It may seem like an unusual connection to make, but utilising proven gaming strategies can help entrepreneurs become hugely successful in their chosen field.
The exploits of a group of Massachusetts Institute of Technology (MIT) students towards the end of the 20th century highlights that point to perfection.
Under the guidance of their esteemed mathematics professor, the group used data, teamwork and sheer bravery to take the casinos to the cleaners.
Many of the students went on to forge out successful careers in business, using the skills they had honed in the casinos to land roles with major companies such as Microsoft.
Read on as we take a closer look at how the strategies needed to be successful in gaming can be translated into entrepreneurship.
Embrace Calculated Risks
Irish businessman and racehorse owner JP McManus is famous for betting and has attributed his success to taking well-thought-out risks.
“We don’t bet to gamble – we bet to win,” he once told the Racing Post in 2010 when asked about turning calculated risks into winning propositions.
The same mentality can be applied to playing casino games. Regardless of whether you play blackjack, roulette, online slots or something else, it is imperative to take calculated gambles.
A similar approach is needed in business. Everything in business is a deliberate risk – from early start-up decisions to customer acquisition to going public.
Business owners are unlikely to win big every time, but those who are willing to take chances are most likely to become winners.
Seizing well-timed opportunities is ultimately the difference between a business that stutters against a venture that thrives.
Knowledge is the Ace in the Hole
As highlighted by the MIT blackjack team, it is possible to beat the system with some inside knowledge – in business terms, keeping track of the deck to gain an edge.
Knowledge is unquestionably the ace in the hole in business. Entrepreneurs need to understand every sphere of their products and services.
But surface-level knowledge is not enough to beat the odds. Dig deep – who are the ideal customers? What are their pain points? How are competitors solving them?
The more entrepreneurs understand their business terrain, the better equipped they are to make informed decisions and develop a winning strategy.
Resilience is Your Best Bet
The entrepreneur’s journey will never be smooth sailing. Much like playing casino games, there will be plenty of ups and downs along the way.
Resilience is a crucial characteristic. Perseverance, learning from your mistakes and being adaptable are other vital skills entrepreneurs need to succeed.
Teamwork is another key skill. By collaborating with others, you improve your chances of achieving success. As the famous poem says, ‘no man is an island’.
Entrepreneurs must learn to surround themselves with talented individuals who understand their role and are willing to commit fully to it.
Besides building a solid team, business owners must encourage and lead a culture of trust and open communication. A team of diverse thinkers is far more powerful than a lone wolf.
From the Casino Floor to the Boardroom
One of the key takeaways of the MIT Blackjack Team’s remarkable achievements on the casino floor is the beauty of transferable skills.
Their time on the blackjack tables helped them hone skills that they took to the business world and utilised them to great effect.
Entrepreneurs must always open themselves up to new lessons and be ready to learn new things every step of the business journey.
Never underestimate the value of past endeavours, no matter how unconventional they may seem. Everything you encounter in business is an opportunity to learn.