Here's How Poker Will Help You Solve Business Challenges

Playing poker is not just about providing entertainment or being a pastime. Most poker professionals earn a living from the game of skills, allowing them to lead an independent lifestyle and build a secure financial future. While the game allows you to unwind after a hard day making big decisions, there are several similarities between playing poker and managing a successful business enterprise. Small to medium business owners and entrepreneurs can learn a lot from trying their hand at poker.

Modern poker professionals are adept at employing skills that will propel their careers – from business and entrepreneurship. While some have built their businesses from the ground up, others have contemplated pursuing financially lucrative and personally fulfilling ventures.

Here are some skill sets from poker that you can apply to build a lucrative business successfully.

1) It will help you calculate risk

Most entrepreneurs use the same skill sets in both situations -- trying to call bluffs, anticipating moves and playing their cards perfectly without giving away their hand. As it is with poker, the all-in decision may be exciting because it represents the ultimate risk; smart poker players, like smart entrepreneurs, know when to hold back and go all in. They take that risk when the odds are deeply in their favour. Otherwise, your losses will start to mount up. Poker is regarded as a mind sport, and so is business. It comes down to good strategy, your moves, and who you decide to play against. Strong mental conditioning is also required to embrace any challenge. Only when your mind is in the right place will your game (and business) flourish.

2) It will help you become process-oriented

Sometimes, you could make no mistakes but still lose. You can play a hand of poker with little room for error and still come up short, just like you can do everything right in business and still find it difficult to reach your goals. It's important to remember that this is short-term. The first step is to get your fundamentals right and try again if you don't succeed at first. In the long term, the right decisions will make you a winner. Reckless decisions might give you short-term wins, but they won't be sustainable in the long term. In poker and business, sensibility will always trump luck.

3) It will help you read your competitors

When you're at the poker table, anticipating your competitors' appetite for risk will help you make the right move -- just like in business. Knowing their strengths and weaknesses will give you the edge in countering them effectively. Similarly, in business, you must do your due diligence to gauge your competition. This is the only way you can stay ahead of the curve.

4) It will help you never chase losses

When you lose three hands in poker, it's considered a low. This low could prompt you to keep playing just because you want to recover your loss or reputation. You risk impeding your judgment by giving into this line of judgement, which could prove harmful. Poker will allow you to navigate business challenges, helping you identify its merit not decided by earlier results.

5) It will help you take wise risks

Aces are the best possible hole cards you can get in poker, but as the game progresses, the best hand overall is because of the open cards. In business, too, you could have the best product in the market, but unless conditions are conducive, it may not do as well as anticipated. You will learn how to use disappointment to your advantage.

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“This game involves an element of financial risk, and may be addictive. Please play responsibly and at your own risk.”

Moneycontrol Journalists were not involved in the creation of the article.