1299: How Poker Helps Entrepreneurs Make Better Business Decisions by Sabado Domingo of LenPenzo.com

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[00:00:39] This is Optimal Work Daily, Episode 1299.

[00:00:42] This episode is brought to you by LQ.com.

[00:00:45] Your work can take you all over the place, like Texas.

[00:00:48] Your work can take you all over the place, like Texas.

[00:00:51] Your work can take you all over the place, like Texas.

[00:00:54] Optimal Work Daily, Episode 1299.

[00:00:57] How Poker Helps Entrepreneurs Make Better Business Decisions

[00:01:00] by Sabado Domingo with LenPenzo.com.

[00:01:04] And I'm Dan, your host of the show, and I am with you every single day, including weekends like today.

[00:01:09] And what I do here is I simply read blog posts from some of the very best work and entrepreneurship blogs around.

[00:01:15] So let's get to it now as we optimize your life.

[00:01:18] How Poker Helps Entrepreneurs Make Better Business Decisions

[00:01:21] by Sabado Domingo with LenPenzo.com.

[00:01:29] Making business decisions is an easy task, but making great business decisions that provide serious returns for your company is something else entirely.

[00:01:38] Looking for the perfect skill set necessary to make you an office superstar?

[00:01:42] Try looking to your evening and weekend hobbies.

[00:01:46] If you're a poker player, you may actually find that you know what it takes to make the right business decisions every time.

[00:01:52] What? How can poker help me at the office?

[00:01:55] Almost everywhere you turn these days, you are going to see poker.

[00:01:58] It appears on sports channels, online, and in many other outlets.

[00:02:02] There's even an annual World Series of Poker where serious money is at stake.

[00:02:06] What was once a game relegated to smoky back rooms is now front and center in many locations.

[00:02:11] And yes, it can actually help you at the office day after day.

[00:02:15] Take a much closer look at the game itself to understand how the two fit together.

[00:02:19] Poker is a game that requires taking risks at the best possible time.

[00:02:23] The same is true with your business decisions.

[00:02:25] Whether you're talking about real risk or a small one like losing a minor client, risk is just part of the business landscape.

[00:02:32] Without getting a real sense of just how much risk is involved, you may have trouble making those decisions.

[00:02:37] Every entrepreneur knows that risk is part of the lifestyle.

[00:02:41] And every poker player knows that just sitting at the table means risking what you brought with you.

[00:02:45] In the world of poker, each time you look at what you're holding in your hand,

[00:02:49] you're using those same skills you apply when you sit down at a business meeting.

[00:02:53] Whether you're playing poker online or off, you have to carefully think about what's happened to you at the table in the past.

[00:02:59] Think about the odds of winning the hand with what you're holding.

[00:03:02] Then decide whether to bet big, bet small, or just fold because it's not in the cards right now.

[00:03:08] You take stock of what's happened before, how much is at stake, and what you're holding to make one big decision.

[00:03:14] The same skills apply in both situations.

[00:03:17] The better you get at your decision making skills in poker,

[00:03:20] the better you may get at your decision making skills in the office if you tie the two together.

[00:03:25] But you can't always win.

[00:03:27] If you're a poker player with much experience, you probably know that you're not always going to win at the table.

[00:03:32] With lots of practice and playing time, you may win more hands than you lose

[00:03:36] with the strategies you begin to apply over time.

[00:03:39] But it's also true that no one wins every single hand.

[00:03:42] Just as your poker skills transfer to business decision making,

[00:03:45] they also transfer to your number of wins and losses.

[00:03:48] You're never going to know exactly which cards the other person is holding,

[00:03:51] so any degree of certainty is virtually impossible at the negotiation table.

[00:03:56] The essential takeaway though is that you get better with practice and playing time, even in the world of business.

[00:04:02] You won't make a good decision every single time.

[00:04:05] You do though greatly diminish your chances of making the wrong decision

[00:04:08] if you continue to adjust your strategy until you land on one that works for you.

[00:04:13] There is one other player involved.

[00:04:16] Any good poker player knows that there's one other player involved in every single game.

[00:04:20] Psychology.

[00:04:22] Those legendary bluffs and a deeper understanding of who's who at the table

[00:04:26] go a long way towards success in the game.

[00:04:28] The same is true at the office, with those big money-making or money-losing decisions.

[00:04:33] It's true that the right decision means a solid win,

[00:04:36] but it's also true that mind tricks come into play.

[00:04:39] Think back to your last time at the poker table.

[00:04:42] You likely studied your opponents as much as you could.

[00:04:45] Expressions, playing style, body language,

[00:04:47] all of these things helped you evaluate how well your opponent was playing

[00:04:51] and whether they had a good hand.

[00:04:53] Your ability to identify patterns means you have everything you need

[00:04:56] to anticipate their next move before it happens and act upon any potential weakness.

[00:05:01] You probably employed the strategy that if you couldn't see the sucker at the table,

[00:05:05] it was likely you.

[00:05:06] Now fast forward to your next session at the business negotiation table.

[00:05:10] Looking at that body language and carefully guarding your own

[00:05:14] means knowing what decision will help advance your own goals.

[00:05:17] Even the strongest business person can weaken at any given second,

[00:05:21] and spotting it as soon as it happens

[00:05:23] is ensuring not a single opportunity passes you up in the course of the negotiation.

[00:05:28] So I should tell my boss I need poker classes?

[00:05:31] It's not really about poker per se.

[00:05:34] It's about applying the decision-making skills you've learned in poker to business.

[00:05:38] Poker classes aren't specifically needed.

[00:05:41] Instead, learning to apply the knowledge you've long held for your hobby

[00:05:44] to your business life is essential.

[00:05:46] As long as you keep attending those webinars and industry conferences

[00:05:50] and continue reading as much as you can,

[00:05:52] you're going to see something new, gain critical knowledge,

[00:05:55] and make your next decision into something truly special.

[00:06:01] Both business and poker are about the long haul.

[00:06:04] Neither are won or lost on a single decision.

[00:06:07] Just as you'll need several winning hands to make a real difference in a poker game,

[00:06:10] you need many good decisions to ensure your company is financially sound.

[00:06:14] Sure, that doesn't mean that a good decision here or there isn't going to feel rewarding,

[00:06:18] but a pattern of great decision-making will define who you are

[00:06:21] and how valuable you are to the company.

[00:06:24] Once you understand that you have to play to win on a regular basis,

[00:06:27] you'll start making the decisions necessary to ensure your company wins again and again.

[00:06:36] You just listened to the post titled

[00:06:38] How Poker Helps Entrepreneurs Make Better Business Decisions

[00:06:41] by Sabado Domingo with Lenpenzo.com

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[00:09:02] And a bit more about Len.

[00:09:04] He writes about personal finance and macroeconomics on his eponymous personal finance blog,

[00:09:09] which has been twice honored as a Kiplinger Best Money blog

[00:09:12] and honored with two Plutus Awards for Best Personal Finance blog.

[00:09:16] Len's personal finance articles have been featured in the New York Times, MSN, Business Insider, Money, Time, Forbes,

[00:09:23] The Huffington Post, Yahoo Finance, CBS Money Watch, and Clark Howard, just to name a few.

[00:09:29] Len's focus is on the importance of personal responsibility,

[00:09:32] not only for our personal finances, but also for everything else we do in life.

[00:09:36] And for more from Len you can come by LenPenzo.com.

[00:09:40] But that's going to do it for today.

[00:09:41] I thank you so much for joining as always.

[00:09:43] And be sure to be with me again tomorrow for another post where your optimal life awaits.