The business world is like a poker table: you rely entirely on your intellectual competence to succeed – or fail. Also, more experienced people can help you. Offer advice. Maybe even invest in you. But this is of no use if you do not have the ability to hold the ends by yourself.
Among the great entrepreneurs and world leaders, poker is one of the most popular hobbies. Some examples of famous players? Bill Gates, the founder of Microsoft. Barack Obama, the former US president. Warren Buffett, the largest investor on the planet.
Coincidence? Certainly not. The skills you need to develop to win in a poker game are the same skills that can leverage your career success. Here are some business lessons poker has to teach us:
Have A Plan
When you sit down at a poker table, you need to have a long-term plan – not just think of the hands individually. Will you play aggressively ? On the defensive? Do you plan to risk more, perhaps, to earn enough chips and fight for the first place later? Or will you be more cautious, to increase the chance of getting at least in the top three? Your decisions will be guided by the plan. That goes for poker and for business too.
Adapt To Circumstances
Having a plan is the first step, but you need to be prepared to adapt to the circumstances. After all, the variables of the game – and of life – are constantly changing. If you find that the players at your table are very aggressive, it’s best to wait for a good opportunity to win your chips instead of risking too much. If they are very conservative? Then it’s time to put your foot on the accelerator and press them. We need to always be alert to the movement of the labour market too because it’s like a living organism in constant change.
Think In Personal Marketing
What image do you want to pass to the other players at the table? This is a very important question. If you can convince them that you are a bluff, for example, this is a good opportunity to change strategy – and start betting only on good cards, because the chances of getting paid are high. In career, the personal image also has a lot of value, because its recognition in the area can open (or close) doors to you.
Learn To Manage The Capital
In general, when a new company goes bankrupt, the reason is the lack of financial planning. If you do not have a working capital capable of withstanding the storms, the first wave will sink. The same goes for poker. It is essential to only play at tables that do not jeopardize your personal finances, even because this will lead you to make irrational decisions at the table, thinking about money – not the game itself. Never make that mistake. Set a budget, both in business and in poker, and stick with it.
Analyze The Results
You may have heard that practice leads to perfection. That’s a half truth, because it’s no use practicing exhaustively and forgetting to analyze your performance in order to make the proper adjustments that will lead you to grow. Self-reflection is a vital step in the poker career and game. By studying the past, you will be able to avoid the same mistakes in the future.
All great entrepreneurs have gone through failure – and all the great poker players as well. There’s no getting away from it. But do not despair. Defeats are never fatal, just as victories are not final either. You have to keep moving forward and reinvent yourself constantly, because tomorrow (or the next deal) is a new chapter in your story.