On the face of it, poker and the business world have little in common. However, if we look at some of the card game’s most important phrases, we can discover a few terms that every business owner should know about.
Will You Bluff Your Rivals?
Bluffing is when a player makes his rivals believe that he has a better hand than is really the case. The general idea is that this strategy encourages others to give up when they have a good chance of winning. The overall aim is to win with a set of cards that weren’t better than the other players’.
Among the options for poker online at Paddy Power, we can see training material on bluffing. They aim their games at newcomers as well as experts, so players get useful introductions on tactics like bluffing and folding when they download the software.
This article from the Business Harvard Review looks at the ethical issues around bluffing in the business world. The truth is that bluffing is less common in poker than the movies might make you believe. But perhaps it is more common in business than we all think that it is, as everyone looks to get ahead of the competition using different strategies.
Use a Bad Beat to Inspire the Underdog
A bad beat in poker is when a player with a strong hand loses to someone with a poorer hand. This is usually down to some bad decisions being made by the player who was initially in the strongest position.
We can look at this from two perspectives in a business setting. One is the need to maintain your competitive advantage over other firms. The other point of view is that this term could inspire you to find ways to overcome apparently stronger rivals.
If we look at the biggest success stories involving companies that started as underdogs, we can see that Ben & Jerry’s began with just $12,000, while The Body Shop took on established brands to become a market leader in the cosmetics industry.
Raise the Stakes When You Feel Confident
When we watch a professional poker game, one of the most thrilling moments is when a player decides to raise the stakes by increasing the bet. This adds more tension to the proceedings and makes us wonder whether the person doing the raising has a great hand or is bluffing.
What about raising the stakes in the business world? This is a concept that is inherently risky, just as it in poker. When you increase your investment, this, in turn, leads to a higher risk of losing money, so you need to feel confident to do this.
Yet, the greatest success stories in business come from companies raising the stakes. The founders of Whatsapp and Walmart are among those who started out with almost nothing but didn’t settle for their initial success, instead constantly looking for new markets and ways to grow.
You don’t need to be a poker expert to become a success in business, but taking a moment to understand these terms may give you an opportunity to find some inspiring ideas for your future.