Poker and Business

I am currently reading "Delivering Happiness" by Tony Hsieh which is an autobiographical account of his journey of entrepreneurship through LinkExchange and Zappos.

In section 1 of the book there ia an excerpt where Tony mentions how he got attracted to Poker, post LinkExchange sale to Microsoft for $265m (which got him ~ $35m). In this

excerpt, he lists down the similarities between poker and business. I'm putting down part of it here:

Evaluating Marketing Opportunities:

- Table Selection is the most important decision you can make
- It's okay to switch tables if you discover it's too hard to win at your table
- If there are too many competitors, even if you are the best it's lot harder to win.

Marketing and Branding:

- Act weak when strong. Act strong when weak.
- Your "brand" is important.

Financials:

- Always be prepared for the worst possible scenario.
- The guy who wins the most hands is not the guy who makes the most money in the long run.
- The guy who never loses a hand is not the guy who makes the most money in the long run.
- Make sure your bankroll is large enough for the game you're playing and the risks you are taking (exposure)
- Play only with what you can afford to lose.
- Remember that it's a long term game. You will win or lose individual hands or sessions but it's what happens in the long terms that matters.

Strategy:

- Don't play games that you don't understand even if you see lots of other people making money from them.
- Figure out the game when the stakes aren't high.
- Don't cheat. Cheaters never win.
- Be flexible.
- Be patient and think long term.
- The players with most stamina and focus usually win.
- Differentiate yourself.
- Hope is not a good plan.

Continual Learning:

- Educate yourself. Read books.
- Learn by doing.
- Don't be afraid to ask for advice.

Culture:

- You gotta love the game. Live it. Sleep it.
- Don't be cocky. Don't be flashy. There's always someone better than you.
- Be nice and make friends.
- Share what you've learned with others.
- Look for opportunities beyond the game that you play.
- Have fun.

Tony Hsieh is my new hero, not because he has been successful - Heroes are heroes because of their heroic behavior not because they succeeded or failed, but because of tremendous insight he has developed into business and life.