Business Management lessons are present both in and out of the office. According to entrepreneur, Jeff Ber, there are even lessons to be learned about the process from playing the game of poker.
Sitting at the poker table, an entrepreneur can learn a thing or two about business management. From strategy and risk to competition evaluation and quick thinking, Jeff Ber believes that there are numerous similarities between playing a hand of poker and launching into the start-up sphere.
The Psychology of Poker & Business Management
Like business management, the game of poker poses various psychological challenges. Business management professionals and poker players are tested in terms of decision-making, risk-taking, and strategy development and implementation.
Risk & Strategy
In launching a start-up, entrepreneurs are tasked with navigating a risky playing field. Every move dictates an unforeseen outcome. The riskiest moves sometimes result in the biggest wins — but not always. The same is true for players at the poker table.
Strategy development and implementation are often at the forefront of both the start-up sphere and poker table. A strong strategy that plans ahead for the other player(s)’ moves can make all the difference in succeeding with a start-up — or falling short of success.
Competition: Evaluating The Playing Field
Just like in a game of poker, the start-up scene is full of competitors. In order to prevail, both the entrepreneur and the poker player are tasked with evaluating the playing field. But just like poker players, entrepreneurs often hold tight on their ‘poker face’ — being sure to keep their moves and strategies silent from their competition. It is the entrepreneur’s responsibility to pay close attention to what little their competitors expose. This helps in determining new strategies that can help them in taking control over their industry.
In entrepreneurship, the visionary often holds the upper hand. With start-ups, it’s all about who develops and applies a strategy first — rather than who thinks of an idea first. The same is true in poker. Two players at the poker table may come up with the same winning strategy at the same time. But the winner will always be the player — or entrepreneur — who makes the move first and the most effectively. Both in poker and business management, players and entrepreneurs must be prepared for whatever comes their way. Next time you play a game of poker, think about how you’d navigate the situation in the business world — and vice versa.
This concludes Jeff Ber’s blog series on business management. Stay tuned for his next blog series to learn more about how to navigate the start-up sphere in 2020!