Phil Gordon outlines his techniques for winning in poker and business.
Gordon: I like to think about poker and business as being fairly equivalent. You know, the same strategies I use at the poker table are the ones that have made me successful in business, and, specifically, I think there are 6 keys to being a good poker player, and also a good business man. The first is you have to be aggressive. At the poker table, that takes the form of betting and raising. In business, it takes the form of investing. Secondly, you have to temper that aggression with patience. You have to wait for profitable situations to arise at the table, but once that profitable situation is there, you apply resources. Third, you have to have courage at the table. It’s very easy to make a big better call a big bet when you have the best hand, but if you’re not sure you have the best hand or it’s maybe somewhat unlikely, to still make that play is a very difficult proposition, but having the courage to back your judgment I think is critical. And the fourth quality you have to have is to be resilient. Bad things are going to happen to you in business and at the poker table. You have to be able to bounce back and still continue on and make quality winning decisions. The fifth quality is you have to be observant, always observing your opponents, figuring out what kind of tells they have, tells being physical mannerisms that give away the strength of their hand, and then use that information to make better decisions, and in business observing your competition I think is absolutely critical. And then, finally, you’ll have to always be working on your game, you have an intense desire to improve, and I think if you can combine all six of those qualities and you have all six of those, there’s no doubt in my mind that you can be a successful poker player, and there’s also no doubt in my mind that you can be successful at just about anything you do.