December 30, 2008

Business and Poker? Interesting Comparisons

What if everything you need to know about business could be learned from playing poker?

I love analogies and these comparisons about learning about business from poker strategies is worth note. Funny and at the same time much of it makes one think twice...


  • Table selection is the most important decision you can make.
  • It's okay to switch tables if you discover it's too hard to win at your table.
  • If there are too many competitors (some irrational or inexperienced), even if you're the best it's a lot harder to win.

  • Act weak when strong, act strong when weak. Know when to bluff.
  • Your "brand" is important.
  • Help shape the stories that people are telling about you.

  • Always be prepared for the worst possible scenario.
  • The guy who wins the most hands is not the guy who makes the most money in the long run.
  • The guy who never loses a hand is not the guy who makes the most money in the long run.
  • Go for positive expected value, not what's least risky.
  • Make sure your bankroll is large enough for the game you're playing and the risks you're taking.
  • Play only with what you can afford to lose.
  • Remember it's a long term game. You will win or lose individual sessions, but it's what happens in the long term that matters.

  • Don't play games that you don't understand, even if you see lots of other people making money from them.
  • Figure out the game when the stakes aren't high.
  • Don't cheat. Cheaters never win in the long run.
  • Stick to your principles.
  • You need to adjust your style of play throughout the night as the dynamics of the game change. Be flexible.
  • Be patient and think long term.
  • The players with the most stamina and focus usually win.
  • Differentiate yourself. Do the opposite of what the rest of the table is doing.
  • Hope is not a good plan.
  • Don't let yourself go "on tilt". It's much more cost effective to take a break, walk around, or leave the game for the night.

  • Educate yourself. Read books and learn from others who have done it before.
  • Learn by doing. Theory is nice, but nothing replaces actual experience.
  • Learn by surrounding yourself with talented players.
  • Just because you win a hand doesn't mean you're good and you don't have more learning to do. You might have just gotten lucky.
  • Don't be afraid to ask for advice.

  • You've gotta love the game. To become really good, you need to live it and sleep it.
  • Don't be cocky. Don't be flashy. There's always someone better than you.
  • Be nice and make friends. It's a small community.
  • Share what you've learned with others.
  • Look for opportunities beyond just the game you sat down to play. You never know who you're going to meet, including new friends for life or new business contacts.
  • Have fun. The game is a lot more enjoyable when you're trying to do more than just make money.
See entire bog post here

and I would add to his list...
"You've got to know when to hold 'em, know when to fold 'em, know when to walk away...know when to run... " Hard selling is not selling, more likely to make enemies.

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