There are three games of chance that allow players to develop mental skills that drive success on a professional and business level: bridge, chess and, of course, poker. Playful activities like poker hands require activating mental processes and applying methods that are useful in making decisions on a business scale and in new ventures.
The skills and experiences of poker players are associated with the necessary commitment to activities in the business world. Poker requires players to use strategies, perform probability calculations, manage resources and study rivals’ body language.
These elements are absent in other games of chance, but poker skills are transferable to other professional fields. We talked about the 7 qualities of poker experts that drive business success.
Poker players learn to manage the budget
More experienced poker players learn to manage the resources available for the game well. Managing the game budget or bankroll is the key to success in the poker world.
In fact, this administrative procedure is what differentiates a professional player who wants to compete to win in bets and a player who does it for entertainment. If you don’t manage your money well you are unlikely to make a career out of poker.
Poker, like other businesses, requires an initial investment with a future prospect of profit. It is also important to determine the appropriate amount for investment in betting, to make decisions with viable resources and to study the competition to assess the probabilities of success.
Logical thinking
Poker players calculate the probabilities of success or failure at each stage of a game. Those who undertake a business or company must assess the risks and apply strategies to reduce the margin of loss or the level of uncertainty presented by a project.
Throughout the game process, poker players come up with several alternatives and deduce the success rate that each variable can have. In this sense, logical thinking is essential, managing the different options and taking advantage of the best opportunity to consolidate the bet.
Set realistic short- and long-term goals based on performance
Professional poker players participate in tournaments, but first assess their own level of performance at the tables. They understand that experience, practice and discipline in this activity are effective in reaching short and long term goals.
If they experience difficulties in a tournament, experts rethink their strategy, take the time to plan their investment and deliberate on implementing, changing or improving the strategy.
There are good strategies that take longer than expected, this does not mean that they are not effective. It is at this precise moment that good leadership is required to make decisions, make the necessary adjustments and work to reach the long-term target.
Competence study
Any company that is interested in leading the market must study the scope of the competition, its advantages and limitations. Poker professionals analyze their competitors, try to predict their strategies or movements and, as a result of this study, make decisions at the game tables.
Emotional intelligence
In poker it is imperative that players develop emotional intelligence. Control and emotional balance allow you to have a cool mind to make the right decisions. Even if a player loses, he must know how to overlap and seek the best alternative to overcome the consequences of the defeat.
In the business world, the business plan can present inconveniences or errors, to correct this situation, entrepreneurs must apply immediate and intelligent measures to solve problems. These measures are based on the execution of a strategic plan, without losing your cool and always maintaining control over emotions.
Poker Face
Poker is a game of skills, but you also need to develop cunning to understand the message that rivals’ body language sends. In order not to give any kind of signal to competitors, it is necessary to learn to master body language. For this, it is necessary to avoid gestures that send messages to the opponent, and contain the reactions or emotions.
In companies there is confidential data that cannot be disclosed to third parties. On the other hand, the dissemination of inaccurate statistics is common, as a market strategy to unbalance competition.
How to take advantage of opportunities
poker you have to take an opportunity when you present yourself. From the start of a match, players look for new opportunities, but each of the options presented must be analyzed and predict the probabilities of success based on a business plan that defines the long-term goal, although mistakes can be made over the way.
In poker something similar happens, players try to take advantage of opportunities, make the best decision in each hand and take advantage of the competitor’s weaknesses.
The skill does not guarantee success in poker or in business, sometimes it takes a little luck, especially in games of chance. However, Phil Hellmuth, the best poker player of all time, said that in the end he wins the skill.