This is a note from "DELIVERING Happiness" from page 75 to 78, which I found these advices are applicable to my daily jobs.
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I noticed so many similarities between poker and business that I started making a list of the lessons I learned from playing poker that could also be applied to business:
Evaluating Market Opportunities
-Table selection is the most important decision you can make.
-It’s okay to switch tables if you discover it’s too hard to win at your table.
-If there are too many competitors (some irrational or inexperienced), even if you’re the best it’s a lot harder to win.-
Marketing and Branding
-Act weak when strong, act strong when weak. Know when to bluff.
-Your “brand” is important.
-Help shape the stories that people are telling about you.
Financials
-Always be prepared for the worst possible scenario.
-The guy who wins the most hands is not the guy who makes the most money in the long run.
-The guy who never loses a hand is not the guy who makes the most money in the long run.
-Go for positive expected value, not what’s least risky.
-Make sure your bankroll is large enough for the game you’re playing and the risks you’re taking.
-Play only with what you can afford to lose.
-Remember that it’s a long-term game. You will win or lose individual hands or sessions, but it’s what happens in the long term that matters.
Strategy
-Don’t play games that you don’t understand, even if you see lots of other people making money from them.
-Figure out the game when the stakes aren’t high.
-Don’t cheat. Cheaters never win in the long run.
-Stick to your principles.
-You need to adjust your style of play throughout the night as the dynamics of the game change. Be flexible.
-Be patient and think long-term.
-The players with the most stamina and focus usually win.
-Differentiate yourself. Do the opposite of what the rest of the table is doing.
-Hope is not a good plan.
-Don’t let yourself go “on tilt.” It’s much more cost-effective to take a break, walk around, or leave the game for the night.
Continual Learning
-Educate yourself. Read books and learn from others who have done it before.
-Learn by doing. Theory is nice, but nothing replaces actual experience.
-Learn by surrounding yourself with talented players.
-Just because you win a hand doesn’t mean you’re good and you don’t have more learning to do. You might have just gotten lucky.
-Don’t be afraid to ask for advice.
Culture
-You’ve gotta love the game. To become really good, you need to live it and sleep it.
-Don’t be cocky. Don’t be flashy. There’s always someone better than you.
-Be nice and make friends. It’s a small community.
-Share what you’ve learned with others.
-Look for opportunities beyond just the game you sat down to play. You never know who you’re going to meet, including new friends for life or new business contacts.
-Have fun. The game is a lot more enjoyable when you’re trying to do more than just make money.
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
I noticed so many similarities between poker and business that I started making a list of the lessons I learned from playing poker that could also be applied to business:
Evaluating Market Opportunities
-Table selection is the most important decision you can make.
-It’s okay to switch tables if you discover it’s too hard to win at your table.
-If there are too many competitors (some irrational or inexperienced), even if you’re the best it’s a lot harder to win.-
Marketing and Branding
-Act weak when strong, act strong when weak. Know when to bluff.
-Your “brand” is important.
-Help shape the stories that people are telling about you.
Financials
-Always be prepared for the worst possible scenario.
-The guy who wins the most hands is not the guy who makes the most money in the long run.
-The guy who never loses a hand is not the guy who makes the most money in the long run.
-Go for positive expected value, not what’s least risky.
-Make sure your bankroll is large enough for the game you’re playing and the risks you’re taking.
-Play only with what you can afford to lose.
-Remember that it’s a long-term game. You will win or lose individual hands or sessions, but it’s what happens in the long term that matters.
Strategy
-Don’t play games that you don’t understand, even if you see lots of other people making money from them.
-Figure out the game when the stakes aren’t high.
-Don’t cheat. Cheaters never win in the long run.
-Stick to your principles.
-You need to adjust your style of play throughout the night as the dynamics of the game change. Be flexible.
-Be patient and think long-term.
-The players with the most stamina and focus usually win.
-Differentiate yourself. Do the opposite of what the rest of the table is doing.
-Hope is not a good plan.
-Don’t let yourself go “on tilt.” It’s much more cost-effective to take a break, walk around, or leave the game for the night.
Continual Learning
-Educate yourself. Read books and learn from others who have done it before.
-Learn by doing. Theory is nice, but nothing replaces actual experience.
-Learn by surrounding yourself with talented players.
-Just because you win a hand doesn’t mean you’re good and you don’t have more learning to do. You might have just gotten lucky.
-Don’t be afraid to ask for advice.
Culture
-You’ve gotta love the game. To become really good, you need to live it and sleep it.
-Don’t be cocky. Don’t be flashy. There’s always someone better than you.
-Be nice and make friends. It’s a small community.
-Share what you’ve learned with others.
-Look for opportunities beyond just the game you sat down to play. You never know who you’re going to meet, including new friends for life or new business contacts.
-Have fun. The game is a lot more enjoyable when you’re trying to do more than just make money.
