Almost unbelievably, poker, the beautiful art of gambling, is considered to be beneficial for the business brain, and here’s why…
Poker can help to teach you to calculate risk, which of course is a part of everyday life for businesses around the world. In both poker and business, you have to measure risk, what you could lose, and is the potential gain worth it. Entrepreneurs and poker players are similar in the sense they make impulsive but calculated decisions, carefully considering the odds. The biggest similarity is that their forte is probabilistic thinking and the competitive edge.
It’s often said that a real man makes his own luck, and poker players realise that. And whenever they are presented with a chance, they must follow it up with a good decision process. In order to be a successful entrepreneur, you must take note, if you do happen to strike lucky, you must execute good follow up plan by following your business instinct, focusing only on what you can control.
Playing poker is an excellent way of teaching yourself endurance, allowing you to thrive under pressure. Sites like Royal Vegas Casino allow prospective players the chance to hone their skills from anywhere in the world. A game of poker and the business industry are similar in the way that to begin with, there are a large number of players who drop out as the game goes on, with the remaining few being the more victorious. And in business, hundreds of budding entrepreneurs start their own businesses and without the dedication, and acceptance of that one day you may lose everything scaring you into chasing the potential gain, then you may just have to cut your losses.
And if you do have to cut your losses, then you mustn’t dwell, and learn to move immediately. In poker, if a player is dealt a bad hand, they know the wisest thing to do is fold, and a good player will do just that. This should also be applied to business, if a venture looks to be doomed, then accept you must fail fast.
Whilst a poker player may look to fold if they are dealt a bad hand, they are always selling. They evaluate the hand they are dealt, assess what other people at the table are looking for, and make their proposition. Businesses must follow a similar attitude if they are to be successful, do your homework, assess your negotiator’s hand and you will both walkaway content.
