
Learn to keep your emotions out
Emotions are an inevitable part of mankind. Learning to keep your emotions aside and make the right decisions is something that you learn over time and at an advanced stage. It takes great skill at a poker table to not let your nerves show up when you are in for a huge pot. Similarly, in business, in order for an all-important deal to go as intended, it needs to be done without letting your emotions take over.
Professional poker players study their opponents and try and assess the type of player he or she might be. Based on their judgment, strategies are tweaked and moves are made to stay ahead and win the hand! Similarly a shrewd businessman should be able to know whom to pitch to with just the exchange of handshakes.
Being aware of the pros and cons of a strategy
Unlike the movies, where the hero always wins, we all know its not ground reality. In a game of poker despite trying to master and deploy the best strategies, sometimes you could be wrong in making a prediction, or someone else outsmarted you, or the entire scenario changed due to a player’s unexpected move. The bottom line is you need to have the ability to adapt even if a strategy goes south and think quickly on your feet to recover from such situations.
Even in business, you learn to cut your losses and maximize your changed position in the best way possible simultaneously. Having a Plan B is a basic rule in business and poker.
Hope these poker lessons have you inspired to nail it as an entrepreneur as well! To the bottom line!