The business world is like a poker table: you depend entirely on your intellectual prowess to succeed – or fail. Other, more experienced people can help you. Offer advice. Maybe even invest in you. But it’s no use if you don’t have the capacity to hold your own.
Among the world’s great entrepreneurs and leaders, poker is one of the most popular hobbies. Some examples of celebrated players? Bill Gates, the founder of Microsoft. Barack Obama, the former US president. Warren Buffett, the greatest investor on the planet.
Have A Plan
When you sit down at a poker table, you need to have a long-term plan – not just think about individual hands. Will you play aggressively? Defensively? Are you planning to take more risks to maybe win a lot of chips and fight for first place later? Or will you be more cautious, to increase the chance of at least finishing in the top three? Your decisions will be guided by the plan. This goes for poker and business, too.
Adapt To Circumstances
Having a plan is the first step, but you need to be prepared to adapt to circumstances. After all, the variables in the game – and in life – are constantly changing. If you notice that the players at your table are too aggressive, it’s better to wait for a good opportunity to win your chips, rather than taking too much risk. If they are too conservative? Then it’s time to put your foot on the gas and put pressure on them. We need to keep an eye on the job market, too, because it’s like a living organism that’s constantly changing.
Think About Personal Marketing
What is the image you want to convey to the other players at the table? This is a very important question. If you can convince them that you’re a bluffer, for example, this is a good opportunity to change your strategy – and start betting only with good cards, because the chances of them paying you are high. In a career, personal image is also very valuable, because your recognition in the area can open (or close) doors for you.
Know How To Manage Capital
In general, when a new company goes bankrupt, the reason is the lack of financial planning. If you don’t have a working capital capable of weathering the storms, the first wave will sink you. The same goes for poker. It is essential to play only at tables that will not compromise your personal finances, as this will lead you to make irrational decisions at the table, thinking about the money – and not the game itself. Never make that mistake. Set a budget, both in business and in poker, and stick to it.
Analyze The Results
You may have heard that practice makes perfect. This is a half-truth, because there is no point in practicing exhaustively and forgetting to analyze your performance in order to make the necessary adjustments that will lead you to grow. Self-reflection is a vital step in your poker career and game. By studying the past, you will be able to avoid the same mistakes in the future.
Every great entrepreneur has experienced failure – and every great poker player has experienced failure. There’s no escaping it. But don’t despair. Defeats are never fatal, and neither are victories. You have to keep moving forward and constantly reinvent yourself, because tomorrow (or the next hand the dealer deals) is a new chapter in your story.