The competition in the business industry has come back, and it’s arguably stronger than ever before. USAToday.com reports that in October of 2021, 85% of companies that shut their doors due to the pandemic have reopened. This marks a milestone for the country’s economic recovery following the negative implications lockdown restrictions have brought.
For business leaders, it is important to stay ahead of the game, so you stay ahead of your competitors in your industry. There are many ways to develop the necessary skills to do this, and one unconventional and overlooked method is by playing poker. The game can provide many benefits for avid players because it can teach many valuable lessons that have real-life applications, particularly for business leaders. With this in mind, here are some of the things you can learn from the game that make you a sharper leader:
Strategy development is important
Poker is a game of great strategy. One wrong move can cost you the pot, so it is important to develop plays that you can use to counter opponents. A past article on ‘How Playing Poker Teaches Business Skills’ highlights the fact that seasoned players can create plans of action that are flexible to the situation, which is a good skill to have in terms of leading a company. Knowing how to create effective strategies based on market research and current trends will ensure that you will constantly be on top of your game and that your business will continue to flourish despite any possible mishaps.
Always keep an eye on your competition
The aforementioned article also tackles how poker makes you try to understand your opponents and what their possible moves are. In this sense, business leaders can develop the skill to anticipate what their competitors might do and craft action plans to counter their actions accordingly. In business, it is important to remember that your company doesn’t exist in a vacuum. In fact, your business is part of a greater ecosystem and it needs to adapt to thrive.
Accept and learn from failure
In poker, there are no sure wins. There will be moments that you think you are winning only to have the rug pulled from under you. A tip on how to win at poker by Poker.org mentions how even the best professionals out there have taken losses but still manage to bounce back from them. In business, learning from your mistakes is crucial because it helps you understand where you went wrong and how you can improve moving forward. It also helps you avoid repeating the same problems. Poker helps keep your thinking dynamic and prepares you to learn how to fall and get back up.
Don’t break under pressure
As a business leader, it is inevitable to be under pressure. It is important to learn how to deal with the stress that comes with running a company or else it will have negative effects. HelpGuide.org highlights how stress at work can cause a dip in performance, bring on fatigue, and make you lose interest in what you are doing. Poker, as a game, teaches you to remain calm under the pressure you are experiencing, making it a valuable game for leaders to play because of the way it can teach you level-headedness.