In business, as in poker, sometimes you have to know when to fold ’em. So says serial entrepreneur and blogger Eric Ries on GigaOM.
Ries takes the lessons he’s learned from watching the World Series of Poker and explains how entrepreneurs and poker players share many of the same qualities. Namely, “Both rely on acting strategically under conditions of extreme uncertainty.
And, in both, small changes in your odds of winning can have a big impact on the final outcome.” Ries goes on to point out that just as in poker where amateur players sometimes beat the pros, many successful businesses are run by generally poor entrepreneurs. A frustrating truth in both cards and business.
As Ries says, “Just because someone has had a success doesn’t necessarily mean they understand why they were successful at all.”
Photo by stelogic.