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It takes a special kind of person to become a successful entrepreneur. Obviously, those blessed with business acumen are more than just persistent. Entrepreneurs must be able to solve an endless string of and put out fires right and left, virtually non-stop, often against the ego, and despite the physical and emotional fatigue.
Just like a poker game
A poker game is a long session, with the success never guaranteed. Information is extremely fragmented, but you need to rely on these tiny bits of info to make decisions and build your game strategy. If you do not devise a winning strategy to give you an edge over rivals, you will dice away all your money. But it can be fiendishly difficult to stick to your endgame strategies when they are incurring short-term losses.
Persons, who are accustomed to making decisions in a stressful, money-risky situation with a handful of playing cards in their hands, develop motivation, tenacity, analytical talent, mathematical & logical reasoning skills, and many other capabilities that are vital for business success. The game of skills, not the chance, poker can help one earn a living from the game, achieve financial well-being, and lead an independent lifestyle.
Running a business has so much in common with poker, and entrepreneurs can learn a lot from this game of intelligence. Whether you want to launch an online casino platform, create a poker site, or set up a different business, here are eight poker lessons to help you grow professionally, improve your business skills, and take your venture to the next level.
Picking up the Basics
You cannot be a successful entrepreneur or poker player if you do not learn the basics. As for poker, before putting your money on the line, you should get acquainted with the rules and how the game is played. You can focus on the advanced strategies later, but until you grasp the basics of poker and memorise all its rules, you will not be able to win a prestigious poker tournament anytime soon. Online poker platforms generally provide free or cheap lessons on the poker fundamentals to help you get started.
Learning to become a successful businessman is not as easy as ABC. Luckily, there is no shortage of affordable online courses and brick-and-mortar business schools where you can learn everything you need within a year or two, at your own pace and at a time that is convenient to you, without skipping out on work. This step is essential because whether you are a heaven-born businessman or a potential poker prizewinner if you are rubbish at how the game is played, you are doomed.
You can buy online poker software to bridge a gap between two worlds – poker and entrepreneurship, and capitalise on running a poker room site instead of actually playing cards!
It All Starts Inside Your Head
Poker is a game of skills, just like operating a company. The profitability of your undertaking depends on your moves, the strategy you elaborate on, and whom you play against. Your mental condition must be sound and prepared for any outcome, and you must be ready to take on any challenge. If your mind is not in the right place, your game will fail. If you desire to dip your toe into running a profitable business, you can buy casino software for sale to make money out of the hugely popular iGaming industry.
Emotions Can Derail Your Success
Learning to control your emotions during the game is an advanced ability that all seasoned poker veterans have mastered. It does not matter if you are negotiating a multi-million dollar deal or losing your house-worth bet on the table: if you commit just one mistake, it takes a special skill to keep your anxiety from showing up.
In poker, if you lose your poise, think longer than usual, or even bend your brows, you have lost your poker face, so your competitors will immediately take advantage of it.
Likewise, in business, you will not be able to effectively persuade investors to support you or induce your clients to buy your goods, if during the product presentation you let your emotions take over.
Reading Your Rivals
At the poker table, anticipating your competitors’ risk appetite will help you make better decisions. Also, knowing the strengths and weaknesses of your primary competitors will enable you to counter them effectively. Similarly, in business, you need to do your due diligence to learn what makes your competitors successful, so that you can replicate their success.
Being judgmental is critically important both in business and poker (although society often stigmatizes those who are judgmental, it is true).
Big players in a business or a playfield compete against other players, meaning they have to make correct decisions regarding the personality of the people around them.
Famous poker players can tell when someone’s heart rate is racing just by watching their breath, and a shrewd businessman knows for sure whether or not they will hire the candidate just a few minutes after starting an interview.
Designing a Strategy and Being Ready for Its Failure
Entrepreneurship or poker is not a movie where you know that the protagonist will win in the end.
A real understanding of poker is required if you want to increase your odds of success, which includes the ability to predict outcomes, be aware of the opponent’s cards, and anticipate the upcoming cards. Studying the game of probability and statistics is necessary to be able to develop strategies for the table, but even these measures can bring nothing.
Similar to playing poker, you also need to learn about your competitor’s next move in your niche, predict future market patterns, and even read your team members to see which one is on your side and will not let you down. However, just like playing poker, you will not always be right, despite a meticulously prepared strategy and taking all precautions with extreme precision.
It may be that you made a mistake in your predictions, or someone else outperformed you, or it may be that the whole scenario pulled a 180 due to an unexpected move of your opponent, or a government policy that clamped down on your business sector. The point is that you need the ability to think on your feet and to be agile to adapt to the changed situation.
You may bend every effort to devise a winning strategy for both your enterprise or poker game, yet you should learn to remain fully prepared for the worst-case scenario when things go sideways. Having a Plan B is a rule of thumb in both business and poker, but sometimes none of the plans work, which forces you to make dynamic decisions under pressure. Prepare for bad surprises on both battlefields, and learn to quickly turn the changed situation to your advantage.
Avoid Chasing Losses
Poker players tend to go on “tilt” when things go the wrong way in a given hand. They start playing looser and take a greater risk. This often leads to even heavier losses. Be sensible when you are on tilt, so you do not ramp up your losses. While startups need to be aspiring, innovative, and dynamic, do not commit without thinking about the consequences. Discuss key operational changes with your team, board of directors, and advisors. And you have to manage risk. As renowned poker writer Lou Krieger said, “In poker, like in business, the key to success is the knowledge of how to manage risk and capitalise on the opportunity.”
Trust Them, but Cut the Cards
It is a popular poker aphorism that says there is nothing wrong with trusting other people, but ensuring you are protected by cutting the cards. In business, it is OK to be cordial and trustful, but make certain you protect yourself by creating appropriate contracts and fully understanding the terms of the deal.
Being aware of your capabilities is paramount in both poker and business. What stakes do you choose to play? How much money are you pouring in? How much time are you spending on it? One of the most important things to remember is that overdoing everything is bad. And once you feel like your decisions are affecting the quality of your personal life, interfering with your career, or disrupting your family’s happiness, it is time to take a step back and ask yourself, how you are going to change this negative situation.
If you are good at poker and feel that you can convert your skills into money, one of the best methods to earn from this intellectual game is to buy a poker website or casino software. EvenBet Gaming is a leading online poker software provider that supplies fully customisable white label casino and betting solutions for entrepreneurs with integration and maintenance. Do business in the rapidly evolving iGaming industry and build wealth on people’s penchant for fun. We can help you throughout the way, developing your online gambling business into a prolific business empire.