Business is a high stakes game. Play your cards right and you can laugh all the way to the bank, however get dealt a bad hand and you can lose your shirt. There are a lot of lessons we can learn from gamblers that can be applied in our businesses, and thinking like a gambler may just give you that winning edge.
Know Your Odds
When you start a new business or expand into a new area it?s important that you know what you are up against. A great gambler always knows what their odds of success are and will calculate if the odds are worth the return. In business if you have a lot to gain and little to lose then it often is worth rolling the dice, however once you stand to lose more than you gain it may be time to get out of the game.
Up the Ante
Raising the stakes when you have a winning hand is an effective way to maximise profits in both business and gambling. The big gains in poker come from going ?all in?, meaning the player has the chance of upping their winnings. In business the highest rewards too come from going ?all in? and taking the win while it is available. When the odds are stacked in your favour it?s always worth going for the big win.
Quit While You’re Ahead
There?s no point going for broke when you?re already ahead. A gambler will always losein the long run if they continue to stay at the table. I?m not saying that once you are onto a winning formula you should stop what you?re doing, but rather that when you are ahead begin minimising your risk by avoiding the things that may put what you have worked for in jeopardy.
Leave Emotions at the Door
Letting emotions come into play can affect both a gambler?s and a business person?s decision making. Successful gamblers are able to disregard the emotional attachment they have to money and rather see what they are betting as just numbers. The same rings true for successful business owners who don?t allow sentiment to cloud their judgment.
Understand the Rules of the Game
A sure fire way to lose on the table and in business is to not have a sound grasp of the rules.
That?s why increasingly, gamblers learn the rules, and the needed skills, in low stakes games through sites like the instant casino play at Euro Palace. Someone who hasn?t done their research is putting themselves at far more risk than necessary. Before you wade into unknown waters it is essential you know how the game is played.
Risk Management
Much like having all your eggs in one basket, you never want all your money on one horse. Gamblers minimise their risk by spreading money across a number of hands and games meaning that if one bet doesn?t come through then they aren?t completely ruined.
Business owners who put all their efforts and capital into one outcome risk losing everything if it doesn?t work out for them. The best way to avoid losing everything is to not put all your resources on one bet, but rather have a number of options that will allow you to make progress in your business.
Written by Gareth Monet.
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