Deciding to build an app business from the ground up likens itself to many of our favorite games. They’re both activities of high risk, high reward and there will always come a time where it’s required of you to go all-in. With some luck and a willingness to beat the odds, you can take that risk and further increase your chances of walking away with the win. Here is some valuable insight learned from playing this historical game every entrepreneur should be aware of.
- The Odds may be Against You, but They are Never Zero
It is true, about 9 out of 10 startups fail. Doesn’t mean you have to be one of the 9! The reason for the failure of a startup can be one or more of many things from insufficient capital to hiring the wrong team or failure to pivot when necessary.
Poker tournament strategy will teach you that one hand has a higher probability of winning over the other but there is never a hand with zero odds. If you know how to play your hand, you increase your odds. The house doesn’t win every time!
- Evaluate the Risk
A gambler is well known for taking in order to achieve a certain result and though many games may be associated with gambling- not everyone would say a gamer is a gambler. Games like poker require skill, much like a startup, and an entrepreneur who understands the risks associated with their chosen business can combine it with data and intuition in an effort to make the best decision possible.
- Don’t Wait
You may find yourself having to make moves in a game without knowing what everyone else has got in their hands. This is scary but part of the game nonetheless. The key is taking in every new bit of information you receive to more accurately assess risk and adjust your predictions based on how the game is unfolding. Take all your information from the market, your competitors, your customers and predict the direction in which your company is heading. Once you determine whether that direction is good or bad, you can figure out how to adjust your approach to yield a better outcome.
- Welcome Luck
In the game of entrepreneurship, there are a lot of losers and very fewer winners. You can gather all the right information, place the right bets, and have the lucky rabbit’s foot in hand and still come off the table in a bad position. Respect the fact that luck and timing will play an important role in your position as an entrepreneur. Don’t lose that rabbit’s foot!
- Experience Matters
The more experience you have playing a game, the better you’re going to play it. If you don’t have any experience, it’s time to get out there and start getting some. Learn from your mistakes so you can make better decisions in the future and pass your knowledge down to others who don’t know the rules.
- The Cards are in Your Hands
Ultimately, it all comes down to you. How you play the game will be the determining factor in the outcome you receive, and you have to be willing to accept that responsibility for better, or for worse. You’ve got to believe in yourself, evaluate the risks, and call the shots. It’s also up to you how you choose to handle what happens. If something defeats you- are you going to let it go or are you prepared to get back in the game? Both entrepreneur and game player need to have full faith in their ideas otherwise the game has no chance of ending in their favor.
When you decide to become an entrepreneur, you decide to put all your chips on the table. Don’t hold back, enlist the help of lady luck, and go all-in. You won’t regret it!