The last relates back to the inevitable truth that 4 out of 5 new businesses will fail, and many in the first year. It’s your job to overcome those odds. And speaking of odds, that’s what business and poker is all about. There are various odds that can be researched, based on previous and existing businesses. You can look at how long the business has been successful and what it did to get there. Check their history and the other competitors. What was the secret to their accomplishments? What can you learn from them?

It would be the same in poker. Each player has a unique style or attitude that allows them to move forward. For some, it’s their ability to read and judge their opponents. For others, it’s the art of keeping track of the play and various mathematical formulas that give them an edge. For others, it’s a innate instinct for picking up “tells” or certain gestures that give away the player’s true hand. In business, that would be the anticipation of industry trends or the manner that other businesses react and grow with the changing environment. How do they adapt to new technology and keep ahead of the pack?

Poker is also about action and reaction. Who is the first to move and who is first to move beyond that move? It’s not as easy as it appears. If one business or player commits a massive amount of capital to a strategy that fails, then they have less to invest when another better opportunity comes around. So knowing when the best time to act becomes crucial. After all, going “all in” at the time when your competition has a far better plan or hand can be fatal. That is, unless you have a back up strategy.

One such idea might be the capability to acquire more chips or investment finances that could be needed for future projects. In the real world of poker, this isn’t allowed. But in the business landscape, injecting fresh money into a failing venture might be the only way to keep it alive. Many marginal businesses have been able to succeed because they had enough backing to get past their financial errors.

All savvy poker players know they will make mistakes; after all, it’s part of the game. If they lose, they just leave the table and seek out another game to play. Business owners don’t have that luxury. They must go “all in” at some point and make a total commitment. If not, then they are doing an injustice to their own vision and not giving the business a chance to do well. There will be that crucial time when they have to make the fateful decision. Do I risk everything or walk away with what I have left? The real question to ask is, how much faith do I actually have in my dream and what am I willing to spend to get it? These are the hard questions that only you and your fellow players can answer. Finally. both in business and in poker, you have to do what is right at the time and let the chips fall where they may.