When it comes to the listing of most popular games casino games around, poker always land on the shortlist. Although a number of online games are making its presence felt, poker gets its fair share of followers and enthusiasts for the right reasons. Compared to other casino games, poker test the player’s skills and decision-making skills. Yes, there’s an element of luck in dealt cards but at the end of the day, the play and fortune eventually relies on what you do with the cards dealt. This challenge is one of the main motivations why players and enthusiasts love poker online, in its many variants from Omaha High to Texas Hold’em. But if you think that this game is only beneficial for casino players and enthusiasts looking for a winning hand, well think again. The same motivation and challenge offered by the classic card game can also work for businesses to tremendous results. If you take a good look at this classic table game, it’s easy to spot the commonalities between the two. Running a business and a poker game are both known for high risks, but come with greater rewards. What business owners can learn from this card game is that a successful business venture is defined by a smart balance of risk, right bets (and calls), luck and the entrepreneur’s ability to make decisions even in the face of the toughest odds around. Here are four lessons that business owners and investors can learn from expert players of poker.
- You can always find a way to beat the odds. According to a number of business insiders and experts, 9 out of 10 start-ups often fail. It seems that failure and challenges have been ingrained in the DNA of all start-ups and businesses around, and this may unnerve some people. And the reasons for the failure are many- from bad location, insufficient capital to the selection of a wrong team that should run the business. Don’t let the results of the survey stop you from starting or even running your business. If you play poker and a master of taking advantage of the hand, you will know that different hands will feature varying odds, but it’s not every time that the house wins. There will be instances that a bad hand may be given and the odds may not be in player’s favor, but if he knows how to play the hand, then the odds can be managed.
In the context of doing business, this means knowing how to introduce technologies, incorporating innovation or adding value-added services. In short, a business owner may strive to provide a differentiated product to go against the odds. Beat the odds, win in the game of poker, and this is exactly reflected in doing business.
- The need to assess and take on risks. Running a business and playing this table game come with risk. And when it comes to managing these risks, entrepreneurs and business owners can look up to online poker enthusiasts and expert players. Expert players can serve as role models in business because they now how to take risks. These players are not gamblers who simply face risks head-on; expert players are more diligent who plans out and assess the risks involved before taking the plunge. Business owners can easily learn from this approach when it comes to managing the business. Instead of making decisions based on impulses, an expert business owners should know how to become diligent and careful when it comes to facing risks and taking on opportunities. If expert poker players will pay attention to the hand values, business owners should always rely on data, statistics and market movements when making decisions. It’s never recommended to gamble; learn from the expert online poker players as they make calculated and informed risks all the time.
- Treat each available information as helpful. For poker players, they often make bets even if they are not completely aware of the total hand value of the other players on the table. Players often rely with what they have, and what they thought of the moment. As new cards are dealt, these are evaluated and assessed how this will impact the game. In short, the perfect bundle of information will not land on your lap. The same situation can also be expected when it comes to running a business. The market will not give you all the helpful resources and insights that you need that can push the business to greater heights. Instead, you will have to treat each data and information as it comes. Each new information that comes to you has a value, and it’s important that you always act on it. If you wait too long, you will end up missing a golden opportunity, and it shall never knock again.
- It is YOU who will eventually steer the business to the right direction. A number of games playable online including 888 poker requires an element of luck. It is often luck that decides which cards will be dealt to you, or the cards that will be controlled by the other players. While luck certainly plays a key role, keep in mind that how you use the cards and play it will eventually win or lose the game. This is exactly what will happen as well when one decides to invest in a start-up or run a business. Luck may be a factor, but how you make do with available resources and the kind of attitude that you take will eventually define your business. At the end of the day, running a business requires commitment and complete control of things, from the management of risks and tapping into opportunities. In short, the business owner is the main factor in determining the true value of the business.
Running a business is like a card game, you have to face risks and you have cards to play. If you want to remain in the business for long then make it a point to fight for all chips laid on the table. It starts with the drive and the never-say-die attitude. Of course, it also matters if you can stand your ground and choose your best moves based on what you have, just like what expert poker players do.