Doing business and playing poker might seem like two opposite sides of the spectrum, but is it really that different? What if we tell you that using some poker tips and strategies can help your business thrive? It is useful to learn to keep your poker face but hey, it is just the beginning. There are plenty of strategies that can help you improve your decision-making.
Use your poker face wisely – it might help with handling your business competitors but you donâ€™t want to leave the impression of a stone-cold businessman when it comes to making new business contacts. Just like in the world of gambling – the business world is full of complexities. You will need to work with various double edge sword strategies and combine them to your advantage. Arm yourself with strategies and move confidently towards your business goals.Â
Learn how to limit your range
Do you know a secret crucial for staying at the poker table? The secret lies in knowing how to limit the range of the hands. This is the basic strategy, practised by both poker beginners and poker veterans. The idea behind this is when playing a limited range you will know how to play and when to fold in order to minimize your losses.Â
But how is this applicable to the corporate world? Well, just think about limiting the range of your investments.
You need to learn to concentrate on the more profitable assets. When we compare it to the poker game, your assets are kings and aces. You know that sometimes no matter how promising the investment seemsâ€¦ but it is the best thing for you to fold.
Learning this useful technique will help you mitigate the risk, minimize losses and maximize the potential profits.
Learn to take the riskâ€¦ but calculated risk
There are times when taking the risk has an enormous payoff in the end. We talk about both: the poker table and the conference room table. You need to learn how to calculate your risk. Be realistic about the situation if you are taking risks – make odds work for you instead of flying blind. If you calculate that you have a better gain.
Simple example – if your odds for winning a round are 2-1, you should take that risk. All business investments have a dose of risk. So make sure to calculate your odds as well and choose the investments that will bring you to your long-term goals.Â
Learning to read people
This one is pretty self-explanatory and useful for both poker and the business. So understanding non-verbal cues goes the long way in both cases. You will need to interpret the body language, gestures, manner of speech, etc.Â
So take your time when you are hiring people – sometimes what they say about themselves doesnâ€™t match their body language. When you observe people, you will learn their strengths and weaknesses better. Eventually, you will create a better culture with cohesive teams that are much more productive.
â€œGoing on tiltâ€
â€œGoing on tiltâ€ – that is the worst thing that could happen to a poker player. It is literally the worst-case scenario when you play so many bad moves, youâ€™ve lost a lot already and you are getting aggressive and not thinking logically. This sounds familiar even to the people in the business world. Imagine negotiations go wrong when a lot is at stake there.Â
You need to learn to maintain your composure at all times. Self-control is crucial. Donâ€™t be blinded by your rage. Continue playing and always stick to the basics. Take risks when it seems logical. Take a deep breath. You need to help your logical side overpower the emotional side.Â
The most important this is that you learn to love the game – no matter if it is a game of poker or a market game. Both are thrilling, both give us an adrenaline rush and they can help you attract great wealth – yet in a very different way. There is plenty that people from the business world can learn from the world of gambling and vice versa.Â
Remember to keep your composure at all times, remember to listen to the body language of others better and improvise. Strategizing and improvising with different techniques will show you what works the best for you.Â