For those who wish to be successful in business, educating yourself and improving your techniques and approach is never over. The more you learn, the more you realise you need to learn, and there’s only so much you can pick up on the job.
Of course, everyone has their own preferred method of learning the strategies necessary for success. Some read books or watch YouTube tutorials, of which there are some great ones here: https://99designs.co.uk/blog/business/youtube-for-entrepreneurs/; others attend conferences and/or meetups.
There are also certain methods that are slightly less conventional, including playing blackjack. If this sounds like a slightly incongruous approach to business education, take a moment to hear us out: to be successful in the highly competitive world of playing games of incomplete information, one needs to know how to think strategically – a skill that’s also invaluable in the commercial sphere.
Here are just three of the many useful lessons that blackjack can teach aspiring businessmen and women.
Lesson One: Risks Can Pay Off
In order to be successful in a game such as blackjack, a player must first be willing to take certain risks, however nail-biting these might appear. This is true of entrepreneurs who are looking to grow their businesses too, as is explored in this article: https://www.liveplan.com/blog/why-risk-takers-are-winners-and-why-all-entrepreneurs-should-take-risks/.
Indeed, many experts claim that the ability to take a chance is characteristic of strong leadership and a commitment to succeeding, and blackjack can certainly help you to become more used to doing so.
Importantly, it’s not about simply rolling the dice, so to speak, but learning when and how to fire your shot, with Lord Sugar suggesting you should only take a risk when you’re confident it will succeed. The same is true of blackjack, where victory is best achieved by understanding when to take a chance and when to sit tight.
Lesson Two: Always Think Strategically
As casino website Paddy Power explains on this page https://games.paddypower.com/c/blackjack, blackjack is a game of strategy. The aim is to use the cards you’ve been dealt to your advantage and to maximise the opportunities you’ve been given to get as close as you can to a score of 21. This often involves playing the long game, and those who want to win must have the ability to think tactically.
The same is true in the world of business, where fate will rarely align perfectly the first time around. Instead, to be successful, you first need to be able to recognise the various approaches you could take, and then decide on which is most likely to yield the result you want, whether that’s a perfect 21 or a partnership that will pay dividends in the long run.
Lesson Three: Know When to Cut Your Losses and Move On
While we all hope that our business dealings will be an unmitigated success, it’s also important to realise when you’re defeated and learn to cut your losses. This is something blackjack can most definitely help to teach you, and that’s because it’s a game that requires you to not only know when to press on, but when to fold too.
Being able to do so is an invaluable asset for entrepreneurs because if your plan isn’t panning out how you hoped it would, it’s important to be able to recognise this – and either stop what you’re doing or change your tactics. The important takeaway is this: if it isn’t working, don’t be tempted to carry on, but evaluate, assess and improve instead.
Are these three invaluable lessons ones that your business might benefit from?