Poker Strategies for a Winning Edge in Business
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In poker, this process is far simpler than in entrepreneurship, where challenges lie on all sides. The game is the game, and there is only one way to measure progress: chips. You can always set more specific bankroll goals, and we would always recommend tracking your sessions for later anaysis. Set goals and account for your mistakes.
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Even though the almighty dollar is the final measure of success in poker, you need more sophisticated ways to measure and analyze your play. Analysis software, tracking live play, using a HUD even live — all of these things and many more are the tools of a winning poker player. It turns out that entrepreneurs and poker players use quite similar tools to succceed, even if they go by different names:. In live games, similar attention is paid to collecting data.
Business is the same way — entrepreneurs use analytics to determine where their value is coming from, and where they might be losing it. Goals — Winning poker players and entrepreneurs alike set SMART goals specific, measurable, actionable, realistic, time-bound for the best chance at success. Defining exactly what you want to do creates a feedback loop in your brain that actually helps accomplish the goals you set.
Routines — Success is often about getting the most value out of every minute. Successful people of all types have routines that streamline their days and nights, and simplify decisions.
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The classic example is the Steve Jobs turtleneck-and-jeans look. Far from an attempt at fashion icon status, Jobs simply chose to wear the same thing every day to avoid wasting time making decisions on what to wear, or what new clothes to purchase.
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Budget — In poker, the difference between a winner and loser often comes down to budgeting. The 1 downfall of poker players has historically been to squander winnings in other casino games, or by pursuing other forms of expensive entertainment. They also have good budgeting skills.
Knowing When To Fold `Em: The Science of Poker
It was a well-oiled machine for a time, but all machines eventually need a little TLC. When we moved to a service-delivery model in , our team realized weekly sprints were no longer viable.
The overly intense pace had become a pain point. After some serious soul-searching, I determined we had to move to a monthly sprint. You lose sometimes. If you recover from those losses with new knowledge about why things happened, it makes you stronger and better positioned to win the long game.
At the age of 23, I felt like an all-expenses-paid trip to the Bahamas and an opportunity to compete for millions of dollars had been snatched from my fingertips. Despite those setbacks, I played three more tourneys and lost each time. Instinctually, I wanted to stop.
Then, objectivity shook me—hard. As I said earlier, my overall strategy clearly gave me a winning edge. I just had to stay focused. When I tried my hand several more times, I won, again and again and again. Related: 8 Daily Habits to Build Resiliency. Cynicism has no place in battles or in business; unfortunate events can and will happen. In the last quarter of , for instance, we had a sales meltdown of our European monthly recurring revenue that brought it to virtually zero dollars, uprooting our forecast model.
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Then, in the first quarter of , a full third of our monthly recurring revenue cliff-dived due to renewing contracts. It was the equivalent of that meteor that wiped out T. Despite this painful pill, we soldiered on. And guess what? This trick the mind plays on you leaves you vulnerable to adopting losing strategies. Simultaneously, attack your worries. Your job is to be two steps ahead of competitors, and the only way to do that is to defeat anxiety. Lost User Name or Password?
Need an account? Local Daily Poker Tournaments. It Pays To Be Nice. Comments taodungchi over 2 years ago taodung says what u are saying ed miller is the good poker players are always looking for getting the best of it edge and the bad players are clueless taodung aks ed miller if risk vs reward is the??? Post a Comment Messages that harass, abuse or threaten other members; have obscene or otherwise objectionable content; have spam, commercial or advertising content or links may be removed and may result in the loss of your Card Player Account.
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