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4 Killer Poker Skills That Help Your Business Grow

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.

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    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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    Published on January 7, 2021

    How To Train Yourself When You Lack Attention To Details

    How To Train Yourself When You Lack Attention To Details

    Some people see the trees for the forest, and some see only the forest, meaning they lack strong attention to detail. But even if you’re one of the people who take a macro rather than a micro view, true professionalism requires balancing both.

    If focusing on the fine points is not your forte, you will benefit from training yourself to pay attention to details. You will profit by saving yourself time, effort, money, and credibility.

    Why Training Yourself in Attention to Details Pays Off

    You add value to your organization when you make the effort to ensure that you performed your work thoroughly and effectively. This is why job postings often list “attention to details” among the required skills.

    When you present your supervisor or client with well-completed, high-quality work the first time, it maximizes your value and minimizes wasted time. Detail-oriented people are also more adept at catching mistakes that could lead to costly blunders.

    Moreover, attention to detail is an indicator of possessing other in-demand employee qualities, such as organization, thoroughness, and focus. In some professions, such as accounting, engineering, medical research, and more, you can only excel if you have trained yourself to pay attention to details.

    In other professions, possessing strong attention to detail is the very quality that will get you promoted to a position where you will be asked to consider the big picture.

    Finally, if you are the “go-to” details person, everyone else on the team can relax a bit. They know the project is in good hands and will likely throw you more projects as a reward. This will ultimately lead to your advancement.

    3 Important Aspects of Becoming More Detail-Oriented

    Here are the 3 important things you need to learn if you want to remedy your lack of attention to detail:

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    1. Respect deadlines
    2. Understand the work-flow plan
    3. Build in time to mess up

    1. Respect Deadlines

    Deadlines lend all projects a finish line. One smart idea is to take the given deadline and work backward from it, calculating when your piece of the project is due. Then, if you stick to the proscribed schedule for completing the mini-projects that you have, you will never miss a deadline.

    One important note on this: It is smarter to stick to the deadline and turn in work that merits a “B+” than to blow the deadline with “A” work. Chances are, through revision and suggested changes from others on the team, you can bring up your B+ work to an A later. But if you disregard deadlines, you will lose the respect of your boss and fellow teammates.

    2. Understand the Work-Flow Plan

    Your team is developing work in conjunction with other teams who have projects and deadlines of their own. When you grasp the whole work-flow plan, you may be able to either add insight to the greater project or to your own smaller piece of it that others at the firm will consider valuable.

    3. Build in Time to Mess Up

    You can expect that “what can go wrong will go wrong.” Don’t overpromise on deadlines. Something likely will mess up, but when it does if you built in the time to fix it, those around you won’t freak out.

    Chances are, you already give your attention to several details. Take heart. You can do this! You can overcome your lack of attention to detail and become more detail-oriented.

    For starters, consider this: Most people take the time and put in extra effort into the activities or undertakings that matter to them most. Training yourself to become more detail-oriented can mean adopting a similar pattern of behavior.

    Apply the same attention you give to your appearance. Are you a meticulous dresser? Do you pay attention to how you pair patterns and colors, and how you accessorize a particular outfit?

    This is the same system to use when you lack attention to detail with your work. Give every item careful consideration so that each one contributes to the perfectly pieced-together whole.

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    Assemble the ingredients the way you do when you cook. Cooking and baking from scratch require close attention to details as you measure and add each ingredient in sequence, and you time everything so that the meal comes together at the same time.

    Similarly, your work product requires you to gauge whether all the ingredients have been added and that your final product is delivered on time.

    Organize your business network like you do your social contacts. If you follow a broad base of friends and acquaintances on social media, you can apply similar skills to stay up-to-date on details associated with business acquaintances.

    When you meet somebody who could be influential to your career or a resource for improving your skills, follow that person on social media. Respond to their posts to keep the lines of communication flowing.

    12 Tips to Help You if You Lack Attention to Detail

    Teaching yourself to take note of important details involves sharpening your perceptions and thinking ahead. The following tips will help you adopt these practices. Master these habits when training yourself to become detail-oriented.

    1. Learn to Listen Well

    You will pick up relevant information and needed nuance when you apply the skills of active listening. In conversations, train yourself to make eye contact, give your undivided attention to the speaker, and ask pertinent follow-up questions.

    Training yourself to pay better attention to details in conversations includes learning to fully concentrate on what others have to say. If you find it hard, there’s no harm in taking notes on what they say.

    2. Pay Attention to Social Cues

    Make a point of noticing body language and facial expressions that provide insights into how others perceive a situation. Social cues offer details that give you an understanding of how words and actions impact others. The infamous character Michael Scott of the television show “The Office” epitomizes the consequences of not paying attention to others’ body language.[1]

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    3. Follow Rules

    Rules and protocols usually come about from lessons learned and are put in place to avoid further mishaps—whether from a safety or efficiency standpoint. If you’re given step-by-step procedures to follow, check them off as you go. Also, return to the rules at the project’s end just to make sure you adhered to them all.

    4. Take Notes

    Note-taking is a way to boost your retention and gives you something to refer back to when you need to keep track of pertinent details. You will also heighten your focus as you listen for relevant information. Review your notes shortly after the meeting or conversation and highlight the content that you intend to apply.

    5. Prioritize What Needs Your Attention Now

    When you have a full slate of work that demands your attention, take a few moments to sort assignments from most to least urgent. Keep a calendar, spreadsheet, or project planning software up-to-date with schedules and deadlines to help you stay organized.

    As you tackle each urgent assignment, give it your full attention so no details are missed. Give yourself ample time—especially if you tend to be someone who waits until the last minute—as rushing can make you overlook important details.

    6. Have a Detail-Oriented Assistant Check Your Work

    If you lack attention to detail, then it makes sense to seek help from someone detail-oriented. If you have this option, take advantage of it. Two sets of eyes are better than one. Just be sure to credit your assistant for their help once the project is completed.

    7. Learn the Rules of Writing Well

    English is a difficult language, and grammar, punctuation, and spelling can all sabotage you unless you pay attention to detail. When in doubt, look it up. Free to use website services such as Grammarly can help.

    8. Proofread Before You Hit Send

    Nothing is perfect in its first draft. If you lack attention to detail, then put in the extra effort before submitting things. Before you send off any written work, check carefully not only for misspellings and incomplete sentences but also for improper tone, inappropriate colloquialisms, and inconsistent formatting. When your written communications are error-free, they will have their intended impact.

    9. Minimize Distractions

    It is impossible to stay focused when colleagues carry on conversations nearby or your mobile notifications ding you throughout the day. Do your best to limit distractions.

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    If you are working where there is a lot of noise or side activity, try wearing noise-canceling headphones or seeking out a quiet corner. Disable your notifications when you need to focus, and resolve to only check them after you have completed your assignment.

    10. Take Breaks

    It may sound counter-intuitive to stop and take a walk, but it’s necessary. Walk away from the screen. Moving from one task to the next across the span of your workday is a recipe for brain fatigue. Give your brain a recess time when you come to a natural stopping place or after you complete one project and before you start the next. These short pauses are necessary for sorting through all the details needed for coming up with successful solutions.

    11. Make Time for Reflection

    At the end of a workday, take a few minutes to go over the day’s events in your mind. What was said or relayed in conversations? What is the status of the projects you worked on? What else occurred that you should pay attention to? Could there have been any details you might have missed that you should address tomorrow?

    12. Keep a Detailed To-Do List

    This simple organizational tool is your best ally for getting your work done on time and for paying attention to the details. If you are pressed for time (and who isn’t?), write your list to coordinate with dayparts.

    Allot a certain number of hours to complete each task, do it, and then check it off. Nothing feels more rewarding than completing all the tasks on your list. But if you can’t finish them, then carry them over to the following day.

    Final Thoughts

    Details may seem small, but they can become a lot larger when they are overlooked. If you know you lack attention to detail, commit to training yourself to embrace the many facets that can help you consistently excel in the tasks you set out to accomplish.

    When you begin to catch your mistakes in advance or apply the tidbits of information you gathered from paying close attention, you will know that you have trained yourself in the fundamentals of becoming detail-oriented. After that, you should start hearing the phrase “Great job!” more often.

    More Tips on Boosting Your Attention to Detail

    Featured photo credit: Cristina Gottardi via unsplash.com

    Reference

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