Tag: entrepreneurship and poker

5 Poker Skills That Translate To The Business World

In this article, I share 5 poker skills that translate to the business world. The world of poker and entrepreneurship is very similar and this article highlights quite a bit of things that cross over.

One of my favorite hobbies is to actually play poker during my downtime for fun. The great thing about playing poker is that I am constantly meeting amazing entrepreneurs and business owners. It seems like poker is a very popular choice amongst those in the business world.

The reality behind it is that poker and business has a lot of similarities. The two worlds have a lot of things in common and lots of life lessons and skills actually transfer between the two.

In this article, I share 5 poker skills that translate to the business world:

1. Money Management 

Whether you get an investor or get some revenue yourself, you need to have great money management to be successful with a business. The quickest way to go broke in poker no matter how good you are is poor money management. Risk too much of your money at one time and things can go wrong causing you to lose everything that you have in poker.

When it comes to business, you need to manage your money really well. Nail it and then scale it. Don’t scale too fast because things will end up getting messy. As a business owner, you have to manage your money well and make smart decisions just like you would in the poker world.

2. Reading People 

The best poker players know when to call an opposing player because they’re bluffing and fold when they feel as if they are beat. This is known as poker psychology or being able to read your opponents on the table. Business is very similar because you have to read other people.

Whether it’s employees, potential customers or investors, it’s crucial that you’re able to read other people in the business world. Understanding certain situations is extremely pivotal because it allows you to access everyone involved and make the best choice based on your read on everyone.

3. Patience 

Poker is a game of patience. Impatient people don’t do well in the long run because you cannot play every single hand that you get. Most good players actually fold over 80% of their hands while only calling about 20% of hands. Business and entrepreneurship is the same thing.

You’re not always going to be successful in the world of entrepreneurship. You need extreme patience when trying to build the next big company. If you fail, you need to be patient, review the situation and bounce back.

4. Risk Management 

In poker, you have to manage your risk. Is it smart to put all your chips into play with a mediocre hand that may or may not win? Probably not. You want to get all your chips in when you have the best hand in the game, but you’ll probably be a lot more careful when you don’t have such a good hand.

Business and entrepreneurship is the same thing. You must be able to manage risk when it comes to spending money on marketing, making big decisions and rolling out features to your customers. You must reflect and understand the type of risk that is involved before making any decisions.

5. Always Sell 

As a poker player, you’re constantly selling. Every bet, every reaction and every move you make is a sales pitch to the rest of the players on the table. You’re trying to get opponents to believe that you have a strong hand when you’re bluffing and that you have a weak hand when you want them to call.

In business and entrepreneurship, you need to always be selling. In poker, by selling others you’re getting paid. In business, it’s the same thing. If you don’t sell, you won’t get paid. As a result of that, you should always be hustling and trying your best to sell yourself and services to others.

Conclusion 

In this article, I share 5 poker skills that translate to the business world. What are some poker skills that you think are important for business owners to know about?

5 Poker Lessons That Apply To Entrepreneurship

If you’ve played poker, you know the thrill and risks involved with the game. I share 5 poker lessons that apply to entrepreneurship in this article.

 

A little known fact about me is that I’m a huge fan of Poker. I not only watch it on television, but I play it as a hobby when I’m not working.

 

 

I learned how to play poker around the age of 12-13 and fell in love with the game ever since. I guess the entrepreneur in me kicked in because poker is one of the most exciting games you can play.

 

 

Not only is it risky, but there is so much mind-games involved that it gives you a great adrenaline rush. From playing online to playing in casinos from an early age (yes they have 18+ casinos in California), I learned a lot about the game of poker.
Ever since I became an entrepreneur, I saw many things that relate between poker and business. In this article, I share 5 poker lessons that apply to entrepreneurship:

 

 

1. Don’t Get Caught Bluffing

 

The first lesson I learned early on in poker was to never get caught bluffing. If you get caught bluffing, you lose a lot of chips and you get humiliated in front of the whole table.

 

 

Business is very similar. It’s okay to make bluffs, but you simply cannot get caught. During negotiations, make sure that you do everything possible to protect your best interest.

 

 

You don’t want to lose out on a negotiation because your bluff gets caught or simply because you cannot deliver the promised goods to a client or vendor. Harvey Spector has taught us that it’s okay to play the man as long as we know what we’re doing.

 

 

2. Shut Up & Listen

 

The moment you sit down on the poker table, you meet 8-9 new people you didn’t know before. The interesting thing about poker is that each of these people have very different personalities.

 

 

Depending on what your personality is, you try to fit in as best as possible with the other players on the table. One thing I learned is to never speak unless spoken to during the beginning of your poker game.

 

 

As an entrepreneur, we all want to talk and gloat about all of our amazing accomplishments. However, sometimes taking the backseat gets us farther than we would have ever gotten.

 

 

By shutting up and listening to what others have to say, you can learn a lot. Use that knowledge that you gain by listening to others and apply it. In poker, by listening to others you can learn how other people play and use it to your advantage.

 

 

3. Don’t Gamble What You Can’t Afford To Lose 

 

Every professional poker lives by this rule. If you’re using your rent or car payment money on a game of poker, you’re going to regret it terribly.

 

 

In business, you must make smart decisions. Taking risks are okay, but you should be taking calculated risks. Don’t pull out a second mortgage on your house for a game of poker, but rather use extra cash you have lying around.

 

 

No matter what decision you make, you want to make sure you’re not gambling something that can be really damaging to your business. Whether it’s deciding to quit your job to become a full-time entrepreneur or simply deciding which route to take, always understand the consequences of your action.

 

 

4. You Have To Know When To Fold

 

The toughest part about poker is knowing when to call and fold. Making the wrong decision only takes an instant, but it can cost you hundreds of dollars.

 

 

As an entrepreneur, you have to know when to fold. If things aren’t working, you have to look for ways to pivot or to simply fold the business and start over.

 

 

If poker teaches us anything, it’s that there are always new cards coming. In business, laying one business down does not mean it is the end of the road for you. It simply means that many more opportunities will come and you just have to patiently wait.

 

 

5. Sometimes The Odds Beat You

 

You can do everything right, but still lose in a game of poker. In poker, emotions play key just like it would in business. If luck isn’t on your side, you go into tilt and let your emotions dictate your play.

 

 

As an entrepreneur, you’re constantly riding the roller coaster. Some days you are on top of the world while you can’t catch a break on other days. Being a smart entrepreneur is all about understanding that hard work isn’t always rewarded.

 

 

Sometimes you get lucky, sometimes you don’t. Never let your emotions make business decisions for you because they will almost always end up costing you.

 

 

Conclusion

 

The thrill of playing poker is something I have enjoyed for many years and I continue to play this game. In this article, I shared 5 poker lessons that apply to entrepreneurship.

 

 

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