Business Lessons from Poker which I’ll Cherish for a Lifetime

Poker is not for the hot-headed. It is a game of strategic bluff, skill, experience, ability to read a person’s mind, & taking calculated risks. It teaches about work ethics, especially in business & marketing. It is believed that watching shows like World Tour of Poker can help one succeed in business. Or at least one can learn or practice decision-making skills by playing this sport. I’ve been playing the sport for the past 5 years. It requires strategy, and patience, with a risk calculation factor. I’m an exporter by profession. From time to time, I need to make tough decisions as a business owner. Due to a lack of practice in my previous days, I’ve made failed attempts at doing business. Now I’m much better at business decisions as I’m reaping enough profits based on my decisions. Here are some of my business learnings from the game:

• Over bluffing: Being a poker player or a businessman, you must know when you can bluff. Unnecessary bluffing can lead to issues that can create problems later. As the famous saying goes ‘Fake it till you make it’ is important to build strong relationships. This becomes pretty common when people stop taking your raises seriously. In fundraising, for example, it might be advisable to selectively exaggerate your company’s capabilities, or your product’s benefits. Lying about your offerings & key metrics will lead to abandoning deals on the investors’ or customers’ end.

• Understand the cards in hand: Playing your cards right is important, whether in business or in this game. An entrepreneur should know when to play a hand when to take risks, & when to throw the cards away to act with the better ones. This kind of discernment helps a business owner make a sound decision about working with assets & when to cut a project loose if it’s not producing good results.  
• Hold your guards high: When at the table, you need to keep your emotions in control. Professional players can easily make out whether you’re a beginner or a pro. It is said “Play the man, not the cards” which is the exact essence of the game. If one looks like a beginner people will try to dominate your game to leverage your position at the table. Similarly, in business, you should always know what you’re doing & not give away much. Keeping an aura & standing by your team is important. In this sport, the slightest change in expression can create an impression of you with the competitor, similarly in business having a stable demeanor goes a long way.
• Patience & action have a thin line: The game requires waiting for the right opportunity but being quick to seize it when it arrives. Most hands won’t amount to much, but each round you have an equal chance to get something workable. This quality of patiently yet attentively waiting is applicable to business as well. You should not pounce on all deals offered, but when a good opportunity comes, fortune favors those who act quickly & decisively.

Origin of Texas Hold ‘em

[Source - The Bend Magazine]

It is widely believed that Texas Hold’em poker was first played in Robstown, Texas, around 1900, & gained further popularity by 1970. The game’s straightforward rules make it accessible to beginners while still offering depth for professional players. Texas Hold’em made its Las Vegas debut in 1967 at the Golden Nugget casino and quickly became a hit. In 1970, the Binion brothers launched a World Series of Poker which saw the Texas Hold’em variant become the center of attraction at the event.

By 1971, the main event of the WSOP was officially held in Texas Hold’em format while the tournament grew steadily in size & prestige. The event’s success led to it attracting more competitors each year, with participant numbers growing from eight in 1970 to over 200 in 1991. Texas Hold’em’s rise also spread to Europe in the 1980s when Irish bookmakers Terry Rodgers and Liam Food introduced it across the Atlantic. Today, this game remains immensely popular across the U.S., with millions of Americans playing the game every year.

The G.O.A.T. players

Charting names for professional players in professional poker can be a daunting task. Due to the nature of the game, it is difficult to say what makes a player the G.O.A.T. We will try to list them through their earnings, but we think the amount of money they make is not the only thing that defines a good player.   

Here is a small attempt from our side:

• Doyle Brunson: This is the topmost deserving one according to us. Doyle Brunson stood against the test of time. He is 89 years old now & has played as a professional for over 50 years. Throughout his tenure, he has collected plenty of wins in his pocket, most notably his 10 World Series of Poker bracelets.
• Phil Hellmuth: He is among the biggest names in the game today. He is also known as one of the toughest players with an impeccable understanding of the sport. A holder of 15 World Series of Poker bracelets and about $23 Million in earnings, you cannot deny that he has great skills. He won the WSOP Main Event in Las Vegas in 1989 and in Europe in 2012.

[Source - www.pgt.com]

• Johnny Moss: If a player is called the grandfather of poker, that must mean something crucial. Johnny Moss was a Texas road gambler, & his cash winnings are beyond countable. As a professional player, he has 3 Main Event titles, 9 WSOP bracelets, & $1.25 Million in tournament winnings. He passed away in 1995 aged 88.
• Daniel Negreanu He is famously known as “Kid Poker” & has been on the scene since before the 2000s. He at present holds the record for the biggest live tournament winner of all time. He is also the first person to be named player of the year by the WSOP twice. Six WSOP bracelets, 2 WPT titles, & about $33 Million in tournament earnings, all make up for Negreanu’s current feats.

Conclusion:

To conclude, I can say poker has taught me life & business lessons. Entrepreneurs, and startup founders reading this will agree that the sport teaches to implement a winning strategy. It also imbibes the skill to respond to competitors, & to push beyond the fear of losing. After pouring my heart into this article, I’d like to revisit this from time to time whenever I feel directionless or stuck in business or life.   

 

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