Gaining new knowledge is essential for businesses to thrive. After all, increased learning enables business owners and employees to become more productive and acquire useful skills that are applicable to their work.
These valuable insights you gain from other professionals are crucial to helping you become a better entrepreneur. But while there are thousands of business leaders and industry experts to learn from, one of the best places to learn about strategies for success can actually be found outside of the boardroom — at the poker table, to be exact.
The connection between poker and business isn’t new. According to Aces High founder Jo Living, several skills from the poker table can also apply to businesses, including communication, negotiation, and deep listening. Developing strategic thinking, a crucial element of the game, can also be essential in creating long-term plans to sustain your startup. With that in mind, here are some lessons that small business owners can take from actual professional poker players:
Stay agile
Agility is crucial for poker players and small business owners, as it helps you think and adapt to situations quickly. ACR Poker CEO Phil Nagy proves that. Since its launch in 2001, ACR Poker has become the leading online poker platform in the US. ACR Poker has been at the forefront of industry innovations like adopting cryptocurrencies and hosting major high-stakes tournaments online. The company’s growth is thanks to Nagy’s use of the Agile framework, which includes delivering tasks frequently and prioritizing customer satisfaction through efficient and continuous delivery. As Nagy has said in a Forbes interview, “Real growth in any industry isn’t just about getting the customer inside the door, but also giving them a reason to stay.” Strategic thinking and adapting to changes are key to success, whether it’s in business or at the poker table.
Embrace setbacks
If you love to win, you also have to be comfortable losing. That’s what the 11-time World Series of Poker (WSOP) bracelet winner Phil Ivey has to say about playing poker. This idea can also be an uncomfortable but necessary truth in business. Managing a startup has its highs and lows, much like playing poker can often be a game of luck, so it’s important to welcome any opportunity to learn from your mistakes and use it to improve your services and propel your small business forward. “If you enjoy winning, you have to appreciate the fact that you’ll lose sometimes. I think it’s a much easier game and a much easier experience that way,” said Ivey.
Take chances
Taking chances can set your company up for growth. Professional poker player Chris Moneymaker’s fate is a good example. Despite being an amateur player, Moneymaker made history by winning the 2003 WSOP Main Event, becoming the first champion to qualify through online poker. His win sparked the early 2000s poker boom called the Moneymaker Effect, leading to significant growth in online poker players trying their luck in high-stakes tournaments. “My goal was to just get through the day every single day and try to survive,” Moneymaker said about his WSOP run as an underdog. Afterward, Moneymaker later became an ACR Poker ambassador, proving that taking risks can eventually pay off. You can take cues from Moneymaker’s success and learn to take calculated risks in your own business.
Stay positive
Keeping a positive mindset fosters resilience and contributes to the long-term success of your small business. Phil Hellmuth, who has a record-breaking 17 WSOP bracelets, echoes the importance of a positive attitude in his book #POSITIVITY. The book provides eight valuable tips and insights about adopting a positive outlook and banking on your goals and blessings to fuel success in your life. The book emphasizes how anyone is “always in the right place at the right time,” providing small business owners with a valuable perspective on the importance of trusting the process and staying optimistic.
Take it one step at a time
Making long-term plans for your small business can be overwhelming, and it’s easy to overthink whether or not they will succeed. But for pro poker player Daniel Negreanu, who has over $50 million in lifetime tournament earnings, every journey starts with a first step. Instead of worrying too much about the future of your startup, all you need to do is simply start. “Let’s say you want to start with a daily 20-minute walk. As long as your legs are working, you can do that,” said Negreanu.
Running a small business may be challenging, but as long as you keep working on your goals one step at a time, you can still achieve them no matter how long and tedious it may take.
Managing a small business can sometimes be a complicated game of taking calculated risks. Luckily, you can gain wisdom about taking chances from poker players who have already mastered the craft.
