Poker Can Teach You Vital Business and Life Lessons

 You can learn vital lessons about life and business from poker

Get ready to enjoy one of the most joyful pastimes of your life. Grab a beer, a chair and some chips (Pringles). Some people consider poker a hobby (my wife, for example), but I've found that poker is a way to live. It's also extremely educational and valuable. There are life lessons as well as lessons that can be applied to business.

Lesson 1 - Learning to balance reward and risk

Poker is a game where you have to make the best decisions possible for yourself. You need to weigh the chance of winning (rewards), against the risk of losing money like your shirt, money, or even the possibility of falling asleep on the couch. There are several ways to calculate "pot chances", which will help you decide whether to call the bet, or fold. Although this is a complicated topic, it is easy to see that the main goal of gambling is to minimize risk.

It is almost the exact same in business. You need to consider known uncertainties, assess unknown risks, and evaluate the strengths, weaknesses, and potential threats of your competitors. Why does Mark always bluff? This will help you to devise a strategy that places you in the best place to win.

Lesson 2 - You must learn to win and lose gracefully.

Respect in business and life is earned by learning how to win gracefully. This is true even for poker. Chuck, my poker-playing dental pal, is a fantastic example of a gracious winner and loser. Chuck will accept a win by saying, "Boy. I'm getting them tonight." Or, "Thanks, that was helpful." If he loses, Chuck can laugh and say, "Wow Terry! You gutted me like fish!" These comments show that Chuck has a solid inner character. They can also demonstrate that you are able to dish it out and eat the crow, which is vital in poker and life.

Mark, my friend, is on the other side, and he's the worst loser and winner ever. He is loud, proud, and completely obnoxious when he wins. He whines when he loses and is loud and obnoxious. He is a lose-lose situation. We would ban him from the dining room if he were not so charming.

In business, I have learned that when things are going well but you're still busy, it is best to play down the extent of your success. You don't want people to think, "We are killing this." Many people experienced a boom in their business during the pandemic. I was chatting with a member of a networking group that owns a liquor store. He said, "My business is up 75%." It made me feel like I was saying, "Well, why don’t you toast to Covid-19."

Lesson 3 - Know when to hold ’em and fold them

Knowing when to quit and when to get out is key to success in poker and life. Here, unreasonable hope is the culprit. You're hoping that the last card you receive will be a 6 to complete a straight when someone is showing the real chance of a flush. It's possible to draw that card, but the odds are only 1 in 52. Let go of the hope and accept reality. Next, you can buy a lottery ticket. After all, "somebody" has to win.

What about the business? The job you want is promoted, but it goes to someone else. You aren't even introduced to your boss, he doesn't give you a chance to express appreciation or ask for your input. This sounds like the time to get rid of them and move.

Time to Fold ‘Em for this Blog, Part 2 - Coming Soon to a Major Miner Blog Near you

There is so much to share about lessons from poker, that I am dividing this blog into two parts. Part 2 will follow next week. You can bet on The Miner Agency if you don't want to risk hiring a full service agency that will bring a wealth experience, knowledge and strategic savvy for every project. They will "ALL-IN", to help you take your business to new heights. Super Bowl Sunday Legal Online Casino Bonuses