Poker is a game of knowledge which can teach us a lot about business. Daniel Negreanu, the most successful poker player of all time, went bankrupt when he was eighteen but continued on his way.
In business, many successful entrepreneurs went bankrupt and then succeeded. Remember, it is important to succeed once and try to learn from every failure. In any business, it is crucial to have a mentor, even Negreanu had one. A mentor is a person who guides you, motivates you and encourages you to gain new experience and knowledge.
There are many poker players in the world but few of them are successful – this is the same in business. To succeed in poker, it is important to learn and play and the same goes for business. You will know more if you keep learning and adapt to change and, of course, actually try something – to carry it out is more important than the idea itself. A big part of poker is based on thinking and expected value and it should be like that in business as well. You must know how to assess the worth of your time (in the case of a service) or the product which you are selling (and the cost of making it), and at what price and quantity you must sell it to make it worth your while. In poker, emotional stability is paramount as it is important in business to react appropriately, especially in a crisis. Remember that overly emotional behaviour will be an obstacle in business and that numbers never lie. If you are not doing well, stop and try something else. It has never been easier to start a new business because you have a lot of knowledge arround the world and you can do business with virtually anyone.
Daniel, who is believed to be the most successful, does not earn much from playing poker but from sponsorships he gets. In business, you should not focus on just one source of income, you should have more. In poker, the position and cards are important – if your turn is last, it is easier to act because you see what your opponents did. In business, the position is the location (e.g. a restaurant) which is one of the most significant factors and the cards are the kind of product you have on the market. In poker, you have 169 combinations; many of them are possible in business, from whether you are selling to a person, a business or the state to where you will be selling.
The qualities of the best poker players in comparison to business:
– aggression: when you have an opportunity for the right product try to get the most from it,
– patience: wait for profitable situations, the right projects in business,
– being informed: about your opponents, competition and your buyers,
– constant learning: important in any business.
In poker, the odds and outs are essential. In business, you must calculate what you can afford to do to gain a customer and how much to charge them to be worth it. In online poker, breaks are important because sitting is a killer. In any business, we must take breaks and clear our heads.
In poker, we know a few different types of players, e.g. the aggressive player, the beginner, etc. Also in business, not everyone is good at everything, for example, someone can be a good entrepreneur but is a bad manager. Your buyers are different so adapt what you offer to different types of buyers. In poker, it is crucial to have enough money at your disposal or a bankroll (there is a difference whether you play cash games or tournaments). Many entrepreneurs fail because they simply run out of money. In online poker we have programs for playing, e.g. Hold`em manager and Poker Tracker, and in business, we have tools which will help you with social media, e.g. Hootsuite or with email marketing, e.g. Active campaign .