- Playing the odds
“Play the odds” means you are taking a risk. The term “odds” mathematically means the probability of something happening. Like poker, assessment of risk is important in any business.
So your phrase means the price you pay of losing when you play the odds are the “consequences for taking a risk.”
- Knowing your “math”
It is a game of mathematics, where you should be able to calculate the odds of either you or your opponent winning the hand in any situation. In the same way, businesses need to calculate, analyse, and interpret the results based on the information available.
- Poker Game Plan
Imagine the butterflies in your stomach while making the first raise? When it comes to online gaming, first game jitters is very common with real cash games. You do not know when to call, raise or fold? You do not want to lose all your money in an aggressive game play?
Similarly, in business too, when you are not sure about what is to be done or when you are new to the that field of business, a game plan will help you plan your activities.
- Competitive strategy
Poker is a game of skill and using the ability to read situations and opponents to give you the advantage in each hand you play. Even in a business, understanding and reacting to competitors’ strategy is advantageous for planning your own strategy.
- Decision making
Call, raise or fold? It’s a quick decision to make while playing poker. And, when to increase production, new plans and projects and the financial decisions are made by the businesses is an effort towards its growth.
- All in
When you are confident of winning a game you opt for an all in and so in a business, when you know that your plan is going to be successful, you go all in. But this all in is not just money, but also with all the manpower, strategy and planning.
- Bankroll Management
“A bankroll is the one aspect of this crazy game of poker that we can control.”-David Sasseman. And so is the case for businesses, bankroll management plays an important part for checking expenses, exploring financing options and investment.