How Successful Entrepreneurs are Similar to the Best Gamblers
Entrepreneurs are usually on top of the list of the wealthiest people in the world. There are also people who have made their fortunes through gambling. Both types of people share a number of traits that have made them successful. They had to start somewhere, make some form of investment, and take various risks. In this article, we will explore the relationship between successful entrepreneurs and gamblers to identify the similarities.
One of the major similarities between entrepreneurs and gamblers is that they both take risks. If you want to start a new business, you have to face the risk of competition from already established businesses. In addition, you may have trouble finding customers if you are introducing a new product. Entrepreneurs also have to deal with the risk of running out of business if they end up making losses. Businesses with established brand names also face the risk of new entrepreneurs who might offer better products and services.
Seasoned gamblers will tell you that gambling is one of the riskiest businesses because it’s generally about luck. You only place bets or spin the reels of your favorite slot machine hoping to win. One of the greatest risks you have to accept if you play casino games that use random number generators is that you cannot control the outcome. Even skill-based games involve some form of risk because you only make decisions hoping to get lucky. In extreme cases, same gamblers use their valued properties as security expecting to win a life-changing amount only to end up losing everything.
Just like entrepreneurs, all gamblers face the risk of losing their money. A good example is when a gambler starts to chase losses. Chasing losses happens when you lose every time you place a bet and still continue betting. When chasing losses, you are obviously taking risks expecting to get lucky when you place the next bet. You might win after chasing several losses or exhaust your bankroll.
We may not define gambling as a business unless you have your own casino or betting site, but the truth is that people who gamble have to spend some money. A gambler’s investment is usually in the form of bets or wagers. Some people place bets on their favouite teams while others play online casino games like blackjack, poker, roulette, and online slots (pokies). In fact, some online slot players have turned into millionaires after investing a few cents! A good example is a lucky player who placed a bet of 25 cents and won a whopping €17,861,800 on the 20th of January 2013. The lucky player was spinning the reels of NetEnt’s Mega Fortune slot. If you feel lucky today, you can play pokies on this site for a chance to win amazing prizes.
Just like gamblers, entrepreneurs need money to start and run their business. However, it’s almost impossible to start a business with 25 cents and make profits worth millions within a short time. Entrepreneurs have to use their savings or borrow money from other people and financial institutions. As investors, both entrepreneurs and gamblers expect to get returns from their investments in the form of profit and winnings respectively.
Successful entrepreneurs and gamblers are good researchers. Any person who wants to start a business and remain relevant must have the right information about the relevant industry, stakeholders, goods and services. For example, an entrepreneur who wants to sell smartphone needs to gather information about customer demographics and the features the different types of customers are looking for in a mobile phone. With this information, it’s easy for the entrepreneur to capture the attention of prospective customers.
Successful gamblers are also well-informed people who look for information about the games they want to play. For instance, those interested in online slots need to do research on the different types of slots and the various features including the number of reels, paylines, progressive jackpots, bonus features and return to player (RTP) percentage. Slot players who want to win huge jackpots have to do extensive research to find the best progressive jackpots.
Excellent Money Managers
Entrepreneurs and gamblers who succeed in their respective industries have the capability to create budgets. As a businessperson, you need to allocate financial resources to various things including inventory, bills, shipping costs, salaries, taxes and many more. Likewise, successful gamblers reduce the risk of losing everything in their casino account by creating a budget. For instance, they may set the maximum amount they can bet every day, week or month. They can also set the maximum bet they can place when playing a specific game.
As you can see, there are remarkable similarities between successful entrepreneurs and gamblers. They take risks and make investments hoping to get returns. They are also good researchers and excellent money managers who know how to utilize their finances.
Britt Hysen is the Editor-in-Chief and founder of MiLLENNiAL. In addition to being a media entrepreneur, Britt is a passionate humanitarian, international speaker, and an expert on all things related to the global millennial.