Entrepreneurship, like poker, is a game of knowing people.
(PRWEB) August 20, 2014
GetUWired, an internet marketing firm that specializes in marketing automation, has just released an informative and entertaining blog titled "How Entrepreneurs are like Professional Poker Players." The blog can be seen here.
In the blog, the author shares insights from the article "What Successful Poker Players and Entrepreneurs Have in Common," which can be found at http://www.entrepreneur.com/article/235858. The getUWired blog also adds in some original insights that relate to the Entrepreneur article.
How entrepreneurs are like professional poker players:
Successful entrepreneurs are a lot like professional poker players. They have to make quick decisions, analyze risk, see when their competitors have a good hand, and also know when they’re bluffing. Here are some other ways entrepreneurs are like professional poker players.
1. Professional poker players live to fight another day
Poker players know they’re not going to win every hand. That’s impossible. But do they go home and cry in their pillows after every loss? Nope. Not the successful ones, anyway.
Successful entrepreneurs are the same way. They know they’re going to hit roadblocks and setbacks along the way. A successful entrepreneur knows how to minimize her losses and learn from her mistakes so she can come back with a winning hand tomorrow.
2. Professional poker players only play winning hands
Professional poker players fold more hands than they play. Why? Because the term “professional” means they are supposed to be making money. And not every good idea (or good hand) is a winning hand. Entrepreneurs will minimize their losses and their heartache by only choosing to play hands they’re pretty sure they will win.
3. Professional poker players learn by doing
Becoming a professional, whether in the business world or as a poker player, involves practice, innovation and flexibility. It takes most people years to get proficient at their chosen profession.
4. Playing poker is playing people, not cards
A lot of playing poker is playing people, not cards. Professional poker players watch their opponents to see how they play, looking to see when they bluff, how they bet, etc. Only by having insight into the other players’ style will a poker player have an idea of where their hand compares to the others.
Successful entrepreneurs are the same way. They are masters of dealing with people: who to hire, how to market, how to manage staff. Successful entrepreneurs are good at dealing with people, and if they’re not, they learn to be through research, trial and error.
5. Professional poker players don’t go “all in” without knowing the facts
That’s the big moment: somebody goes in. Risking it all is exciting (or terrifying). But it’s not as risky as one might think. Before professional poker players go all in, they have carefully studied their opponents’ playing styles. Nobody goes all in unless they truly think they’re either going to win the hand or force everyone else to fold.
Smart entrepreneurs are the same way. They take risks, but they’re not reckless. Knowing which chances are worth taking is imperative to long-term success and growth.
Need to improve your entrepreneurial poker skills?
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