6 Business Lessons You Can Learn From Playing Poker

Having the words "business" and "poker" on the same line may sound strange, but taking a closer look, you'll deduce there are lots of similarities between the two. Although poker is a gambling game, you can learn many business lessons from playing the card game.

It's pertinent to note that poker has been in existence for a very long time. It has been one of the most popular casino games for a long time, and with technology now a significant part of the gambling industry, anyone can play online poker from the comfort of their homes. To get started, you can sign up with any of the poker rooms listed on Top 10 Poker Sites.

During the pre-technology era, many successful businessmen claimed to have learned the art of business through poker — since the game is known for strict rules and strategies, unlike some games that hinge mainly on luck. This is true, and this article will examine major business lessons anyone can learn through poker.

Significant Business Lessons To Learn From Poker

For business-oriented bettors or gambling enthusiasts who are hoping to become successful entrepreneurs one day, here are six business lessons you can learn from playing poker:

1. How to Calculate Risk and Measure Potential Profit or Loss

The sole aim of every business is to maximize profit; this is not to say that every business is not without risk. The bigger the company, the higher the risk percentage, and this is one of the business lessons you can learn from playing poker.

Poker requires assessment skills, the ability to study the table (market), and knowing when to go all-in, depending on what you'll gain or lose. Everything you've built can vanish in a split second with any wrong decision. Intelligent players like savvy entrepreneurs only take this risk when there's a very high percentage of success.

2. Endurance and How to Deal with Pressure

Running a Business isn't a Ponzi scheme where the founder hits a gold mine as soon as it begins. You've to be persistent in your activity, endure all the negativities thrown at you, and learn how to make good decisions, even when under pressure.

This is also another business lesson that poker teaches. There are always many people in a poker game, especially when participating in a tournament. However, with patience and perseverance, participants keep dropping out until a winner emerges, which usually takes days before completion.

During this game, you're given a stipulated time which puts you under intense pressure to make a quick decision that would determine the outcome of the game, and that's what happens in business. You'll also be required to make certain decisions that concern your business in a hurry.

If you play poker regularly, you'd be used to this scenario and won't have to feel uncomfortable under pressure. There will always be many competitors, but at the end of the day, only the fittest survive.

3. Relying on Skills Rather than Luck

It's important to understand the basics of a business you plan on venturing into before diving in to avoid jumping out as soon as possible and losing your time, money, and honor. This is the same in poker. You cannot win by luck or chance without learning the rudiments of the game.

If you lose focus while playing poker, it's equivalent to failure, which can be severe depending on the stake. Therefore as a business person or a potential entrepreneur, you must have the skill to move your business to the top without hinging on luck. Poker encourages you to build skills rather than rely on luck, which is essential in business.

4. Develop Psychological Skills and How to Read People

When playing poker, the players use psychology to tease their fellow competitors on the table, predict their next moves, and how to counter them. This skill will be very significant when dealing with diverse people in the business world.

Working with many employees, figuring out their behavioral patterns, and stimulating them to perform efficiently and effectively for the company's growth is essential for taking any enterprise to the next level.

5. How to Plan for Success and Prepare for Failure

Like in business, poker is a high-risk game. When you decide to play poker, you already know that only two things are bound to happen; to make profits or to record losses.

Business, like poker, can sometimes be a mystery. You can make all the right moves and still end up losing. Therefore it's important not to put all your eggs in one basket. However, you've to keep being optimistic while still preparing your mind for the unexpected. The ability to reconcile these two scenarios will make you a better business person.

6. How to Take Losses in Good Faith

Poker teaches you to be responsible lest it affects your financial life, which in turn takes its toll on your immediate family and business. It would be best never to allow an initial loss to affect your personal life as much as you give it your all to succeed. In the end, tough times don't last as long as you stick with a working strategy.

If you feel you're going off track, seek professional help, and always keep in mind that things can turn around for good in no time. Also, when things go well, keep in mind that success isn't final. Rather than whining about a loss and blaming everyone, take responsibility and focus on how to improve.

Conclusion

It's high time you saw poker in a better light than just a gambling game. There are many more business lessons embedded in the activity than you can imagine. These valuable lessons have been of much help to poker lovers who are also entrepreneurs finding their feet in different areas of business.

Just like them, the lessons can help you become a better and a successful entrepreneur. These revelations should also increase your love for poker and help you rid of the stereotype that those who play poker are irresponsible and addictive gamblers. This card game is more than that.

This article does not necessarily reflect the opinions of the editors or management of EconoTimes