7 Business Lessons for Entrepreneurs Right from Poker Table

Fri / August / 2018

 

In the past ten years, poker is gradually gaining importance in India – starting from off-shore casinos in Goa to poker table arrangements in student hostels. Professional poker players often catch up over weekends and also engage in playing with poker apps on smartphones. Poker offers a crude form of entertainment and a source of making money as well. Poker, being the game of strategical approach has many lessons to offer for career, life and business.

Running a business is a complicated task and surviving in the ruthless world of competition is not for all! A perfect entrepreneur knows the value of hard work, time and money and they understand how to utilize the lessons learnt from all walks of life. Since we understand that there is no shortcut to success in business or poker. Here are seven excellent business lesson that one can learn from the live tables of poker:

Experience is the key to success:

Similar to the game the poker, an entrepreneur needs to make a decision, based on the incomplete information. Therefore, experience plays an important role in identifying the opportunities and understanding the people associated with business. The use of technology and skills can never replace the importance of experience. Skills and expertise help an individual grow self-knowledge and how you react to people and situation.

Keep improving:

The first few things that a poker player tend to learn are – the combination of cards, the mathematical odds of the success, calculation of risk, remaining players still playing, the size of stacks, position of the players at the table and the number of cards yet to be dealt. A poker player keeps improving his skills with each game. When it comes to business, identifying the skills becomes important and mastering the odds is inevitable. Both poker and business requires basic skills and mastering the art of making profit.

Bank-roll management:

A poker player needs to keep a dedicated bankroll to support the real stake cash game. The same is applicable for a business man/ entrepreneur since they need to select the best option to invest their money and get the maximum returns. It is advisable to be selective while investing the hard earned money. The available bank-role must rule poker game bets and raises and the same is applicable for the smooth running of a business.

Quitting is not equal to losing:

Poker players often witness a situation where they need to fold his cards to save the stacks remaining. This helps the poker players to come back with more preparation and with stronger foundation. While talking about business, one needs to take a step backward to leave the market thus saving an individual from losses. Therefore, quitting is not accepting defeat; instead this is considered to be an opportunity to assess the strategies and successful business plan.

Expect the unexpected:

Is this sounding weird? Assumptions and calculations often fail thus leaving behind a perplexed poker player or an entrepreneur. Even if you have the best hands, you can still lose the game. On the other hand, you can also win with the weakest cards. Both poker and business are unpredictable fields where winning/success depends completely on the player’s skills, experience and knowledge in the field. A business plan, investment and careful planning is not the guarantee that runs sublime behind the success of the same. Instead, learn to keep a Plan “B” always from the live poker tables. The unexpected twists and turns in business, career or poker can be handled well with an alternative plan that makes it feasible.

Bold decisions are a requirement:

If you are an ardent poker player, you are aware of the fact that success and failure is a part of the game. The game of poker teaches a person to take risk, help them achieve the goals and push them to give 100 percent effort in the game. Keep trying each time you fail, both in poker and business therefore only taking bold decisions at critical hours can help you master the art of succeeding.

It’s a lonely journey:

A poker player is always habituated about the fact that the journey of winning is always lonely and they do not have an option to seek solace inside the game. In the professional sphere or a business venture, a person remains lonely and have to take the decision on their own. There are a lot of things that a person learns from the game of poker and this is the best lesson that could be derived from the game. You can never seek for sympathy at work when you take a poor decision and need to bear the consequence alone. Therefore, if you are a poker player try being prepared for it.

A poker player is always aware of the situation and needs to take actions accordingly, therefore learning the difficult lessons of life! Apart from learning the qualities discussed above a poker player can discover more ways from the live tables or online tourneys with their experience and perception that could be practical lessons for their business/career as well.