This snippet is from Toney Hsieh, the CEO of Zappos.
Everything I know about business I learned from poker:
Financials, strategy, education, and culture.
FINANCIALS
• The guy who wins the most hands is not the guy who
makes the most money in the long run.
• The guy who never loses a hand is not the guy who makes
the most money in the long run.
• Go for positive expected value, not what’s least risky.
• You will win or lose individual hands, but it’s what
happens in the long term that matters.
STRATEGY
• Learn to adapt. Adjust your style of play as the dynamics
of the game change.
• The players with the most stamina and focus usually win.
• Hope is not a good plan.
• Stick to your principles.
EDUCATION
• Never stop learning. Read books. Learn from others who
have done it before.
• Learn by doing. Theory is nice, but nothing replaces
actual experience.
• Just because you win a hand doesn’t mean you’re good
and you don’t have more learning to do. You might have
just gotten lucky.
CULTURE
• To become really good, you need to live it, breathe it, and
sleep it.
• Be nice and make friends. It’s a small community.
• Have fun. The game is a lot more enjoyable when you’re
trying to do more than just make money.
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