Why Business Leaders Play Poker
Journalist Maria Konnikova went undercover to understand how poker works. Going from never playing poker, she became an international champion. She had something interesting to say about what poker teaches you.
Most people rationalize their decisions by their outcomes. If you have a success, you congratulate yourself on having made a good decision. If you have a failure, you beat yourself up for having made a bad one.
In Poker, you can be dealt a great hand, make good decisions and still lose. Or, you can be dealt a bad hand and make bad decisions and still win.
Poker teaches you a different way to relate to outcomes. Be proud of yourself when you played the hand the best you could. Be tough on yourself when you didn’t, even if the outcome was good. Be humble in the face of both success and failure. And always always always remember, there’s another hand to play.
Business works in a similar way. You can have great funding, great employees, a great idea, and the business still fails (to turn a profit). Or, you can have all the cards against you, have no experience or skill in business, and still hit a home run.
So, if you want the lesson from poker (without playing for thousands of hours), here it is:
Being good at business means relating differently to success. Be proud of yourself when you made the best business decision you could. Be tough on yourself when you didn’t, even if the outcome was good. Be humble in the face of both success and failure. And always always always remember, tomorrow is a new day.