Published: Wed, December 20, 2017
Business | By Max Garcia

Three Important Lessons Entrepreneurs Can Learn From Poker

Three Important Lessons Entrepreneurs Can Learn From Poker

When an entrepreneur builds a startup business, he is exposed to both high risks and high rewards, much like the game of poker. Both startups and poker require the right mix of luck, risks, bets, and one’s ability to properly execute against the odds. If you happen to be good at playing poker and are planning to build a startup soon or have recently launched one, here are three things you can learn from poker and apply to your business.

The Odds Are Never Zero

 

Building a startup business is never easy, and there are several factors that can cause a startup to fail, including insufficient capital, hiring the wrong people, and poor choice of location. The frightening truth according to a Forbes article is, nine out of ten startups end up failing. But despite this statistical fact, poker teaches us that although one hand would have higher odds of winning than the other, no hand ever has zero odds. A poker player would know that the house does not always win. So even when all the odds are against an entrepreneur, they can still succeed if they know how to play their hand. This could be using the technology they have or their unique selling point to their advantage.

Take Calculated Risks

 

Whether you go to a casino to play poker or play live dealer games online which feature various types of poker games like Casino Hold'em, Bet on Poker and Three Card Poker, you know that poker is not merely a game of chance but a game of skill. When one rests on chance, they take risks in the hopes of achieving the desired result. A good poker player, on the other hand, possesses certain skills that increase their odds of winning, such as attention to detail, ability to adapt, ability to vary play, and range-balancing. This is applicable to both actual and online casino sites, where the stakes are both high. A successful entrepreneur is one who does not just take risks but takes calculated risks to be able to win the biggest jackpots. He analyses the risks on the table and takes all factors into consideration before making a decision.

There’s Always a Wild Card

 

Entrepreneurship, like poker, is a game. And in a game, there can only be a few winners, which reinforces the numbers we mentioned earlier. Now, if you want to win, you will need to gather as much information as you can to enable you to implement the best strategies as you decide to take calculated risks. But that’s not all you need. Luck also plays a role in business, as in poker. But being prepared, having sufficient information, is what will make it possible for you to grab luck by the hand and win the game.

 

There you have it, three important poker lessons for business entrepreneurs. Like poker, a lot of people want to play the game but not everyone wins in the end. So, take as many lessons as you can learn and apply them in your game. Dedicate time and effort to learning the game, or the industry, so you can improve your skills and eventually improve your chances of winning. 

Like this: