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5 Things Playing Blackjack Taught Me About Business

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5 Things Playing Blackjack Taught Me About Business

I enjoy blackjack. I’m not a professional blackjack player, nor did I ever make millions or even thousands off it. It was a game I’ve played for years just for fun.

But blackjack is not just a game of pure chance. There is a science and strategy behind those cards, and the same rules which helped me in blackjack can help you in business. Just look at Jeff Ma, who has attributed his success as a businessman to the things he learned playing blackjack.

Here are five important rules which you can learn at the blackjack table which are just as important for a business:

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Don’t look for a single, decisive winner

Every businessman knows about this rule, but it is harder to follow than it sounds. And this is true in blackjack as well. No matter how good you are at blackjack, you will have plenty of moments when you find yourself down by a lot. The temptation at that point is to make one massive gamble which will recoup all of your losses in one swift stroke.

That is the absolute worst thing which you can do. If your gamble succeeds, you are only at zero. But if it fails, you are in a huge pile of trouble. When you are down at a blackjack table or running a business, the only way to recover and get back into the black is with slow, steady bets.

Risk is not bad

One important element in blackjack is the double down. In double down, the player doubles his bet in exchange for only getting one more card.

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Blackjack specialists will tell you to always double down if you have an 11, and probably if you have a 10 or 9. But all too often, blackjack players will hesitate to do that. They worry about taking risks or think that they may need just another card after the double down.

But when the odds are in your favor, you have to strike while the iron is hot. Of course there are many ways to stack odds in your favor. Every blackjack player knows how card counting can turn the tables on the dealer, and there are similar techniques you can use in business.  When you spot a good business opportunity, you cannot just wait and fret about what might go wrong. It is said that luck is when preparation meets opportunity, which means your business has to seize the opportunity when it comes.

Don’t let success get to your head

The story of leaders who became arrogant after tasting a period of success and then fall is as old as human history itself. And in gambling, players will think they are on a hot streak and make risker bets.

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There is no such thing as a “hot streak”, and a basic probability class can tell you that much. Success does not automatically beget future success. And in business, a period of good deals does not mean that you can relax and assume things will continue to go your way. Just a slight misstep or some increased carelessness, and you can find yourself back at step one both in gambling and in business.

Never lose your temper

Blackjack is ultimately a game where people should enjoy themselves. But as stories like this shows, players who lose react by venting their rage out on the dealer, other players, and absolutely anything else which they can blame for their loss besides themselves.

Behavior like that is a sign of poor leadership and character, and is just as ugly in the business world as in blackjack. There are times when a business screw up will happen because an employee or colleague made a bad decision. But the employer who reacts to that by screaming and berating them is one who will not be an effective leader. A truly effective leader can stay calm even when everyone is panicking, and find a way to fix the problem.

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Know when to fold ‘em

Sometimes, you have a bad streak at the blackjack table. No matter what strategy you use, the fates themselves appear to be conspire against you and you are falling more and more behind.

On nights like that, the hardest thing to do is to accept that you’ve lost and leave. But if you don’t want to lose far more than you were prepared to spend when you sat down, you have to get up and walk away from the table. This is especially so because after such a string of defeats, your nerves and emotions will be badly frayed and prevent calm, rational judgment.

And this is true for a business. Whether it is knowing to end a certain business deal or in the worst case closing down the business altogether, there is a point where you can do no more and trying is just shoveling more money into a hole. You have to know when to stop and admit that it is over.

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Featured photo credit: Images Money via flickr.com

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Last Updated on November 15, 2021

20 Ways to Describe Yourself in a Job Interview

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20 Ways to Describe Yourself in a Job Interview

“Please describe yourself in a few words”.

It’s the job interview of your life and you need to come up with something fast. Mental pictures of words are mixing in your head and your tongue tastes like alphabet soup. You mutter words like “deterministic” or “innovativity” and you realize you’re drenched in sweat. You wish you had thought about this. You wish you had read this post before.

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    Image Credit: Career Employer

    Here are 20 sentences that you could use when you are asked to describe yourself. Choose the ones that describe you the best.

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    “I am someone who…”:

    1. “can adapt to any situation. I thrive in a fluctuating environment and I transform unexpected obstacles into stepping stones for achievements.”
    2. “consistently innovates to create value. I find opportunities where other people see none: I turn ideas into projects, and projects into serial success.”
    3. “has a very creative mind. I always have a unique perspective when approaching an issue due to my broad range of interests and hobbies. Creativity is the source of differentiation and therefore, at the root of competitive advantage.”
    4. “always has an eye on my target. I endeavour to deliver high-quality work on time, every time. Hiring me is the only real guarantee for results.”
    5. “knows this job inside and out. With many years of relevant experience, there is no question whether I will be efficient on the job. I can bring the best practices to the company.”
    6. “has a high level of motivation to work here. I have studied the entire company history and observed its business strategies. Since I am also a long-time customer, I took the opportunity to write this report with some suggestions for how to improve your services.”
    7. “has a pragmatic approach to things. I don’t waste time talking about theory or the latest buzz words of the bullshit bingo. Only one question matters to me: ‘Does it work or not?'”
    8. “takes work ethics very seriously. I do what I am paid for, and I do it well.”
    9. “can make decisions rapidly if needed. Everybody can make good decisions with sufficient time and information. The reality of our domain is different. Even with time pressure and high stakes, we need to move forward by taking charge and being decisive. I can do that.”
    10. “is considered to be ‘fun.’ I believe that we are way more productive when we are working with people with which we enjoy spending time. When the situation gets tough with a customer, a touch of humour can save the day.”
    11. “works as a real team-player. I bring the best out of the people I work with and I always do what I think is best for the company.”
    12. “is completely autonomous. I won’t need to be micromanaged. I won’t need to be trained. I understand high-level targets and I know how to achieve them.”
    13. “leads people. I can unite people around a vision and motivate a team to excellence. I expect no more from the others than what I expect from myself.”
    14. “understands the complexity of advanced project management. It’s not just pushing triangles on a GANTT chart; it’s about getting everyone to sit down together and to agree on the way forward. And that’s a lot more complicated than it sounds.”
    15. “is the absolute expert in the field. Ask anybody in the industry. My name is on their lips because I wrote THE book on the subject.”
    16. “communicates extensively. Good, bad or ugly, I believe that open communication is the most important factor to reach an efficient organization.”
    17. “works enthusiastically. I have enough motivation for myself and my department. I love what I do, and it’s contagious.”
    18. “has an eye for details because details matter the most. How many companies have failed because of just one tiny detail? Hire me and you’ll be sure I’ll find that detail.”
    19. “can see the big picture. Beginners waste time solving minor issues. I understand the purpose of our company, tackle the real subjects and the top management will eventually notice it.”
    20. “is not like anyone you know. I am the candidate you would not expect. You can hire a corporate clone, or you can hire someone who will bring something different to the company. That’s me. “

    Featured photo credit: Tim Gouw via unsplash.com

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