While the rules of poker are simple and the game itself is quite accessible, success typically requires more skill than luck. Venturebeat reports there’s a wisdom there that we can take from the game and apply to the startup life.
Calculate the odds — Good poker players calculate two kinds of odds before playing: the Pot Odds (or the ratio of money to put divided by the money to gain — the Pot itself) and Card Odds (the probability to have a winning hand).
Don’t fall in love with your hand — Sometimes, in a game of Texas Hold ‘Em, players imagine they’ll get a monster hand when all they get are promising cards. When the flop, turn and river are revealed, their dreams crash to earth.
Use Probe Bets — Good players sometimes bet money while they know they have very little chance of winning. They push a ‘probe bet’ only to discover what the other players may have, and often fold if they meet resistance.
Figure out which hands you can beat — When you play a hand, it’s crucial to keep in mind what you’re able to beat (as well as what can beat you), and how likely your opponents are to have them, based on their actions.
Manage your bankroll — If you systematically gamble all you have, you’ll finished ruined, sooner or later. Your talent may delay the outcome, but it won’t prevent it. Alternatively, if you only gamble small amounts, you relinquish opportunities by limiting your gains.
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