Biz Tips: Gambling Skills and Strategies Applicable in the Business World

Biz Tips: Gambling Skills and Strategies Applicable in the Business World

Biz Tip:

Gambling Skills and Strategies Applicable in the Business World

Being able to succeed in the business world is about consistency, perseverance, failure and starting over. There are quite a number of misconceptions that business is about building a venture overnight and making millions in a short amount of time. To put this into perspective Robert Kiyosaki said, “It’s not how much money you make, but how much money you keep, how hard it works for you, and how many generations you keep it for.”

Making money is a start, but how you save and invest it is another matter entirely. When you think about starting or managing business it is about acquiring valuable skills and experiences. In other words, it is about playing one’s cards right and taking your business opportunities to the next level. You must have a lot of discipline, a diverse set of skills and deploy various strategies to succeed.

Having diverse skills and different strategies will equip you to be more effective in the business environment. When you have a thirst for more and want to transform your idea into a product or a service you have the makings of being a self-starter or an entrepreneur. Working in several industries for the first couple of years helps understand the culture and expectations of each of these professional environments.

When you think about running a small business like a casino you would get puzzled. However, once you dig beneath the surface, the business and the casino operate on making revenues and profits. So, the skills and the risks that come with going all-in are very high when you put your money, time and investments. In the next sections, will translate some of the themes from gambling into applicable tactics.

Being able to read people and assess risk is paramount in business

One of the most important skills to have is being able to read people. Knowing what makes a person tick or what’s their real intentions will give you clarity, and peace of mind. There’s a saying “Keep your friends close and your enemies closer.” When you are building a product or service, make sure you can evaluate and include business partners that will endure the journey at its worst and at its best.

Managing your business requires you to do a risk assessment. Like someone who is a risk-taker, you have to spread out your efforts and resources. You cannot place your entire eggs in one basket, but rather in several of them. You must do mental calculations before making your next move. Just like poker players or gamblers, they assess the risks of making the next move, which could make or break your business.

Being a nurturing leader versus an egocentric authoritative figure

A common mistake to make when you become a CEO, manager, supervisor or a lead person is bossing people around. It is about maximizing and growing the professional potential for women and men. A business whose philosophy centers on self-promotion and ego-oriented goals will have as a result a contentious and competitive environment.

The relationships you build are contingent on your ability to bring out the best of others and to help them move forward. If your business rewards individual over the collective effort it is very likely you will have relationships that are superficial. The idea is to forge strong and professional relationships among all the members of the organization.

Creating a welcoming and safe atmosphere is synonymous to creating a fun and safe learning environment in a classroom with students. Teachers model the expectations and create a sense of community. The same applies to business. Relationships are at the forefront. In other words, summarized neatly by poker author Adam Mason an ego culture can turn good business relationships sour.

Core business skills needed to kickstart your venture

Once you have an idea, money, and resources available to build a business you must possess a set of important skills. They are the following four:

  1. Being organized
  2. Public speaking
  3. Sales
  4. Problem resolution

Whether you are into an organization or not it is possibly the most important component of starting a business. For instance, by organization, we mean that you must archive and organize important company documents. These can be things like tax forms, contracts, sales reports, databases, etc. You must keep all of these organized and dated to see how the business is evolving over the quarter, and assess the performance year after year.

What do Daymond John, Eric Thomas, Tony Robbins, and Robert Kiyosaki have in common? According to Speakerhub, they are among the top 50 most popular motivational speakers. Getting in front of people or large crowds will be something to get used to. To keep your public speaking talks engaging always look for new and original ways to tell stories, and how it all connects to your business.

Whether you are a service or product-based organization, sales are an important aspect of a business. You must have an excellent message behind your brand. Whatever your approach is to sales make sure it makes a difference in the lives of others and has a powerful theme behind it.

Some of the most successful companies who sell positive experiences are Apple, Best Buy, Delta, Netflix and more.

Finally, problem resolution is the difference between success and failure. When a business can resolve problems for folks your business will always be remembered. Dealing with the most difficult customers will help you become a more efficient problem solver. Not every product or service is created equal. Nevertheless, you must understand the successful business has a product or a service, which can be tweaked or adapted to address a problem.

Takeaways and conclusions

Using different tactics and strategies to start a business gives you plenty of options. As previously mentioned, investigating some of the most successful gamblers serves as an excellent case study. It will help you see what the patterns to look out for, what details they pay attention to, and how they make decisions carefully. The same holds true when starting or managing a business.

Leadership is an important quality to have. By the same token, having an out of control ego-driven approach will not be conducive to a positive outcome. Meaning, you will not succeed if you make your organization and business that is all about you.

When we said to use gambling skills, we did not mean to start playing in a casino per say. What this process is to research what outside traditional strategies, approaches, and tactics you can utilize to succeed in business. You can find more examples of the kind of skills other industries develop for people and how can you use them to start your successful business adventure.

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