Poker Skills That Can Help You in Business

Indeed, it’s not uncommon for those who spend time at the poker tables to be formidable at the negotiating table as well.

Let’s take a closer look at the poker skills that can also make you a great entrepreneur.

Bankroll Management
In both poker and business, you need money in order to make money. And apart from doing that, you also need to know how to hold on to your money if you want to stay in the game. This is why you cannot win at poker without being able to manage your bankroll. Never play above your head and make sure that you have enough in your bankroll for however many more rounds you’re planning to play. This will allow you to bounce back when the cards are simply not breaking your way. Whether you’re facing a tough hand or a testing business deal, bankroll management is an essential skill.

Emotion Management
Much like trying to make it in business, poker can be a very emotional activity. Both winning and losing come with strong feelings that can derail your ability to make the best possible decisions. It’s on you to manage these emotions and not let them derail your focus, logic, and strategy. This is why pro poker players and serial entrepreneurs alike practice mindfulness meditation as a way of maintaining focus, quelling anxiety, and taming negative emotions. If you want to perform at the peak of your mental abilities, managing your emotions goes a long way. The better you can manage your emotions, the more you can assess the risks of every move logically, which brings us to our next point.

Risk Assessment
The mathematical aspect of poker is the main reason why the game intersects so much with practical strategies in business. At the poker table, risk assessments include understanding the probabilities behind the literally millions of possible poker hand combinations. Having a keen grasp of these factors will help you know which risks to avoid and which ones to take. Whether in the game or in real life, risk assessment simplifies the complexities of a situation. By knowing how to properly calculate the potential risks of a move, you can make the most of whatever cards are on the table.

Social Dynamics
Properly navigating the social aspect of poker can give you a strong edge in every round. This entails knowing how to read the verbal and non-verbal tells of your opponents at the table. In turn, this can allow you to accurately predict their hands or how they’ll bet. Likewise, this also includes managing your own tells to hide your intentions from other players. Apart from these factors, social dynamics also includes networking with other players who can give you practical gaming tips or leads. Whether you’re playing a casual or a serious high-stakes game, poker always involves social interaction. And by observing and leveraging social dynamics in the poker room, you can do the same in any boardroom.