There are many stark similarities between successful businesspeople and poker players. It takes several attributes to win consistently at the poker tables. Whether it’s the ability to take calculated moves, think two steps ahead of rivals, adapting to changing table dynamics or demonstrating mental resilience in the face of unexpected losses, these are all vital traits in the world of commerce too.
Entrepreneurs that can stay the course have similar levels of uncertainty to cope with, while making sound business decisions after weighing up all the pros and cons in front of them. Below, we’ll go into more detail about why a poker player mentality translates seamlessly into the business environment.
Calculated decision-making
As a poker player, you’re having to make multiple decisions almost every minute. Given the multiple rounds in Texas Hold’em, players have various actions to take during every round – folding, checking, betting, calling, or raising an opponent. All of those actions are made based on the information in front of them regarding the strength of their opponents’ hands.
In business, entrepreneurs have to be similarly calculated in measuring potential gains against potential losses in a bid to drive growth. It’s all about minimizing the downside and letting the upside run. Speaking of downside and upside, entrepreneurs and poker players are equally skilled at managing the resources at their disposal. For poker players, their bankroll is their lifeline. They must protect it at all costs to give it every chance to grow. Similarly in business, capital, time, and manpower must be strategically allocated to achieve short, medium and long-term prosperity.
Mental fortitude
In poker, even the best players can lose. It’s a brutal reality. The fate of the cards is sometimes out of their control. They can make the best decisions at the time, but the fall of the cards can still cause unforeseen setbacks. Dealing with those bumps in the road is what separates the winners from the losers. By keeping emotions in check and remaining focused on bankroll growth, poker players have a better chance of staying the course.
It’s a similar story in the corporate world, with the best entrepreneurs never getting too high when things are going swimmingly and never getting too low when times get tough. They know that focus and a consistent mindset can win through over time.
Adjusting to changing conditions
When a great poker player is sat at the felt, every single hand presents a new set of challenges. This means they’re having to alter their approach continuously. When they are playing a multi-table tournament, they’ll encounter new players with different styles. All of which can change the dynamic of the table, requiring players to evolve or risk being knocked out.
Entrepreneurs face – and overcome – similar obstacles throughout the business cycle. Markets can shift, consumer preferences can change, and new competitors can emerge from the shadows. The best entrepreneurs can pivot like the best poker players, seizing new opportunities as fresh information comes to light.
Trusting the process
Patience is a virtue, whatever your passion may be. In poker, cash game players may often have to wait several hands or even hours of hands until they’re dealt a hand they can truly work with. During the quiet periods when blinds are eating away at their chip stacks, it could be all too easy for poker players to panic and get involved when the probability of winning is that much lower. The best players can bide their time for the perfect hand or wait until they have table position on weaker opponents at the very least.
As an entrepreneur, patience is equally important, especially when starting out in business. Success rarely comes overnight in business. It relies on countless small steps and a long-term vision. Staying committed to the strategy and resisting impulsive and potentially reckless decisions is what separates the wheat from the chaff.
It’s clear that poker and entrepreneurial minds share many similarities, with the need to navigate unpredictable situations and making moves to improve general productivity whenever they arise.