Poker has long been the favorite or go-to game when gambling. But did you know it shares some traits with the business world? Not only can you learn a lot from poker, but there are things you can specifically apply to your business; there are a few interesting commonalities.
One simple example is investing. In business, you can invest in a range of commodities, currencies, properties, etc. In gambling, you can go as far as to invest in poker NFTs – if this isn’t screaming 2022, then what is? Nonetheless, there are common parallels between business and poker, and we’ve looked at what some of them are.
Anticipating the next move
The ability to foreshadow what your opponent is going to do not only helps you but can also save you money. In essence, if you want long-term success in poker, you must be able to predict what the next player is going to do. You do this by seeing your opponents’ actions, body language, and reactions to things, as well as their betting habits. If you can visually understand these cues, you can manipulate the situation so that you are the ultimate winner of that hand, and the tournament. The same can be done in business, without the playing cards, of course!
In the business world, leaders, industry experts, CEOs, etc., are expected to, and rightfully so, outsmart their counterparts by predicting their next moves. This helps any business. Say you are running a laundry business, and you have now branched out and have 50 sites across the country. Your competitive edge is that your washers and dryers clean and dry clothes in 10 minutes, using a fraction of the water. Cue your business rival who also has a laundry business, but their edge is that their machines can clean and dry clothes in under 5 minutes! Now always thinking that your business rival is one step ahead and staying up to date on what your competition is doing can help you navigate your next moves.
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Be positive
A lot of what goes on during a poker tournament has to do with mindset, a positive one to be exact. Look at it this way, you are down on your luck and depleted your poker fund for the night; what can you do next to win? Keep calm, keep a level head and remain positive. As cliche as it sounds, staying positive will help you to do anything. If you put in the work and remain capable, anything can be possible. Even when odds are in your favor, you can still lose if your mindset is not right.
The same goes for business. Imagine if the CEO of a major corporation became negative every time a newspaper article referenced his company in a negative light? While it is entirely natural to feel down and out, allowing it to fester is where the problem arises. In business, you need to be open to anything, so keeping a positive mind will only improve how you see the world and, more importantly, allow you to make clear and conscious decisions. You can also incorporate positive outlooks on life, practice gratitude, and relay positive self-talk. A positive mind, for the most part, breeds a positive outcome. And while this might not work in every instance, it is better to keep your head and support a positive mindset as it allows you to make better decisions.
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Strategy
While poker is a game of chance, it is highly recommended to have a playing strategy. The best and top poker players in the world all have a unique approach that each of them follows. A well-thought-out plan never hurts anyone. But there are a lot of pushbacks from those who are pro at just winging it. There is nothing wrong with winging it from time to time, sometimes, you do reap the benefits of it, but nothing beats a plan. The idea is simple; if you have a plan it gives you some leeway to adjust if something happens out of the blue. And this is especially true in both poker and the business world. Again, unpredictability comes in. Because you know that things can change at any minute, having a strategy on hand will make it easier when something pops up.
