Running a business is a lot like playing a game or a sport. You need skills, strategies, and a competitive competitive edge to succeed. I learned this from a gentleman, Ryan.
I had never played poker before but had experience with playing cards. As a natural competitor, I like to win. Ryan taught me how to play poker, and I was amazed by how much it resembled running a business.
Here are some lessons I learned from playing poker that I apply to my business today:
Don’t Let Your Ego Take Over
One of the biggest mistakes you can make in poker and in business is letting your ego cloud your judgment. Ego-centric individuals are easy to read and manipulate; they make their next move easy to predict and are ideal opponents to go into a deal negotiation with. They also tend to make rash and irrational decisions that can cost them dearly. You need to be humble and realistic about your strengths and weaknesses and learn from your mistakes.
You Are There to Win
Playing poker and running a business are not just hobbies or pastimes. They are serious endeavors requiring your full commitment and dedication. You need to have a clear goal and a vision of what you want to achieve and work hard to make it happen. You also need to be prepared to face challenges and risks and overcome them with confidence and resilience.
Keep a Poker Face
A poker face is not just about hiding your emotions but also about controlling your information. You don’t want to give away too much about your cards, your bets, or your plans to your opponents. You want to keep them guessing and confused while you gather as much information as possible about them. Similarly, in business, you need to protect your intellectual property, trade secrets, and competitive advantage from your rivals.
Study Your Competition
One of the most important skills in poker and in business is to study your competitors and understand their behaviour patterns, strategies, strengths, and weaknesses. This will help you anticipate their moves and plan your counter-moves accordingly. You also need to be aware of the market trends, customer preferences, and industry regulations that affect your business.
Be Present and Observe People
Poker is not just about the cards but also about the people. You need to be attentive and observant of the subtle cues and signals your opponents give away through their body language, speech, and actions. These can reveal a lot about their personality, mood, confidence level, and intentions. Likewise, in business, you need to be attentive and observant of your customers, employees, partners, and stakeholders.
Be Quick and Take Crucial Actions
Poker is a fast-paced game that requires quick thinking and decision-making. You need to be able to analyse the situation, weigh the probabilities, calculate the risks, and make the best possible move in seconds. You also need to be flexible and adaptable to changing circumstances and unexpected events. Similarly, in business, you need to make crucial decisions quickly and effectively in a dynamic environment.
Learn from Various Strategies
Poker is a game that involves many different strategies, such as bluffing, betting, folding, raising, calling, and checking. Each strategy has its own advantages and disadvantages depending on the situation and the opponent. You need to familiarise yourself with various strategies and learn when and how to use them appropriately. Likewise, in business, you need to learn from various strategies such as marketing, sales, finance, and operations, and apply them wisely.
Take Action at the Right Moment
Poker is a game that involves timing. You need to know when to act and when to wait. You need to know when to be aggressive and when to be passive. You need to know when to take risks and when to play it safe. You need to know when to bluff and when to fold. Similarly, in business, you need to know when to launch a new product or service, enter or exit a market, invest or divest, and partner or compete.
These are some of the lessons I learned from playing poker that I apply to my business today. I hope they can help you too. Remember, running a business is like playing a game or a sport—you need skills, strategies, and a competitive edge to succeed.