- Success is the combination of luck and skill.
- The more rounds you play (the more experience you have), the better you know yourself and how you react to certain situations.
- Even if you do not have the best hand, you can come out as the winner.
- Bluffing is a mandatory - sometimes you have to act as if you have the best hand even if you don't necessarily have it (yet).
- You have to know the rules really well. Similarly, to start a business you have to know the industry.
- After every round, you may have to alter your strategy as new cards are revealed.
- You have to learn the habits of your opponents (and competitors).
- Every round is a new round – very little carries over.
- Know the risks and probability of success when you need to make a decision.
- Small things can completely change the whole strategy
- You have to know when to fold – sometimes it’s ok to give in if your hand you’ve been dealt won’t win.
One of our readers, Mayank Batra, offered a few more similarities between entrepreneurship and poker:
- You cannot win every round - it's a marathon, not a sprint.
- You have to be patient when you lose a round - aggressive actions will not help
- Number and statistics matter as much as your gut.
- Play the cards you have OR you can also play the people opposite to you. Only having the best cards would never allow for success.
Poker enthusiasts and entrepreneurs, in the comments below, tell me where I’m wrong and where I’m right in my comparison!
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