How Entrepreneurs Can Learn From Poker Players
To be a successful entrepreneur, you need a variety of skills and influences. Drive, ambition, and desire are all prerequisites for success, as is an ability to get up in the morning. If you don’t have the basic components, then you’ll simply never be a success. You don’t even need a killer idea; hard work and application can see even the most modest projects succeed. Remember, it’s not the hand you’re dealt that makes you successful; it is the way you play it.
That’s a saying from poker, which is often used in real life, and there are plenty of other lessons one can
take from poker. It’s a game of skill with elements of luck thrown in, a game of chance which you can
affect and drive depending on your outlook. Poker is often used as a metaphor for life, and it can teach
the budding entrepreneur plenty about how to be a success.
Know The Rules:
Successful entrepreneurs are often seen as mavericks, the type of people willing to cross lines and blur
boundaries to get to the top. Take Mark Zuckerberg as an example; his development of Facebook has
often bent the rules a little and yet also stayed on the right side of the law.
Understanding poker rules is also very important, from the hand ranking charts to the different poker variants you can play. There is a thing called an angle shoot in poker, which is a set of unwritten rules that are frowned upon and will earn you disdain and possibly penalties. Knowing exactly what you can do, and can’t do, means you focus your attention on the elements of the game you can change fairly. The same goes for business; succeed, but stay within the confines of the law.
A successful entrepreneur embraces change; they roll with the punches and adapt quickly to developing situations. That’s something that you can learn in poker because even the best hand can turn bad, and vice versa. Imagine you’ve been dealt pocket queens, a great hand from the off. Then on the flop, you see 2, 3, and 4 drops, all red. Your great hand has suddenly changed; you’ve gone from being the dominant player to not knowing the full picture. You have to embrace that change, evolve that approach, and make the best of the developing situation.
Understand Your Competitors:
To be a successful entrepreneur, you have to understand the business you’re in, and that doesn’t just apply to your customers; you have to know what those around you are doing. Imagine you’re the owner of a food truck providing hot dogs to people, and the vendor down the road starts selling lots of his chilli dogs; you’d want to get a chilli dog line in, wouldn’t you? In poker, you have to understand those sitting around the table with you, not just to see what they’re doing; you have to know what they’re thinking. What hands do they have, and how are they going to play them? If you can get in their head, you can get ahead, and maybe it’ll be you dropping the chilli dogs first, not playing catch up with the competition.