Playing Poker and Building A Business – What Skills Can You Learn
While most people appreciate chess for its intelligence training, poker is often underestimated even though it is undoubtedly one of the best mind games you could ever play.
By playing poker, you can learn many vital skills that will help you in everyday life and even building a business.
Patience, risk awareness, dealing with pressure, and ability to analyze others goes hand in hand with entrepreneurship, and many professional poker players turned that way after their careers.
So what can you learn by playing poker and how to transition those skills to the business? Let’s find out.
Poker trains your mind
When you’re at a live table or in an online poker game, you have to get into the right mindset. Making decisions too fast or under the emotional influence can cost you a lot, and you have to learn this lesson very quickly if you want to succeed in the game.
Poker will teach you to concentrate on things that you can control instead of blaming others, which is one of the most valuable skills you can get.
It’s much like building a business or sitting in a board meeting where every decision counts, and you much rather make it with a clear mind then rush it through.
Poker teaches you to deal with pressure
A poker tournament starts with a lot of players and ends with just one taking the lion share of the price. Of course, you do not need to be the first one to win money, but most significant scores come in top positions, and following simple poker tips will not always get you there if you can't deal with the pressure.
Therefore, a wrong decision late in the tournament can make the difference of walking away almost empty-handed or winning life-changing money.
It is clear that a lot of pressure is put to the players, but the more you play, the better you get with dealing with it and making decisions in stressful situations.
In the same manner, many entrepreneurs build startups in the hope of achieving quick success.
You simply can’t plan everything that is going to happen way in advance, so you will inevitably face some problems, and it is your job to sort it out in the best possible way. This is where many fail since very few can act under pressure, and poker surely prepares you for that.
On top of that, you will learn how to understand other people and outsmart your competition, so that is a nice bonus.
Those who have the patience and persistence are the ones who often succeed in all fields.
You see the difference between strategy and luck
Unlike slot machines or roulette, poker isn’t just sheer luck. It’s a complicated game where you have to adapt your strategy to the hand you have and your competition to reach the best results.
You will quickly learn that a lot of the time, the answer might change based on different circumstances, and the ability to adapt to a changing environment is an exceptionally valuable skill.
Learn from failure
In life, just like in poker, you’re not always going to win. And it’s okay.
Instead of getting discouraged by your failures, use it as a means to improve and learn from your mistakes.
A lot of the time, analyzing your competition might give you that last piece of information that you needed, so you can learn more by analyzing your setbacks than from successful moments in your life.
Understanding the risks
Poker teaches how to manage money in the most brutal way. If you make bad decisions over and over again or invest too much in one particular game, you are likely to lose it all sooner or later.
Understanding your risk-reward ratio and making your bets based on probabilities alone helps you maximize your results and reduce the risk.
This skill will surely help you diversify your options in the business world and compare different options before making any vital decisions. Don’t you think that can come in handy?
Building a business – choose what you know
Much like poker, running a business involves specific risk and reward factors, and as you saw, many of it can be applied from one to another.
First thing’s first: if you want to be successful in any domain, you need to know its ins and outs.
So if you want to engage in business, why not try something you already know? You can choose to follow any of your interests outside of poker, or you might even try to launch a poker room.
Let's take this as an example.
Contrary to popular belief, opening and running a poker site is not extremely expensive nor more complicated than other kinds of business. After all, you already played the game and know what players need and how to make things better.
You can take all the knowledge from the game, apply the lessons in business, and start learning how to set your poker platform apart from the competition. If you decide to go this way, here are a few tips to get you started:
Software is key
Reliability and trust are hard to earn and easy to lose, so you should make sure to go with a reliable option from the beginning. If you start by struggling with disconnecting software or freezes on your site, you might never recover.
Better be safe than sorry.
Online poker has exploded in recent years, especially now with the recent coronavirus pandemic more and more people are searching where to play, so that might be an opportunity to follow the dream and launch a fully functional poker site.
Start by scouting for poker software, and building a poker website will become much easier when you have reliable partners.
From there, you will be able to select payment processors, establish your brand, and attract players, but your primary software is the key.
How to promote your online poker business
You need to make your platform as attractive as possible, so avoid shamelessly copying others.
If you offer what is already on the table, it will be hard to compete with industry giants. Instead, research what is missing, chat with your poker playing friends, and you can get inspiration from their ideas in unique ways.
The keyword here is “unique.” Craft your unique selling proposition to engage players, and you might find a hidden gin.
More importantly, don’t expect results overnight. Just like with playing poker, where you just can’t expect to play high-roller tables after barely learning the rules, you shouldn’t expect instant profits. But with the skills you learned, you might have a shot.
The good news is that you do not need to pick between playing poker and building a business. It can go hand in hand, so you have unlimited choices.