What do a businessman and a poker player?
Poker is a game of skill, strategy, management, calculus of probability and of psychology. Poker has many basic skills typically associated with business, because shark is a shark, whether the shark or the card shark business. Talents who are able to lead to victory at the card table are highly valued in other spheres of life, especially in the business world.
1. Logical reasoning
«I know that I know nothing, but others do not know…» the Meaning of this statement, like anyone else, understood by every poker player. Few things in this world can lay claim to the characteristics of precision, stability and certainty. This factor is constantly taken into account by the players in the evaluation of the chances and accuracy of the calculations at each stage of the game. And not only and games, eventually it becomes a mindset.
Similarly, entrepreneurship involves the assessment of the risks and attempt to reduce uncertainty by matching features and calculating the ratio for each result. Every decision is a bet, every action – and logic helps to play each new game.
A good poker player will never allow himself to slip into «tilt» and your emotions take control of the situation. When it comes to money and a lot of money you must know how to overcome your ego, to give him a few slaps to stop the panic.
In business the same thing: when things don’t go according to plan, you need to quickly sort out the situation, to reconsider priorities, taking cold-blooded decisions with a clear head to take matters into their own hands. Know how to manage their risks. While startups have to be bold and innovative, you have to consider the implications of every step. Discuss the major strategic changes with your team or people that you trust and who are able to give you competent valuable advice.
3. Knowledge of competitor
When expert in poker «read» his opponent, from its sharp sight escapes no detail: coughing, changing posture or nervous TIC. A thorough analysis of what he saw helps to make a guess about what’s going on in the mind of the player which strategy he up to, what action can be taken in the next minute, learn the playing style of the opponent.
Outside of the gaming table should you ever observe those people who are planning to do business. Need to know what is important to the other party. And the only way to obtain information about the interest of customers in product, interaction and searching capabilities for fast analysis of their behavior. Listen more than you talk, never underestimate your opponent.
4. The ability to pass
Those who played poker quite clearly understand that it is impossible to win each tournament and calculate thoroughly every combination. These people know that there is no one worse than than lady Luck. And just knowing when to fold will help keep the lion’s share of the money that is so easy to lose in the hope to win.
The cunning of entrepreneurs – to minimize possible losses. In negotiations it is necessary to understand and to feel, when to stay on point, and when to move on. The struggle for each item will not help you to make a deal, if you don’t have a proper advantage and influence. Is to teach the players to postpone the game for another day.
5. Funds management
«Bankroll management in poker is the amount of funds that are used to play poker and only poker game, the money the player is willing to spend on making a profit.
The process of making decision about the rate can be compared to investing in securities: you assess the risk, and when you see an opportunity for profit, you invest. A bankroll is your capital, without which investments are not possible and effective the management of this capital is essential to success in the long run. The size of your «bankroll allows you to determine which limits you can play, to achieve an optimal balance between your greatest desires:
1. Win a bunch and cut the dough.
2. To limit the number of losses.
3. To keep most of the bankroll» when unfortunate scenario.
Excellent «poker face» is, contrary to popular belief, not just a face without a hint of any emotional expression. This is a mask that adapts and changes depending on game and situation. Poker Face is the ability to mislead the enemy. About it can tell players who are professionals in bluff. A bluff is a method of preserving the unpredictability in the cruel world of competition: the less the enemy knows, the better.
7. The use of skills and capabilities
Keep luck out of the equation: in the long term only the skills and professionalism distinguish winning players from losers. People can’t decide to become a professional poker player if he never played, and hope for success in the first few tournaments. You need to spend time reading books on strategy and to obtain enough experience to know when to bluff, raise or fold.
Entrepreneurship is no exception: for the emergence of skill can take years of work, trial and error. In business you should know why and what to do. To understand the real value and offer reasonable prices. Business is hard work that requires dedication and long hours of preparation and study material of their work.
8. Trust but the deck you take
In business there is nothing wrong with warm and trusting relationships, but you must be sure that you’re protected by appropriate contracts and conditions of the transaction.
9. Gentlemanly behavior
«Bad beat», unfortunately, are part of the game, but, as the poker saying: «Another night – another new table.» When luck is not on your side, it is better to leave with dignity. The most important thing is to learn from your mistakes and take into account their own inherent value as important life experiences in an endless process of learning.
10. Pinch good luck
This paragraph echoes the first paragraph. Even if you possess all the key skills at a high level, it doesn’t give you an absolute guarantee of the desired result. One percent to force majeure, or a ridiculous set of circumstances remains. Only prejudices should never be a barrier to the cold analytical mind. You just need to understand that there are things that man can control and those that control an absolutely uncontrollable. And if it happens unplanned disaster, don’t blame yourself for what you couldn’t.