We’ve all been there — looking in at a thriving business, thinking how easy it must be. But in reality, running a business brings an abundance of highs and lows that aren’t for the faint-hearted. Similar to stepping into a casino and playing at your favorite table, the business world is saturated with excitement, potential, and uncertainty — but that’s not to to be confused with a skill, just a simple pleasure that relates to everyday business stuff.
We’re going to break down the similarities of your favorite entertainment pastime, and see how it actually could be closer to your working day than you may think. Starting a business brings plenty of joy, but there’s also the undeniable aspects of risk and reward – like with any form of gambling. With that comes the synergy with the casino world that we want to explore, as it’s uncanny how similar these sectors can be. Roulette’s core concept of the game included a whole lot of risk and communication; it incorporates the same elements of win or lose that many entrepreneurs also face. Exploring how they overlap can give you a look into how every part of life is weirdly similar.
In the business world, you need to create the perfect combination of risk and communication in order to create a bustling enterprise. Because of this, we’re going to be looking at the parallels between roulette and business. From calculated risks to effective communication – we’re breaking it all down in a place where the odds are in your favor.
Understanding risk in business
In both business and roulette, the risk-taking is all part of the game – obviously. Each and every decision that occurs, whether it’s launching a new product to solve software problems in real estate or hiring new talent, comes with an element of chance. The new employee might not do as well as their resume suggested or the new product could have a monumental collapse – but then you have to look at the other side. Although the aforementioned is undeniably negative, there is also a chance that this one product could catapult your business into a multi-million dollar industry, or the employee could go on to be the next CFO. Now that’s a risk worth taking!
Sometimes these decisions will pay off, like in gambling, and then you’ll be on a path to success in both your personal and business life. This sits extremely close to the world of the casino, where you’ve got to look at the potential upsides and downsides to create a balance that works in your favor. At times, you might play online roulette games all day with no clear win, only to do one last spin and take home your jackpot.
Lots of strategy, like managing your bankroll and looking at the odds, goes into that final win, and you can only achieve it if you’re making savvy decisions about how to move forward! It’s all about knowing how to assess risk and making informed decisions on what to do next. You’re often working based on gut decisions, but you do need to be strategizing too in order to handle your money well.
Of course, when you make business decisions, there’s a lot more strategy going on behind the scenes – and it’s a little different. Some decisions may feel like a gamble, but they often have a sense of intuition behind them, just as you would get a gut feeling in roulette.
Communication
We’ve all sat around the casino tables at night, taking in all that the other customers are doing. From the movements they make to the table’s returns, if you want to learn, you’ll have to watch the outcomes like a hawk… and talking to people helps too. Whether you’re in a boardroom or a casino, communication can do wonders for your experience and approach. Standing around the roulette wheel, people often speak and boost each other’s morale based on the previous result, and in business, open communication, morale-boosting, and strategy suggestions are just as important – if not more.
Say you’re in a boardroom. You need to communicate with everyone at the table about the goals and strategies that are in place for a business. This relates to the product launches above or the new hires that you’re planning on – a second opinion can be invaluable, just as it can be when you’re indulging in some lighthearted entertainment on your weekends. It’s a crazy world where the feeling of risk and reward relates to every little part of it in some way or another.
What the business world may teach you on your next casino visit
1. Risk and reward
Every move you make in these worlds carries both risk and reward, with upsides and downsides. Make sure you’re weighing up both aspects carefully so you can increase your chances of winning.
Our favorite kind of risk – the calculated kind. Successful entrepreneurs have the calculated risks needed to be great casino players. They assess the possible outcomes of everything they do before it happens – and they know what they need for success.
2. Adaptability
As a business owner, you need to know when to cut and run or change up your approach – just as you do in the casino. Is it time to swap for a new game? Time to call it a night? You base your decisions on the current environment and make calculated decisions that let you adapt to what’s going on around you.
3. Enjoy The Wins
Last but by no means, least – celebrate the small stuff. That could be selling your first product or getting a $5 win. At the end of the day, these two types of success are still measurable and they’re what will keep you going!
In no way are we saying that you can learn how to open a thriving business by heading down to the casino, but we’re saying that the worlds collide – just like with everything. You may just find, as a thriving business owner, that you actually hold great skill in the casino – and you’ll be one step ahead of your friends on your next weekend. Who knows? It’s all in the joy of the unknowing.
