7 Business Tips I Learned from Playing Poker
December 24, 2007 – 11:08 amIn addition to the 10 Rules to Succeed in Business and in Life, I wanted to add 7 more tips that I learned from Poker. I use these 7 tips in my day to day business life as well.
I just finished a Texas Hold-em tournament and received 2nd place. This was the 2nd tournament I ever entered and during my first tournament I was the first one out.
I feel there are strong similarities between poker and business.
1) Learn from your mistakes - I was too aggressive too fast during my first tournament - (In a startup don’t be too aggressive. Be more conservative in the beginning. For example, keep your overhead down. Don’t hire a lot of people right out of the gate. Don’t go after the largest client when your product is in alpha. Work out the bugs first before you begin to market aggressively.)
2) There are a lot of Bull Shitters - (Learn to read people and weed them out. Hire slowly and fire quickly)
3) Don’t back down from the bully - (Your competition is bigger and more experienced than you. Don’t be intimated. They are usually slower and less focused. You can and will beat them)
4) The one with the least amount of chips is usually the one who offers the most advice - (Find mentors that are winners. Learn from those who have succeeded. Be careful of those who talk and don’t walk.)
5) The one with the most chips at the final table doesn’t mean they will win - (Things can change quickly. Stay focused and do one thing very well. Don’t take unnecessary risks. Be calculated. Remember what got you to the final table)
6) Don’t let them know you are scared - (Learn to control your nervous characteristics. In business, learn to overcome your anxieties. When speaking in front of a large client, prepare and practice. Control your fears with knowledge, breathing techniques, and practice.)
7) Take the blinds when the time is right - (When your chips are down, know when to take the blinds by taking a calculated risk of a large bet even when you have no cards. Take risks. Be calculated. Enjoy the ride.)
12 Responses to “7 Business Tips I Learned from Playing Poker”
Maybe between poker and “life in general”…Interesting comparison. Sounds like you like poker more than real estate…
By Al Maxwell - Real Estate Agent - 404-213-3804 on Dec 24, 2007
It is funny, I feel great poker players are often great business people. In many ways you can control the unknown variables in both.
P.S. I love real estate and invest in it heavily :)
By Dan on Dec 24, 2007
Dan, congrats on the near win. Next time you’ll get em. Good comparison on biz and poker. Life and business is a gamble.
Merry Christmas to you and your family.
By Duane Marlink, Rate A Home on Dec 24, 2007
And sometimes you just get plain Lucky!
By Chad Baird on Dec 24, 2007
Cooool, That is pretty inpressive finish. How many started the tournament and did you win a bundle?
Sean Allen
By Sean Allen & Pilar Lorenzo ~ The Mortgage Professionals on Dec 24, 2007
Dan, very true. Congratulations on your strong finish.
By Omaha Real Estate -- David Matney, CRS,GRI on Dec 24, 2007
Both of them seem to be hard to get good at too.
Bob Mitchell
ValueList Real Estate Services, Inc
By Bob Mitchell - Realtor St. Louis on Dec 24, 2007
” And sometimes you just get plain Lucky! ”
Chad. Very true. Sometimes you need to have a little luck on your side.
However, I strongly believe that in many instances we make our own luck. Thomas Jefferson once said, “I’m a great believer in luck, and I find the harder I work, the more I have of it.”
By Dan on Dec 24, 2007
Dan, Congrats on your 2nd place finish. I enjoy competition of poker also. Like business, it’s the one who makes the least amount of mistakes that usually wins. As in real estate you cannot afford to make any mistakes they can be costly.
Ken Kirkpatrick, JR. REALTOR
By Ken Kirkpatrick on Dec 26, 2007
Dan,
I watch poker on tv because I glean information that helps me sell real estate. You are right, there are lots of similiarities.
By Mike Frazier-Realtor in Northwest Tennessee on Dec 26, 2007
I don\\\’t play poker. Interesting story, while I was holding open house for an invextor/client to sell one of his properties. He joined me and brought a deck of cards. Long story shour, his taught me. It was very interesting how it played out into my business of selling his house. We got a ontract and ask me \\"If we counter do you think they will take it or walk away?\\" I said Ron, it\\\’s like playing poker, you never know what they have in their hand, so do you want to bluff him, take a chance or fold?\\" He laughed and said \\"Ah, I taught you well!\\"
Licensed Real Estate Agent Woodstock, Ga.
By Shirley Wells Farrington on Mar 2, 2009