{"id":210,"date":"2011-07-26T13:14:43","date_gmt":"2011-07-26T21:14:43","guid":{"rendered":"http:\/\/www.kibin.com\/blog\/?p=210"},"modified":"2013-09-10T12:09:51","modified_gmt":"2013-09-10T20:09:51","slug":"ten-things-poker-taught-me-about-being-an-entrepreneur-part-23","status":"publish","type":"post","link":"https:\/\/www.kibin.com\/essay-writing-blog\/ten-things-poker-taught-me-about-being-an-entrepreneur-part-23\/","title":{"rendered":"Ten Things Poker Taught Me About Being an Entrepreneur (Part 2\/3)"},"content":{"rendered":"<p style=\"text-align: justify;\"><em style=\"font-size: 16px;\">This is the second of a three part series (broken up for length) on the 10 most valuable entrepreneur lessons I learned from playing poker on a semi-professional level. If you haven&#8217;t read the first part yet, <span style=\"color: #000000;\"><a href=\"https:\/\/www.kibin.com\/blog\/ten-things-poker-taught-me-about-being-an-entrepreneur-part-13\/\" target=\"_blank\">read it here<\/a><\/span>. &nbsp;<\/em><\/p>\n<h2 style=\"text-align: justify;\">4: Ability to Disregard the Value of Money<\/h2>\n<p dir=\"ltr\" style=\"text-align: justify;\"><a href=\"http:\/\/www.kibin.com\/blog\/wp-content\/uploads\/2011\/07\/bennyburns.jpeg\"><noscript><img decoding=\"async\" class=\"alignright size-full wp-image-239\" title=\"bennyburns\" alt src=\"http:\/\/www.kibin.com\/blog\/wp-content\/uploads\/2011\/07\/bennyburns.jpeg\" width=\"265\" height=\"190\"><\/noscript><img decoding=\"async\" class=\"alignright size-full wp-image-239 lazyload\" title=\"bennyburns\" alt src=\"data:image\/svg+xml,%3Csvg%20xmlns%3D%22http%3A%2F%2Fwww.w3.org%2F2000%2Fsvg%22%20viewBox%3D%220%200%20265%20190%22%3E%3C%2Fsvg%3E\" width=\"265\" height=\"190\" data-src=\"http:\/\/www.kibin.com\/blog\/wp-content\/uploads\/2011\/07\/bennyburns.jpeg\"><\/a>By far one of my most interesting observations of the effects of my poker playing was my conditioned ability to disregard the value of money. &nbsp;I would sit at a table, often betting, and sometimes bluffing with, thousands of dollars. &nbsp;I was young and didn\u2019t have much of it&#8230; this was a big deal. &nbsp;I didn\u2019t think about how many months rent was being pushed toward or pulled away from me. &nbsp;Thinking about that is bound to affect one\u2019s play in a negative manner. &nbsp;A nervous, fearful player is a losing player. &nbsp;This sort of mindset took time. &nbsp;But it&#8217;s not simply blind ignorance that allows a player to disregard the value of money. &nbsp;I knew my own metrics. &nbsp;I was well aware that I would win some and lose some. &nbsp;I knew that in the long-run, I would win more than I lost because I remained focused and disciplined. &nbsp;I trusted my own play and talent, knowing I was better than the average player.<\/p>\n<p dir=\"ltr\" style=\"text-align: justify;\"><strong>Startup Application:<\/strong> &nbsp;In the beginning, its good to worry about money and its value. Keeping close tabs and being nervous about your burn-rate is probably a good idea. &nbsp;But eventually, you\u2019ll find yourself with more money than you\u2019ve ever had access to. &nbsp;The bets will become much larger and much more meaningful from a monetary standpoint. &nbsp;This, in the startup world, is known as raising venture capital. &nbsp;Your burn rate will increase to levels you would have previously deemed insane. &nbsp;How you adapt and handle this change will be vital to your survival. &nbsp;Panic and you will go down in flames. &nbsp;Trust your metrics and you\u2019ll be fine.<\/p>\n<p dir=\"ltr\" style=\"text-align: justify;\">It&#8217;s also important to note that this perception of money only applied at the table. &nbsp;The ability to build a <a href=\"http:\/\/dictionary.pokerzone.com\/bankroll\">bankroll<\/a> and manage it wisely away from the table is imperative to the longevity of a player, just as it is imperative that a startup CEO doesn\u2019t start spending lavishly on things that don\u2019t contribute to the bottom line.<\/p>\n<h2 style=\"text-align: justify;\">5: Money Management<\/h2>\n<p dir=\"ltr\" style=\"text-align: justify;\">Most professional poker players have gone completely broke, often more than once. However, they have a public reputation for being great players and are usually able to find backers to get back on their feet. &nbsp;In contrast, the aspiring professional (first time entrepreneur) will have a much longer road to a second chance. &nbsp;Risking more of your bankroll is a foolish, irresponsible thing to do and is often the demise of many otherwise talented players.<\/p>\n<p dir=\"ltr\" style=\"text-align: justify;\"><strong>Startup Application:<\/strong> As the CEO of a startup, you must spend your funds wisely. &nbsp;I\u2019m not saying you should be stingy. &nbsp;But being thrifty, creative, and smart with where and how you\u2019re spending your funds is critical. &nbsp;It&#8217;s easy to start running good and feel like you\u2019re on top of the world. &nbsp;It&#8217;s here where you usually start to get cocky and make poor monetary decisions.<\/p>\n<h2 style=\"text-align: justify;\">6: Owning the Outcome<\/h2>\n<p dir=\"ltr\" style=\"text-align: justify;\"><a href=\"http:\/\/www.kibin.com\/blog\/wp-content\/uploads\/2011\/07\/ownit.jpeg\"><noscript><img decoding=\"async\" class=\"alignright size-full wp-image-240\" title=\"ownit\" alt src=\"http:\/\/www.kibin.com\/blog\/wp-content\/uploads\/2011\/07\/ownit.jpeg\" width=\"225\" height=\"225\" srcset=\"https:\/\/www.kibin.com\/essay-writing-blog\/wp-content\/uploads\/2011\/07\/ownit.jpeg 225w, https:\/\/www.kibin.com\/essay-writing-blog\/wp-content\/uploads\/2011\/07\/ownit-150x150.jpg 150w\" sizes=\"(max-width: 225px) 100vw, 225px\"><\/noscript><img decoding=\"async\" class=\"alignright size-full wp-image-240 lazyload\" title=\"ownit\" alt src=\"data:image\/svg+xml,%3Csvg%20xmlns%3D%22http%3A%2F%2Fwww.w3.org%2F2000%2Fsvg%22%20viewBox%3D%220%200%20225%20225%22%3E%3C%2Fsvg%3E\" width=\"225\" height=\"225\" srcset=\"data:image\/svg+xml,%3Csvg%20xmlns%3D%22http%3A%2F%2Fwww.w3.org%2F2000%2Fsvg%22%20viewBox%3D%220%200%20225%20225%22%3E%3C%2Fsvg%3E 225w\" sizes=\"(max-width: 225px) 100vw, 225px\" data-srcset=\"https:\/\/www.kibin.com\/essay-writing-blog\/wp-content\/uploads\/2011\/07\/ownit.jpeg 225w, https:\/\/www.kibin.com\/essay-writing-blog\/wp-content\/uploads\/2011\/07\/ownit-150x150.jpg 150w\" data-src=\"http:\/\/www.kibin.com\/blog\/wp-content\/uploads\/2011\/07\/ownit.jpeg\"><\/a>I\u2019ve always been a quick learner, poker was no exception. &nbsp;Part of this comes from learning from your own mistakes. &nbsp;I did my fair share of it. &nbsp;One of the most important inhibitors of poor players becoming average, and average players becoming great, is their inability to take ownership of their mistakes. &nbsp;Poker is an interesting game&#8230; you can do the right thing and still lose. &nbsp;However, most of the time losses and poor outcomes can be traced back to poor decisions. &nbsp;Most players refuse to accept this, often blaming \u2018luck\u2019, another player that \u2018shouldn\u2019t have been in the hand\u2019, or best of all \u2018the dealer\u2019. &nbsp;There\u2019s no shortage of excuses for why people lose hands. Sadly, this attitude has the undesirable effect of never improving one\u2019s game. &nbsp;The constant blame on external, uncontrollable factors will prohibit these players from ever being open minded to the fact that <strong>they messed up<\/strong>. &nbsp;In turn, they will never learn from their mistakes and never become better.<\/p>\n<p dir=\"ltr\" style=\"text-align: justify;\"><strong>Startup Application:<\/strong> As the CEO of a startup, you have the final say on all decisions. Your board, your employees, even your friends may provide input, but ultimately the decision lies with you. &nbsp;If you can\u2019t accept this and, in turn, accept that when your decisions result in undesirable outcomes, you\u2019re to blame&#8230; then you shouldn\u2019t be the CEO. &nbsp;Get out of the game and try something else. &nbsp;Maybe you were meant to be a dealer, pit-boss, or some other role.<\/p>\n<h2 style=\"text-align: justify;\">7: Building Something from Nothing<\/h2>\n<p dir=\"ltr\" style=\"text-align: justify;\">I started playing poker with just $50. &nbsp;I never directly committed more out-of-pocket than this. &nbsp;I patiently built my bankroll, played with discipline, and worked my way up to bigger and bigger games. &nbsp;I also managed to teach myself how to play the game. &nbsp;I read blogs, books, and observed other tables and games either online or on television. &nbsp;I built my own skills, abilities, and bankroll from nothing.<\/p>\n<p dir=\"ltr\" style=\"text-align: justify;\"><strong>Startup Application:<\/strong> Building a startup is all about building something from nothing. If you\u2019ve never done it before, you\u2019re at a great disadvantage. &nbsp;I consider my stint as a poker player a startup of its own. &nbsp;There\u2019s a ridiculous amount of knowledge available to first time entrepreneurs that wasn\u2019t available 10 years ago. &nbsp;Utilize it. &nbsp;When I began playing poker, its mainstream popularity was really taking off. &nbsp;There was more information and more people playing poker than ever before. &nbsp;Without those available resources, I\u2019m not sure what I would have done.<\/p>\n<p dir=\"ltr\" style=\"text-align: justify;\">(<em><a href=\"https:\/\/www.kibin.com\/blog\/ten-things-poker-taught-me-about-being-an-entrepreneur-part-33\/\">continued here<\/a><\/em>)<\/p>\n","protected":false},"excerpt":{"rendered":"<p>This is the second of a three part series (broken up for length) on the 10 most valuable entrepreneur lessons I learned from playing poker on a semi-professional level. If you haven&#8217;t read the first part yet, read it here. &nbsp; 4: Ability to Disregard the Value of Money By far one of my most &hellip; <\/p>\n<div class=\"blog-read-more\"><a href=\"https:\/\/www.kibin.com\/essay-writing-blog\/ten-things-poker-taught-me-about-being-an-entrepreneur-part-23\/\" class=\"more-link btn btn-primary\"><b>Read more<\/b><span class=\"screen-reader-text\"> &#8220;Ten Things Poker Taught Me About Being an Entrepreneur (Part 2\/3)&#8221;<\/span><\/a><\/div>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16,13,1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Ten Things Poker Taught Me About Being an Entrepreneur (Part 2\/3) - Kibin Blog<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.kibin.com\/essay-writing-blog\/ten-things-poker-taught-me-about-being-an-entrepreneur-part-23\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Ten Things Poker Taught Me About Being an Entrepreneur (Part 2\/3) - Kibin Blog\" \/>\n<meta property=\"og:description\" content=\"This is the second of a three part series (broken up for length) on the 10 most valuable entrepreneur lessons I learned from playing poker on a semi-professional level. 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