What your poker skills say about your business skills

by in Misc
business

Poker and business have a lot in common. They share the need for risk and strategy, as well as require decisions to be made that could make or break your entire plan in a matter of seconds. Because of these similarities, it’s been said that your poker skills offer insight into your ability as a business person. There are many types of poker players, just as there are different types of salesmen, closers, and leaders in the business world. 

Poker players know all about what it takes to put together a strategy and keep their cool. Resource management is a key thing for both businessmen and poker players, meaning that being able to understand when to hold back or go all in is a skill that not many have. These qualities are essential both around the poker table and in the boardroom. We’ll be exploring this further in today’s article.

You know how to leverage the probability

The first point on our list, arguably the most important, is knowing how to leverage probability and use the odds to your advantage. In the world of poker, the player needs to understand the theory behind using probability and must be able to calculate mental arithmetic at quick speeds. This is no small task and is only done by the very best players.

On the other side of the table, business people also need to have this skill. If you can understand probability risks as a poker player, you have a good chance of surviving in the business world, as you should be able to make snap decisions using minimal data, as long as you have a good understanding of what it means. There’s much to learn, which goes without saying, but it’s a great starting point.

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You understand the need to try different strategies

 

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Strategy is king in poker and requires the player to understand why different strategies are needed and how to flip between numerous strategies at a moment’s notice, depending on how the game develops and how their opponents behave. This theory can come in useful as the poker player will be able to recognize specific triggers and how to react accordingly if you want to stay ahead.

In the business world, strategy is also fundamental as there are numerous factors to consider, so having a flexible but sturdy strategy in place is the best way to help ensure a positive outcome. When going to market, a business person should have multiple entry strategies as well as know the most effective ways to exit. If you have a good system, you’re setting yourself up to succeed. 

You can make decisions under pressure

Poker is a high-stakes game in every sense of the phrase, and being able to make decisions even when under pressure is an essential trait to have. Everybody around that table has one thing on their minds, and they are all looking for moments of weakness that they can capitalize on. If you can keep your head straight and focused, you should be able to make strategic moves even while under stress.  

In business, keeping your head cool when up against the odds is a fundamental skill that a surprising number of people have yet to master. Things can change in an instant, often with little to no warning, and being able to remain calm and stick to what you know will work is a skill that’ll pay you back many times over. It’s easy to panic under pressure, but staying calm is the desired state of mind.

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So, is there a connection between poker and business?

 

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It’s not easy to answer, but we genuinely do believe that there’s a strong connection between how you perform in a game of poker and how successful you’ll be in the business world. Many core skills remain the same regardless of where you play your game, and while there is a knowledge gap, these things can be learned with time and practice. Practice makes perfect, after all. 

Although there are many different factors to consider, it feels pretty safe to say that if you can perform at the poker table, you have a good chance of succeeding in the boardroom. You’ve shown that you can outthink your opponent, that you can read the table and make calculated risks, and that you can perform under pressure. It’s not a guarantee, but it’s as close as you’ll get to one. 

 

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