Top business skills to learn from poker

Poker is incredibly popular across the globe, with (according to World Poker Tour) more than 100 million online poker players. There are many millions more that play in land-based casinos, and the same number again that play it informally with friends and family. 

Poker has been popular for centuries, as it is easy to learn, yet difficult to master. There are different variations of the game, and it has expanded to include tournaments, casual games, and high rollers tables, providing something for everyone. 888 Poker provides a vast range of options for players of all abilities and budgets.

Poker Skills

Playing poker requires a number of skills, many of which can be beneficial in other areas of life, in particular business and entrepreneurship. Players must be self-aware, mentally strong, and resilient, entrepreneurs must be able to analyze incomplete information, read others, and take on new information quickly.

• Ability to learn quickly

When learning the game, players need to take on a great deal of information very quickly. They need to do some basic research on the rules, the different winning hands, and the probability of getting these hands. They also need to practice, practice, practice before heading out into the real world, and will often practice the game with friends, all striving to improve their own game.

In business, it is important to be able to take on new information and adapt to new situations. As in poker, to be successful in business individuals need to be adaptable and knowledgeable. 

• Decision making

As well as being able to take on new (and changing) information, poker players need to be able to make decisions. Be it raising, calling, or folding, knowing what the appropriate action to take and when to take it is key to success at the table. In business, it is not dissimilar: knowing when to move forward, when to challenge, when to invest, and when to quit, are very important skills for any entrepreneur.

• Extrapolating from incomplete data

In poker, players will know what cards they hold and the communal cards but won’t know what their opponents are holding. They will be able to make deductions based on the information in front of them, and the behaviour of their opponents. Players won’t be able to have 100% of the information to be able to make their decisions and have to hope that their powers of deduction will lead to success.

In the world of business, if individuals waited until they had all the information it would be too late to take actions. They will need to get as much information as possible from different sources and make a decision balancing the level or risk. Resume provides a guide on crucial decision making for career development.

• Money management

When playing poker players shouldn’t gamble more than they can afford to lose; they should stick within their limits and play wisely to build up their pot of winnings. In business, it is similar. Entrepreneurs should ensure that their money is managed and invested appropriately. The higher the pay out, the higher the risk, and whilst sometimes in business it pays off to be risky, there needs to be a balance to ensure the business will survive. Fiscal mismanagement is one of the biggest reasons that new businesses fail.

• Mental acuity

When playing poker, players have to not only look at their cards and the communal cards, but identify how their opponents are playing, checking to see if they have any tells. It is vital to analyze the chances of winning, considering a number of different variables. Entrepreneurs have to analyze market conditions, their competitors, and be able to collect and interpret data accordingly.

Alongside mental acuity is mental strength: in poker, players can have periods where they win every hand, or lose every and, and it is important to know when to stop and when to change approach. In business, entrepreneurs need to know how to manage the ups and downs that inevitably come with being in business.

• Passion

The top poker players are driven by a love of the game, not money. By being passionate about poker they learn the ins and outs of the game, learn about the psychology behind it, learn the tricks of the trade and invest in bettering themselves every step of the way. Money is a secondary consideration; apart from some of the top players in the world, there are easier and more dependable ways to make money.

Entrepreneurs should always be aware of the financial potential of their endeavours, but the success of the business will depend on the passion and dedication of its people. Yopreneur explains how entrepreneurs should be passionate and focus on doing what they love. Entrepreneurs should start out wanting to create something and enjoy the journey.

• Learning to fail

Even the most talented and experience poker players can fail. They can make a silly mistake that costs them the game, be trumped by a better player, or simply run out of luck. All players will lose some of the time; winning more than losing is a definite perk, but by no means guaranteed, especially when a player is starting out.

Estimates indicate that over 85% of start-ups fail, and it is important for entrepreneurs to remain resilient, pick themselves back up, and get back on the horse. They can learn from their mistakes and do better the next time.