The worlds of business and poker have a lot more in common than you may think. There are a lot of skills that you can learn from one that will help you be better at the other, as well as improve other aspects of your life in the process.
If you are in business or someone looking to get into poker, here are some of the key skills that can help you become the person to beat at any table.
Table of Contents
1. Attention to Detail
Attention to detail is a necessity in both the business and poker worlds. Even if you are playing online poker, the way someone bets or checks can give you all the information you need to figure out what cards they may have.
Attention to detail is crucial in business as it can be the difference between success and failure on many occasions. It can also help you spot opportunities that many others may have missed.
2. Strategy
Any good business person has a strategy for everything. Whether it be what to do with their money, how to improve their product, or how to make their employees better, no matter what it may be, there is always a strategy used to achieve success.
It is no different in poker. It doesn’t matter who you are playing against. You can’t aimlessly play hands, fold and bet or you will lose far more than you will win. A poker strategy allows you to stay focused and deal with whatever may come your way.
3. Money Management
It is no surprise that money management is an essential part of the business. It goes without saying that you need money to do anything, but being able to spend it wisely and save as well are two incredibly essential factors.
In poker, it is far more simple; when you are out of money, you’re out of the game. Many poker pros stress the importance of chip management, especially when you have a lot of them. Being chip-rich doesn’t mean you can now throw away money; you should be more cautious, not less.
4. Know Your Competition
In business and in poker, understanding and beating your competition is a crucial factor in success. In both cases, it isn’t necessarily about having the best hand but rather being better at the game and exploiting weaknesses.
5. Worthwhile Risk
Risk is a significant part of being successful in business and poker. Being able to look at a situation and quickly decide if the reward outweighs what you could potentially risk is a skill that can be honed and mastered.
6. Knowing When to Fold
One of the biggest struggles that business people and poker players have is knowing they have lost or knowing that they could easily be beaten. Being able to put your pride aside and live to see another battle can be incredibly tough for someone trying to prove themselves.
In business, there will be countless times when no matter how much money, time, or effort you put into something, it simply won’t be good enough, and you will have to move on.
7. Patience
There will be many times when you need to be proactive, but there will be just as many times when doing very little, or nothing at all, is the best course of action. Patience is a skill that can be difficult to learn but can be a game-changer once you have it.
In poker, patience is about waiting for the best hand, or one with the most potential, and then putting all your effort into creating a winning situation. Business is exactly the same; sometimes, taking a step back and waiting is the best way to take a step forward.
8. Thinking Outside the Box
Creative thinking is one of the biggest assets someone can have in the business world. It allows you to figure out solutions to unique problems, as well as think up brand-new ways to create or market a product or service.
In poker, thinking outside the box allows you to outsmart your opponents in ways they have never seen before; unique check patterns and confusing bet choices are only a couple of ways to throw your opponents off their game and give you the upper hand.
9. Putting Your Emotions Aside
Every poker pro will tell you that nothing will end your game quicker than getting emotional. A bad bet, losing a large pot, or being on the back foot can make you angry or sad, and when emotions get the best of you, poor decisions usually follow.
The same thing can be said for the business world; while it would be harsh to say the best business people are heartless, more often than not, they are really good at separating their emotions and what is best for business.
