I didn’t know it at the time, but I was learning valuable business skills that have resulted in money in my pocket when learning to play. No, not by squandering money. 🙂 Let me demonstrate what I mean. Playing poker taught me four things.
First, I learned how to make the most of the situation. I learned when to play a hand, when to take chances, and when to discard cards and wait for better ones. This kind of discernment aids a company owner in making wise decisions about asset management and when to let go of a project that isn’t delivering results. When starting a company, I discovered that you will invest two assets: your time and your money. You’ll need one of these assets more than the other depending on where you start. You will make the best of what you have if you have a reasonable understanding of which asset you’re dealing with.
The second lesson I learned from poker is that in order to win, you must employ a strategy. Good players spend years learning from one another and figuring out what works best for them. Their approach is dependable and adaptable to changing circumstances. Each game teaches them something different, and they actively seek out the lessons when they lose a hand. They know how much they’re willing to gamble in an evening, and losses don’t throw them off course because their plan accounts for the slow time.
The third lesson I learned is that, while I must understand the cards I have, I must also keep an eye on my opponents and change my strategy accordingly. Even if I have a solid straight, I must keep an eye on my fellow players in case one of them has a straight flush. If you just concentrate on your side, you will find yourself bankrupt in no time. And if you have a fantastic product, don’t trick yourself into believing you’ve outsmarted your rivals. People will still want to come into your market while you’re in business. People are constantly developing new goods and services, and if you aren’t paying attention, yours could be left in the dust. The difference is that you might discover that good strategies include collaborating with your rivals and investing in joint ventures. Unlike poker, you can win both ways.
The last and most important thing I’ve learned from poker is that risk isn’t a four-letter word! If you’ve learned the competition and know you have a strong side, risk is a positive thing. In the real world of business, you’ll have to do stuff you’ve never done before or that makes you nervous. This is a positive thing because pushing past your fear of taking a chance makes you a happier person. I used to be concerned about the consequences of losing a bet. Instead of playing to win, I played to avoid losing. There’s a significant gap between the two. Playing to win entails putting yourself out there and informing others that you have a decent product or service. Playing to avoid losing normally results in you losing or just breaking even because you can’t do the things that propel your company to the top.
In conclusion, I learned how to effectively use my strengths, execute a winning strategy, react to my competition, and overcome my fear of losing. Consider other events you’ve participated in over the years. What new skills did you pick up? What can you do with them to help you create a profitable business?