Poker is as thrilling as it is educative; every staunch player has learned one or two life lessons from this game. That’s not to say that you cannot simply have fun playing online slots licensed in the UK when you visit a casino. But if you love critical thinking, especially as a business person heading into a startup venture, poker is your ideal game. Let’s explore why.
The poker influence is no joke. The best entrepreneurs have good things to say about this game; one thing that stands out is “high risk and high reward”. If you have a risk appetite, you’re likely to excel in the business and poker, but only if you have your wits about you. So what is this influence?
Business Lessons From Poker
There are many ways through which being a good player can prepare you to excel at your startup. Discipline and skill are just the beginnings of how this exciting card game can help you level up as an entrepreneur. One key thing to master is strategy. There is no winning without a strategy, and the fun part is that your master plan will be tweaked multiple times depending on circumstance and opportunity. Are you ready for the ride?
Always Sit at the Right Table
Any good business person knows not to dabble in every deal, and poker will reinforce this lesson. During gameplay, a hand may seem too good to be true. Placing a certain bet could seemingly get you ahead, but more often than not, if something seems too good to be true, it probably is. Don’t accept an opportunity without thoroughly researching it. You can even seek advice from an unbiased individual to aid your decision.
The Big Picture
Losses are common in startups. Sometimes, you’ll lose your way; other times, you may need to pivot and change the business direction based on experience and economy. There’s nothing wrong with this, but it becomes increasingly important to learn to look at the long-term goal of your startup. Learn to minimize your losses and, in the same vein, make strategic investments to protect the business, especially during the good times.
Be Aware of Your Limits
One of the most important things every player must learn is bankroll management. If you cannot manage your funds properly, you cannot manage the risks associated with the gameplay. You mustn’t always win, but be smart enough to have enough resources for another go. Learn to manage your risk by noting your limits early enough. Sometimes, a hard stop is what you need to avoid making the wrong decisions as an entrepreneur. Always check in to know how your decisions and other internal or external factors affect the business.
It’s All About the Odds
Odds play a huge role in poker as well as business. One mantra to keep you going is that the ‘odds are never zero’. There is always a move; it depends on how well you can utilize your opportunity. In poker, a winner can emerge even when the odds seem against them. It is true that having better odds significantly increases your chances of success, but you can still win big if you know how to play your hand, even with lower odds. Focus more on getting the right opportunities and making the most of them rather than on speed and acceleration. Remember, it isn’t how fast in business, but how well.
Accept Your Fate
Sometimes, you will fail; other times, things will go contrary to the plan. That’s exactly how it works in this fun card game, when another player plays an unexpected hand that rivals your winning hand. The question is, what will be your reaction? Would you fold simply because things didn’t go your way, or live to fight another day? Things will likely take a wrong turn, and it is left to you, the founder, to accept the downswing and make the most of it. Limit all unnecessary bets and do all in your power to return the odds in your favour; that’s what any pro poker player will do!
High Risk, High Reward
A successful startup is a combination — a fine balance — of luck, experience, risk, and perseverance. Skill alone would not get you far in poker; neither will it as an entrepreneur. You’ll have to fail and start over multiple times to get the desired outcome, but you must be willing to see these blockers as stepping stones towards your goal. Mastering poker will build your tolerance while teaching you the necessary strategies to win a long game. The best time to start playing is right now!
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