What if you could have fun and improve your business skills at the same time?
One casino game in particular has been gaining notoriety for just that – POKER. While there is some amount of luck involved, the results of the game,are based on your skills as a player. Your business skills in particular!
Poker requires reading a situation, calculating odds and probabilities, and applying risk management concepts, the same concepts required in business. Two key elements are mathematics and psychology.
Mathematical skills are used to calculate the odds of winning with each particular hand, the odds of your opponents having a hand that beats yours, the optimal bet size, the long term return you’ll get by playing in a specific way and so on.
Psychology, on the other hand, is used to analyze the behavior of your opponents. You need to read when they are strong, when they are weak, when they are bluffing and so on. You also need to know when to bluff yourself, when to represent something you may not have. These are all the skills that you can use on business situations.
Some companies like SIG have adopted a company wide annual No Limit Texas Hold’em Poker Tournament to get employees to hone all these skills. It has been met with great success!
And of course, some of the most successful people are also poker players. Just ask Bill Gates and Barack Obama.