Poker and entrepreneurship have one thing in common. They are both very rewarding professions provided you do it right. The two professions also require individuals who embrace them to have a huge appetite for risk, work on developing an excellent strategy and the ability to evaluate critical data.
5 Poker Lessons Which Could Be Useful To Start-Up Entrepreneurs
1. Believe in Luck
Though most players would argue that poker is more of a game of skill than a game of luck, there are times when elements of chance take over – you start with a poor hand and then ended up winning a full house because the luck of the draw just landed on your favour. This applies in business as well. Some successful entrepreneurs have had lucky breaks — it all boils down to having a positive mindset and recognizing that luck and right timing can spell the difference between your success and failure.
2. Make Decisions Even With Incomplete Information
The game of poker requires you to make quick decisions, even when the information is insufficient. You place bets in each turn of play on the table, totally clueless of the other players’ hands. As the game progresses, new data comes in and you slowly form a prediction based on every new information unfolding in front of you. Likewise, as an entrepreneur, your knowledge of a niche market you’re investing in won’t always be complete. Trends change, demands fluctuate, competition grows, and you have to make decisions based on your ability to evaluate things. You have to act and decide on imperfect data, otherwise you will miss your shot.
3. Know When To Quit
Successful poker players know when to quit. If the odds are not in your favour on the first hand, learn to stop and save your stack for the next. Just like in business, if you want to succeed, you don’t have to stick to something that won’t give you positive results. Divert your time, energy and resources to finding other ventures and exploring new opportunities.
4. Take Responsibility
In the end, how you play your cards determines your outcome. Getting dealt great cards won’t matter if the player is a poor decision-maker, lacks strategy and doesn’t have the skills and abilities to stay in the game. Similarly, investors always look at the entrepreneur when deciding where to pour their money. The entrepreneur is the one who takes risks and makes the decisions.
5. Give It All You Got
If the odds of success are in your favour, do not hesitate to go all in and bet everything you have on one hand. Trust your instinct and be brave and you’re in for a huge victory. As a start-up entrepreneur it takes a lot of gut and passion to succeed. If you are not fully committed, it will show in your business results.