What does Poker teach about life and business?

Jili Pagcor has brought Poker into the official tournament at Sea Game 31, held right at home in the Philippines in 2021. This information surprises many people because we often think poker is a game. Revolves around luck. It is a gambling game where people just want money from you, and gambling can be deceiving. Many people think poker is for those who are good at reading other people.

Unlike other casino games, which are often arranged to eliminate players, the house will always win in the long run. When you play poker, you will compete with other opponents, and the house only collects a service fee for each game. So, poker is not a gambling game. Poker is a game of skill, like football and basketball. You need to learn and have strategies to win.

Poker will teach you many things in life, and you can apply those things to your business. Tony Hsieh – CEO of Zappos (a company acquired by Amazon for $1.2 billion), shared through the book Billionaire Shoe Salesman the similarities between a good poker strategy and a good business strategy. I am knowingg “the separation between short-term thinking (such as focusing on whether I will win or lose each hand) and long-term thinking (such as making sure I have a strategy in place) sound decision).”

Financial lessons

We need help managing our finances. Especially in the Eastern environment, very few parents have talks with their children about money management. Then, the first time I went to work, I got stuck in the cycle of receiving salary and repaying debt. We grow up with abysmal personal financial management. If we manage our own money and later start a business, we will avoid many difficulties in managing the company’s finances.

So, according to Tony Hsieh, poker will remind you to prepare for the worst situations. Ensure you have enough funds for the game and the challenges you will face. Poker and life always include unexpected variables. Ensure you get the answers to the above questions before entering the game.

And a huge lesson that we often make but don’t realize. Are you familiar with this saying: “The higher the profit, the greater the risk?” This saying is so common that people rush into risky forms of investment in the HOPE of high profits. Leading to situations of loss and debt. When playing poker, train yourself to look for the least risky options. You need to think about the long-term, not the short-term goal poker; pay attention to these things!

Lesson from Tony Hsieh: Do the expected positive value, not the riskiest thing. I hope it could be a better plan (especially regarding finances and strategy).

Discipline

Entering a game, everyone has principles and requires self-discipline to keep the principles they set. Even if you don’t pay attention when you start playing, you have one rule: playing for fun is okay, and winning or losing is not essential. It’s OK if I don’t win, but if I run out of money this time, I don’t have to borrow money like before. However, after 2 or 3 games, you start to fall into difficult situations or begin to lose. You will relax your principles. When you continually change your fundamentals, you will start to lose.

Discipline yourself to withdraw from the game when you realize you can hardly win. And when you win, discipline yourself to ensure you don’t spend it all. When you win and have money in hand, be even more disciplined.

Lesson from Tony Hsieh: Stick to your principles. However, you can still adjust your gameplay as the game dynamics change. Be more flexible in this case.

Increase concentration

The first two cards you have in your hand are a random arrangement. But the decision is in your hands when the cards are later turned up. Concentrate on calculating the cards given. Pay attention to your opponent’s changes whenever a card turns up. Remember all that.

Any sport or job requires concentration. With Poker, when players rotate around a table, you need to be highly focused to read the changes from other players.

When too many choices and many things distract us, a person with high concentration ability will have an advantage at work.

Lesson from Tony Hsieh: Players with high endurance and concentration will win.

Learn how to face failure.

Poker is a game; there are lessons and strategies to help you win. But the biggest lesson you learn is when you fail. And no matter what game, look back at yourself every time you fail. Ask yourself: “What will I do better next time?”

I chose the wrong table from the beginning. A table has too many good people, or a table has too many people, and I need to observe more. When you do business, you will also have to evaluate the market before playing.

Always look back at yourself after each game; don’t just continue rushing into the next play to recover your losses.

Poker is a game that teaches you about long-term goals. Know that the person who wins most of the hands may be someone other than the person who makes a lot of money in the long run. And if it takes a long time, keep yourself from losing strength if you feel tired after a game. Take a walk or simply stop playing. Likewise, pay attention to your physical and mental health when you fail.

Lesson from Tony Hsieh: Remember, it’s a long game. You will win or lose games, but what happens after that is essential.

If you already know how to play Poker, pay attention to these lessons for the next time you play! And if you’ve never played, try it with your friends. Pay attention to your decisions instead of the outcome of a game.