There are all different kinds of things in life that business owners can learn from. As long as you're able to think about things laterally there are lessons to be learned everywhere. Some of the most literal and powerful translations come from the world of gaming, after all, what is business if not getting ahead of the game? Here are some important lessons that we can all learn from the game of roulette.
We All Make Mistakes
Even if you're not a wiz at roulette strategy then you'll realize that betting bigger as you're losing is a big mistake. The same rule applies to business, though you'll have more likely heard it phrased as 'just because you've spent a long time making a mistake, don't continue to make it'. It can be hard to give up on an idea that we've devoted a lot to, but if you've spent three years of your life and a good chunk of change on an idea that just isn't gaining traction, maybe it's time to cut your losses. This is one of the most difficult lessons to learn and it's one that some people never do. If you feel like an idea has lost you a lot of money, but you're emotionally attached to it, then be honest with yourself and ask if you've fallen into this trap.
Slow And Steady Wins The Race
Particularly when you've had some business successes, it can be tempting to spend huge amounts of money on ideas that you believe in. Whilst sometimes this will pay off, it's a very high-risk strategy. Just as you wouldn't go to the roulette table and bet everything you had on one number, you probably shouldn't bet your house on a risky business proposition. "Slow and steady wins the race" is a phrase that we're all familiar with, and the vast majority of the time it's a good business mantra to have. When you're embarking on new ideas, invest a little money first and wait for a return, if you don't see one then you might well have saved yourself a lot of cash.
Quit While You're Ahead
One of the most common mistakes that startups make is not knowing when to quit. If you were at the roulette table and you'd won three times in a row, then it would be sensible to take your money and head home. However, so many of us think we're on a winning streak and carry on until it inevitably ends. The same idea applies to business. If you've started up a business and made a huge return on your investment then you need to start thinking of your get-out strategy. With some businesses, for example, if your business is small and a bit of a one-man operation, then it's as simple as selling. For larger businesses with employee structures, shareholders, and the like, a get-out strategy can be more complex. You might sell your shares in the company, relinquish your position for a payout, any number of options. The important thing is to get out at the right time, or as the saying goes, quit while you're ahead.
Casino Conclusion
When it comes to the unpredictable life of a business owner, it pays to learn lessons from the game of roulette. Don't bet more than you can afford to lose in either pursuit and know when it's right to walk away. Keep the above tips in mind and don't gamble with your company's success!
