How Poker Can Help You Be a Better Entrepreneur

At first glance, poker players and entrepreneurs may look like they have nothing in common. However, you’ll be surprised to learn that both professionals follow similar principles to achieve success.

In fact, entrepreneur and bestselling author Diana Kander recommends that aspiring entrepreneurs should participate in a game of poker to learn how to make the right moves in business.

Kander points out that poker players practice self-control, take risks, and remain curious in every round, thus embodying the traits that entrepreneurs must possess when making business decisions.

Following Kander’s advice, here’s a look at a few strategies for both poker and business success:

Assessing possible risks

Risk-taking is something that many women entrepreneurs fear, but business experts believe that this is a skill that can be learned through a game of poker.

Since women tend to be risk-averse in their careers, Northwestern University established the educational site Poker Powher to help women learn about negotiation, decision-making, and risk assessment through poker.

Through playing multiple hands of Texas Hold‘em, business students can learn how to make the right decisions and think under pressure.

Playing each round instills confidence, and players are able to learn how and when they should take risks, even when the stakes are high.

Developing proper strategies

Given that competition is tight in both fields, you’ll learn that you need to establish a proper strategy to achieve your objectives.

Though many people believe that luck plays a big factor in both poker and business, game resource Poker.org provides strategy tips that players need to understand.

This includes the basic game play rules, the ranking of the poker hands, and even the main poker terms to succeed in each game.

Players can refer to expert advice to master fundamental skills and apply advanced poker strategies, such as Upswing Poker and Chip Leader Coaching.

Similarly, entrepreneurs need to study fundamental business skills and management strategies to run their operations and innovate.

Knowing your competition

It’s definitely intimidating to sit across numerous people at a poker table or at a business event, but you can put yourself at an advantage if you examine your competition carefully.

Your knowledge of strategies can be an advantage here, since you’ll be able to spot your opponent’s patterns and moves if you pay attention to them.

Following advanced plays could be a good move here, especially since our article on the ‘10 Ways to Make Your Brand Stand Out’ highlights that more specific strategies means you’ll be facing fewer competitors.

Observing your competition will help you find a better direction for your poker or business strategy and be able to set yourself apart from the crowd.

Managing one’s emotions

Both business and poker can trigger your emotions. Since emotional management can be difficult to master, aspiring entrepreneurs can practice this through a game of poker.

Poker is actually encouraged by Teachingstartup.com founder Joe Procopio because he realized that it’s a great way to learn how to be patient.

He stated that frustration and other extreme emotions can cause individuals to make heated decisions in games and in business ventures.

But after playing a few rounds of poker, aspiring entrepreneurs can learn the value of waiting for the right moment to strike, and not folding under pressure.

Putting up a business isn’t always easy for female entrepreneurs, but poker is a great place to learn vital business skills.

If you’re interested in more tips, Dangerouslee.biz contains resources for women small business owners/entrepreneurs interested in business and lifestyle content.

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