Have you ever wondered if you should ask a friend about your next big decision – business decision that is? It does seem like a good idea. Our network of friends and family often has people who understand affairs, money, and even business. Some are specialists and others are theorists. Either way, you can benefit from friendly advice, encouragement, or even practical feedback.
But if you had someone who was good at poker and played the game at a professional high level – you might want to start with them first. Here are some of the reasons why you may want to consult with poker pros before you pull the trigger on your next business move.
Risk Evaluation and Incomplete Information
Poker players may not be good in all realms of business – nor do they have to. They specialize in something completely different. They work with incomplete information which allows them to make decisions that are based on speculation but also on what the most likely outcome of an activity is.
This may sound even a little far-fetched but think about it – poker players win games while they are never certain if they will succeed. Business operations are essentially the same thing. You will invest, but you never know how much you are likely to get out of your investment at any given point.
This is quite normal, and there is no reason for concern or alarm. Essentially, poker players are composed when it comes to money investment and they know the potential gain of each financial move – be that at the green felt or in live.
The Best Poker Players Are Disciplined and Consistent
Businesses succeed not only because someone has had a ground-breaking idea. This is a bit of a misconception right there. Businesses usually succeed because they are consistent, hard-working, and focused. Nobody has succeeded by just having an idea.
Just think of the Winklevoss Twins and Mark Zuckerburg. They had “an idea,” but Zuckerburg had everything else – the vision, the execution, the willingness to work hard and consistently. Poker players are known for these qualities and then some.
Even respected real money poker brands have only become so important within the community because they have shown the same qualities and have built their reputation over the years in a bid to strengthen their standing.
Good Financial and Budgeting Skills
One thing that poker players do have in spades – pardon the pun – is the ability to budget well. Budgeting is something that poker players need to do persistently well to perform well. So, a poker player will most likely have a very good idea what can be improved in a certain situation to help you get a firmer foothold in a situation and excel.
Do run your budget by your poker friend as they can really help you figure out the theory of maintaining a good budget. Of course, every business will be strictly individual, so you cannot expect much more than some of the core principles here. Still, this is information that poker players can share through the lens of people who have to make every stake count.
Poker Pros Think Outside the Box, But Watch Out
Yes, poker professionals are known for their clear ability to think outside the box but is this always good? It’s a double-edged sword. On the one hand, being too creative in business affairs deprives your business venture from its practical applications that are important pillars of your business.
On the other, being able to see opportunity where others are plowing the old familiar furrow is something that definitely comes handy. Poker players are definitely able to lean a little too heavily on either.
Players Are Composed and Determined in The Face of Adversity
This is not exactly the type of thing you can ask a person to teach you – developing nerves of steel, responding with composure to difficult situations won’t come from advice alone. Rather, you need to understand how to cultivate composure and take difficulties in stride.
Most poker players have a golden rule, which is not necessarily going to work with you. They like to say – “we will cross that bridge when we get there.” Their attention is not focused on speculatively bad things but rather on the problems that they have to deal with right now. This is why poker players are actually composed.
They do not give in to panic very easily, and they prefer to work with hard facts and always find their way in a difficult situation. So, a player like that can advise you on how to respond to certain issues, but they cannot teach you this level of composure. It simply comes with time and practice.
Poker Players Build Networks with Business People
One other reason why you may want to gravitate around poker pros is that they inadvertently end up in the company of people of business affairs and finance, or in the very least, people who have succeeded financially. Poker at the highest level can be a little exclusive club – and that is mostly because of the money involved.
That is why many poker players are actually on good terms with rich people or business people, c-level executives, and more. Does this mean you would benefit? Not really, but it does mean that you are in good company all the same!
