Wednesday, July 22, 2015

Poker and Entrepreneurship: The Striking Similarities

Jonah Engler - Poker and Entrepreneurship

It’s common for people to view entrepreneurship as risky. Both the entrepreneur himself and outsiders will have this view from time to time. Risk, though, is also one of the best things about being an entrepreneur. It’s also one of the main reasons why entrepreneurship is so close to poker.

Both entrepreneurs and poker players understand that they’re not going to win every single day, that sometimes they’re most definitely going to fail. It’s statistically impossible to win every single time you gamble, both at the poker table and in life. The different between successful people and unsuccessful people, though, is that successful people have the money to lose without forcing them to give up entirely. In the end, you’ll end up winning more often than you lose.

Entrepreneurs and professional poker players don’t depend on luck. They don’t throw caution to the wind and take their chance on every hand or business deal that comes their way. Instead, they only play the hands that they’re most likely to win. This is one of the best ways to minimize your losses. Plus, when you see a good hand, you’ll have more money to bet with.

On the other hand, you should never go all in without first confirming that your assumptions are correct. How do you do this? By starting off with small bets. Poker players and entrepreneurs soak up information and thrive off it. They make strategic moves that are small at first, particularly when trying to figure out how their opponent or competition plays the game. It’s impossible to simply know what the other person is thinking. Poker players have to watch their opponent to figure out their playing style; entrepreneurs have to listen to their audience to find out what it is they want. Then, you can find small opportunities to further test their behavior, helping you to better fine tune your approach.

For entrepreneurs, there aren’t as many opportunities to go all in as there are in poker. This is when it’s best to take calculated risks and to only put all of your eggs in one basket if the odds are stacked with you.

Practice makes perfect, no matter what your profession. Nobody can just automatically be a successful poker player or a wise entrepreneur if they don’t have any experience in it. Professionals know that it takes many years to become an expert and they’re willing to put in the time to learn the ropes and perfect their craft.

Jonah Engler is a financial expert from NYC.

1 comment:

  1. THE MAJORITY HAS NEVER BEEN RIGHT BY STEVE FINNELL

    When the subject of Christianity has been debated the majority has never been right.

    The majority of first century Jews rejected Jesus as the messiah.---The majority has never been right.

    John 4:25, 26 The woman said to Him. "I know that Messiah is coming" (who is called Christ). "When He comes, He will tell us all things."
    26 Jesus said to her. "I who speak to you am He."(NKJV)

    The majority of world rejects Jesus as the only Savior.---The majority has never been right.

    Acts 4:10-12 ...the name of Jesus Christ.....12 "Nor is there no other name under heaven given among men by which we must be saved."(NKJV)

    The majority of those who claim to be Christians believe the false doctrine of original sin. They believe that because Adam and Eve sinned that all men are guilty of spiritual sin at birth. They believe in inherited sin.---The majority has never been right.

    Ezekiel 18:20 "The soul that sins shall die. The son shall not bear the guilt of the father, nor the father bear the guilt of the son. The righteousness of the righteous shall be upon himself, and the wickedness of the wicked shall be upon himself. (NKJV)

    No man has inherited the guilt of Adam. Men will face spiritual death because of their own sins.

    Romans 5:12 Therefore, just as through one man sin entered the world, and death through sin, and thus death spread to all men, because all sinned---(NKJV)

    Death spread to all men because all men have sinned.

    The majority of those who claim Jesus as Savior believe that modes of water baptism are sprinkling and pouring---The majority has never been right.

    Mark 16:16 Whoever trusts and is immersed will be saved; whoever does not trust will be condemned. (Complete Jewish Bible)
    Mark 16:16 He who has believed, and has been immersed, will be saved; but he who does not believe will be condemned. (The Better Version of the New Testament by Chester Estes)

    There are no translations that translate Mark 16:16 as such, "He who believes and has been sprinkled or poured shall be saved."---The majority has never been right.

    The majority of Baptist believe that water baptism is not essential to the forgiveness of sins and that once you are saved you can never be lost---The majority of Baptists have never been right.

    Acts 2:38 Then Peter said to them, "Repent, and let every one of you be baptized in the name of Jesus Christ for the remission of sins; and you shall receive the gift of the Holy Spirit.(NKJV)
    Galatians 5:1-4.....you have fallen from grace.(NKJV)

    The majority of those who claim to be Christian believe that their church denomination is the final authority when it comes to faith and practice of the Christian faith---The majority has never been right.

    The word of God found in the Bible and the Bible alone is not only the final authority, but the only authority for mankind.

    THE MAJORITY WILL NOT BE GOING TO HEAVEN

    Matthew 7:13-14 "Enter by the narrow gate; for wide is the gate and broad is the way that leads to destruction, and there are many who go in by it. 14 "Because narrow is the gate and difficult is the way which leads to life, and there are few who find it.(NKJV)

    If the majority were always right there would be many who find life eternal, however---The majority has never been right.

    Luke 13:23-24 Then one said to Him, "Lord, are there few who are saved?" And He said to them, 24 "Strive to enter the narrow gate for many, I say to you, will seek to enter and will not be able.(NKJV)


    YOU ARE INVITED TO FOLLOW MY BLOG. http://steve-finnell.blogspot.com








    Posted by Steve Finnell at 8:11 AM No comments:
    Email This
    BlogThis!
    Share to Twitter
    Share to Facebook
    Share to Pinterest

    ReplyDelete