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4 Killer Poker Skills That Help Your Business Grow

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4 Killer Poker Skills That Help Your Business Grow

Most professional poker players are earning a living from the game precisely to avoid working in a traditional corporate structure. Rather than punch a clock and work for somebody else, poker pros pay their own way while grinding the circuit, living an independent lifestyle while attempting to build a secure financial future.

Eventually, though, many seasoned players realize that the very same skills that propelled their career on the felt can also be transferred to the world of business and entrepreneurship. Modern poker pro players like Phil Hellmuth, Daniel Negreanu, and Jason Somerville have built their own brands, leveraging good standing within the poker community to pursue projects which are both financially lucrative and personally fulfilling.

The 5 skills listed below not only help poker players overcome variance, they are in fact wholly transferrable in many aspects of life and can have a direct impact in helping you to grow and improve your business venture.

1. Reading People

For all the talk of having an inscrutable “poker face,” the game doesn’t really hinge on scanning your opponent for tells like the movies would suggest. But reading people is an essential poker skill, in the sense of sizing up their demeanor, tolerance for risk, and other intangible factors before proceeding accordingly.

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Even more importantly, reading people in poker involves anticipating their next moves and carefully observing for patterns and trends. The same holds true for successful businesspeople. Whether you’re assessing the reliability of potential clients before signing a contract or monitoring market conditions before making an investment, knowing how to read both people and situations is pivotal.

Max_Steinberg

    Source: Wikimedia

    2. Risk Assessment

    Before putting their entire stack on the line with an all-in bet, poker players run through an array of mental calculations before deciding on the correct course of action. Knowing how to determine the exact odds that a needed card will come or how a particular hand rates against an opponent’s all serve to help poker unlock the game’s sheer complexity.

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    Even with the exact same cards in front of them, certain situations may warrant taking an additional risk, while other scenarios require more conservative play. Assessing the ratio of risk versus reward, which defines every single poker hand ever dealt, is a fundamental skill that separates successful players from break-even or losing status.

    In business, every purchase order and expenditure represents a certain level of risk, and the best businesspeople are capable of continually managing that risk. Knowing when to cut your losses with an unproductive employee or how the pursuit of new revenue streams may impact current productivity levels are just some of the countless risk assessment decisions business owners must navigate on a daily basis.

    3. Money Management

    Whenever a poker player breaks through into the big leagues — winning gold bracelets at the World Series of Poker or playing in the nosebleed cash games running night and day in Las Vegas — they still have a long way to go. After all, money won can just as easily be lost, and seemingly every year a few well-known pros drop off the poker map due to poor money management.

    The same economic traps that can ensnare poker players, such as taking on too many loans or spending more money than they’re bringing in, can also spell doom when running a business. The most enduring poker players, like the most iconic business brands, know when to walk away from a bad deal, how to save money for a rainy day, and the value of scaling back expenditures during a downswing.

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    4. Patience and Planning

    Despite the nonstop onslaught of all-in pots and bad beats you might see on televised poker broadcasts, the game can actually be quite a grind for players. Thirteen-hour days are the norm, and the best players can find themselves doing nothing but folding for dozens of hands in a row.

    For recreational players, the reality of toiling for hours on end in a tournament can lead to boredom, and even a phenomenon known as “punting” in which bored players who simply can’t stand the inaction any longer put their stack at risk with a marginal hand. Top pros, on the other hand, use their downtime to observe their opponent’s tendencies, planning future traps out in their head before springing into action at the most opportune time.

    Every business owner has been forced to weather the slow season when the invoices dry up and the phone calls stop coming. Some resort to impulsiveness, striking out with ill-conceived product lines and advertising campaigns to try and right the ship, but successful businesspeople approach the situation like poker pros — by planning ahead in order to exploit future boom times most efficiently.

    When it comes the time to choose their bet sizing, the best poker pros can work like a computer, adding up the previous bets to find the size of the pot, scanning their opponent’s stack to count their chips, and choosing the perfect bet for the situation. As a business owner in today’s society, you can profit by adopting the same meticulousness with your calculations, mitigating risks but being valiant enough to strike beneficial deals even when there’s no guarantee they’ll be successful.

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    Above all, consistency is key: a regular maintenance of solid business practices will stand you in good stead for those high-pressure moments where you are put on the spot. Your ability to make accurate decisions on the fly just may be the difference between closing a deal and losing an account.

    Featured photo credit: Pexels via static.pexels.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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