Poker and business world have more in common than you might think. Both require strategic thinking, risk management and the ability to read and understand people. So if you dismiss poker as a boring game, you're sorely mistaken! In this article, we'll take a look at the top 5 similarities.
In both poker and work, success requires the ability to assess and effectively manage risk. In poker, this means calculating the odds of winning a game and deciding whether the potential gain is worth the risk of losing. Similarly, in business, assessing the risks and rewards of a particular decision can determine the success or failure of a company.
Poker thrives on reading people, understanding them and interpreting different behaviors. This assessment is also indispensable in business life. Whether talking to colleagues, dealing with customers, or even in contract negotiations, it's always a matter of getting a picture of your opponent in order to be able to react in the best possible way to the current situation. In poker, this means interpreting your opponent's body language and betting behavior to determine the strength of his hand. In business, it means understanding the motivations and intentions of customers, partners, and competitors.
Another thing they have in common is strategic thinking. In poker, it's developing a game plan based on your cards and your opponents' actions. In business, it means developing a long-term vision for the company and making decisions that are consistent with that vision.
One of the most important points in both the business and poker world is discipline. If you really want to achieve something, you can't just rely on your luck, you have to actively work for it. A miraculous appointment to CEO or becoming a poker pro overnight is highly unlikely. A certain amount of talent does play a role, but it's not called "hard work beats talent" for nothing. If you approach your goals with discipline, you are very likely to achieve them.
The last point in our top 5 is adaptability. You have to be able to adapt to changing circumstances and react to current events at any time. In poker, this means that you have to adapt your strategy to the cards you receive and to the actions of your opponents. In addition, in tournament poker there are different phases that require different actions. In business, it means responding to market changes and changing customer needs.
So the similarities between the game of poker and business are obvious and there are many more points to prove it. Those who are able to recognize these similarities can draw conclusions to improve their decision-making skills and increase chances of success in the working world or at the poker table.