Know When to Hold ‘Em… and When to Fold ‘Em

17 12 2012

While business generally isn’t the place for gambling, you could benefit from some of the tools and lessons learned playing cards (or other games). Here are a few strategies that can help your business grow:

  • Create allies. Every business leader needs a strong business associate or partner they can talk to, bounce ideas off of, and count on to keep them focused on the task at hand.
  • Think strategically, and keep an eye out for game-changing possibilities that may await you.
  • Hone your interpersonal skills, which you’ll need for negotiations, business meetings, and day-to-day communications.
  • Control your emotions. The cards we are dealt aren’t always fair, but you need self control to deal with unfair or frustrating situations.
  • Rank your status in comparison to your competition. If your competitor is sweeping the game and overflowing in confidence, you may start to doubt your own abilities, as will others.
  • Learn how to take risks. Just as one decision could ultimately make or break the game, decisions you make could affect the fate of your business or the rest of your life.
  • Face the odds. Sometimes the cards are stacked against you, and the chances of coming out ahead are slim. If you’re up against a challenging hand, either put forth a good fight until the end or learn to walk away.
  • Experience is still the best teacher. While books, DVDs, and classes can help you learn faster, the experience of making good and bad decisions can’t be found in a book or movie.
  • Double down on what works. If you’ve found a business or marketing strategy that works, keep using it strategically to reap even greater rewards.
  • Start over. Whether you win or lose, no game lasts forever. Don’t be afraid to start fresh and put your lessons to good use on the next game.

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