Many people think poker is a game of chance and luck; however, this could not be further from the truth. Good poker players have an array of skills they have acquired through playing lots of games, allowing them to accurately and quickly think through decisions that put them in the best spot for success. These skills can be applied to business, where good decision-making will be the main difference between failure and success.
Poker is now more accessible than ever before, you can play poker online from the comfort of your home and pick up some of these invaluable skills. Read on to find out how poker can help with your decision-making in the business world.
1. Risk Management
Risk management is a huge part of poker, where you have to be extremely good at calculating how much you are willing to put on the line, the potential returns, and the percentage you have of success. This transfers over to business, where you have to be able to work out where a particular decision is too risky or if it is worth taking for it to improve your position. This comes down to calculating the cost and benefits associated with decisions in business which will be the difference between becoming a successful entrepreneur and failing. Another aspect of risk management in poker that can be applied to business is having a budget and making appropriate decisions to keep within it. In poker, things may not go your way through no fault of your own, but it is crucial not to chase losses. In business, sometimes, the decisions you make don’t work out, and you need to know when to cut your losses and not continue down the same path in the hope that you turn things around, especially when it is unlikely.
2. Probability and Statistics
It is crucial that you have a good understanding of probability and statistics in business. Using your knowledge of maths to determine the odds of a particular decision will greatly improve the quality of decisions you make and the likelihood of them being a success. In poker, you have to constantly be working out the chances of winning, considering the cards you have against what others may have and the impact the community cards on the table have on your position. The best poker players can calculate their chances of winning with their cards to an impressively accurate degree. If you can do this in business, you will put yourself in the best position for success when it comes to decision-making.
3. Patience and Discipline
Poker teaches you to be very patient as well as disciplined so that you don’t rush decisions without thinking through them properly. The best poker players can control their emotions and wait for the right opportunity that gives them the best chance of winning. This is a super important skill in business, as you shouldn’t rush any important decision that may impact your company’s success. Successful entrepreneurs take a step back, analyze the outcome of any decision properly, and determine whether or not it is in the best interest of the business they own. If you learn to do this effectively, you are much more likely to have a business that flourishes.
Every poker game is different, which means players have to be able to switch up their strategies depending on the current game they are playing in. Poker encourages players to think outside the box and be creative to set them apart from the rest and think of innovative ways to beat opponents. In business, standing out amongst the competition is important for attracting new customers, as you have something others do not provide. The business world is also constantly changing, so being able to adjust your business model to increase success is important. If you aren’t open to new ideas, you are more likely to slow down your progress as a business owner as the competition finds new ways to out-compete you.