Although it may seem counterintuitive, playing poker can actually sharpen your business skills. Many business people play poker to learn and improve their business skills while at the same time, using their experience, they are able to leverage their abilities and beat seasoned poker sharks.
Before your next poker game, take these 11 examples into consideration:
#1 Patience is Key
Poker can also teach you about patience. In the game, you need to be patient and wait for the right opportunity to make your move. This is true in business as well. You need to be patient and wait for the right opportunity to make your move. Cary Katz, who is a successful businessman and poker player, says that “patience is one of the most important qualities for success in both business and poker”.
#2 Managing Risks
Poker is a great way to learn about risk management. In business, you are constantly taking risks. You need to be able to assess the risks and make decisions accordingly. Poker can help you hone your risk management skills by teaching you how to weigh the odds and make smart decisions under pressure.
#3 Understanding People’s Behavior
This is true in both poker and business: you need to be able to read your opponents and figure out what they are thinking. You need to be able to read people and figure out what they are thinking which is a bit different from the skills you develop while playing online poker games on a website or app.
#4 Understand How to Manage Your Money
Poker is a great way to inadvertently learn about fiscal responsibility. In poker, one has to be cautious about the amount of money they bet and when would be the most opportune time to place that bet–this resembles having to be judicious with financial choices in business.
#5 Being Able to Deal with Difficult Situations
The game of poker not only teaches you how to have fun, but it also prepares you for difficult situations by teaching you ways to deal with them maturely. In poker, there will inevitably be times when are dealt a bad hand; however, don’t allowing the situation determine the outcome – with practice, you’ll learn to come out ahead regardless. The same is true in business: face challenging circumstances head-on and with grace so obstacles become opportunities!
#6 It’s All About Negotiation
Poker isn’t only a game, it’s also a lesson in negotiation. When playing poker, you have to learn how to negotiate with your opponents if you want to win. This same skill is useful in business when you need to deal with customers, suppliers, and employees.
#7 Take a Strategic Approach
Like poker, business requires strategic thinking. In order to be successful in either area, you must think about the long-term and plan your moves carefully. Famous players like Phil Ivey have said that poker requires a great deal of strategic thinking and planning and without that, you can’t reach the highest level of the game.
#8 Success Is Not for the Weak
Success in poker can teach you a lot about how to handle success in business. When you win in poker, you need to be able to learn from that and use it to improve your game. The same is true for business. After achieving the goals some even suffer depression, so it’s better take some time to reflect on what went well and how you can replicate that going forward. Also, think about things like how you spend your money wisely or how you treat colleagues and other people after reaching a goal.
#9 Know How to Deal with Failure
Poker can teach players how to accept and learn from failure, something that is essential for success in business. In poker, you will experience losses sometimes. It’s important to be able to manage this type of disappointment and turn it into a learning opportunity. The same goes for failing in business endeavors. You must be willing to brush yourself off after a defeat and use it as motivation to improve your skills
#10 Handle the Stress
Poker can teach you how to deal with stress. In poker, there will be times when the pressure is on and you need to stay calm. This is also true in business. There will be times when the pressure is on, but if you can handle it calmly, you’ll be successful.
#11 Use a Poker Face
From poker, you can learn how to keep a straight face–a useful skill in business. When playing poker, it’s essential to be able mask your emotions and stay levelheaded during trying times; the same is true for keeping successful businessmen.
By taking the time to learn from the game of poker, you can improve your business skills. Poker can teach you about financial responsibility, how to read people, negotiation, stress management, and more. Many successful businessmen are poker players, like Dave Goldberg, Roger Sippl, and Jason Calacanis.