Poker is more than just an exciting game. It is also a great teacher. This game can teach you a lot about running a business and business leadership skills provided you pay attention to it. Many successful entrepreneurs have attributes that you can learn from poker. Let’s find out what they are:
Emotions can stay out the door for a while
Poker requires you to observe, understand, and decide in a matter of seconds. Letting your emotions take charge will prolong decisions and when you do that, people will know that you are not comfortable. Thinking about employees or growth or finances emotionally can create unnecessary pressure. Poker teaches you to make decisions without getting too emotional about them.
Observe people and look for patterns
Your ability to observe people and locate patterns can make or break you in poker. The same holds true in business strategy. You may have noticed that almost all successful entrepreneurs have the ability to read people perfectly. They use this during negotiation and discussions. You may call it gut but it is all about behavioral pattern.
Always start by spotting the weakest
At the negotiation table you should observe who the weakest is. If you can’t do that within 30 seconds, it is probably you. This means it should take you only 30 seconds to understand the people in the discussion. This skill will take you far in negotiations and deal. It is an asset.
Money is a part of it and not all of it
If you go there only to make money, you will fail. This holds true for poker and business. In business, you should focus on business connections, clients, investors, and customers. In poker you have to concentrate on everyone you playing against. Money will come when you do this properly.
Innovate every time
You can’t be the same person at every table. If you won the first time, playing the same way may not help you win again. Depending on the type of people you are playing against, you have to innovate and reinvent. Only then can you succeed. Successful entrepreneurs do exactly this.
If you lose a hand and can’t get over it, you will lose at poker. If you can’t get over a failure in business, you will fail altogether.
Successful entrepreneurs are strategic and analytical. These are the two major skills required in poker as well. Poker teaches a number of lessons that one can apply to be a better entrepreneur. These include keeping emotions out and reinventing yourself.