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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.

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 May 23, 2021

    10 Best Free Job Apps You Need For Effective Job Hunting

    10 Best Free Job Apps You Need For Effective Job Hunting

    Seeking for the right job but not sure how to do it in a more effective way?

    Try job search apps!

    To make the job hunting process easier, I’m recommending 10 best job apps that can help you look for the right match anywhere at any time. The best of all? They’re all free!

    1. jobandtalent

    jobandtalent

      Great for browsing new jobs as you commute home via subway, bus or carpool, the jobandtalent app is like a Pinterest for job seekers.

      Easily browse, save and revisit job postings from your smartphone and receive notifications about jobs that match your professional qualifications.

      Download it for iOS and Android.

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      2. Jobr

      jobr

        This job hunting app is unique in that it lets you anonymously browse job listings based on your professional resume. If a company that you like also shows an interest in you, the app let’s you chat directly with a company rep. Great for getting your foot in the door and making a memorable impression.

        Download it for iOS.

        3. Monster Job Search

        monster job search

          I’m a big fan of Monster. It’s one of the first job sites employers think of when they want to list a new position online. The Monster Job Search app functions pretty similarly to the normal website, so it’s very easy to use for not-so-tech-savvy job hunters.

          Download it for iOS and Android.

          4. Jobs and Career Search

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          job and career search

            This is a good, simple app for browsing global locations for your next job. With a job index of more than 50,000 jobs listed globally, this app is a good choice if you are moving to a new area and want to line a new job up quickly.

            Download it for iOS.

            5. Hyper Networking Groups

            hyper networking groups

              This job hunting app isn’t so much a job hunting app as it is a connections hunting app. It’s great for learning who’s who in your desired field and forming connections. It also shows you how you and your industry connections are connected via your social networks, so you can follow up with them on your other social sites.

              Download it for iOS.

              6. CardDrop

              CardDrop

                CardDrop is an awesome job hunting app that let’s you digitally drop and pick up virtual business cards. This app is great for helping you make new connections at seminars, interviews, meetings and conferences. You can also attach social media profiles to the cards you pick up or send to enable easier connecting on social networks.

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                Download it for Android and iOS.

                7. Job Interview Questions

                interview questions both

                  Okay, so this app looks kind of outdated, but it’s super useful for getting you into the swing of answering any kind of interview question that is thrown your way. The big benefit of using this app is that it explains to you what your interviewers motivations might be for asking you a specific kind of question. Learn what your interviewer is looking for in your answers and be more prepared for the real interview when the time comes.

                  Download it for Android.

                  8. 101 Interview Questions and Answers

                  101 both

                    This app is great because it provides guidance about the kinds of answers you should give for each kind of question. Think of it as an essay rubric but for job interview questions.

                    Download it for Android.

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                    9. Job Interview Question-Answer

                    q and a

                      Feeling confident with your text-answered interview questions but concerned about doing the face-to-face interview? This app prepares you for interacting with your interviewer by simulating an employer asking you questions.

                      You can record your response and see what you look like to the interviewer to understand what movements, vocal pauses, etc. you need to work on.

                      Download this app for iOS and Android.

                      10. HireVue

                      hirevue

                        HireVue is a great job hunting app for those times when your interviewer wants to get some preliminary questions out of the way.

                        When an interested employer wants to interview you, they send you a request via HireVue and you can answer it in your free time, when you’re ready. Your interview might consist of a some FaceTime, some multiple choice questions or open-ended text answers and can be completed and sent to the interviewer when you’re finish.

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                        Download it for Android and iOS.

                        Featured photo credit: Yura Fresh via unsplash.com

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